HDB and condo?

[saiofsais]

Hi pp, not sure if this is the correct thread to post but can i check if we can buy a condo and rent it out if you are already staying in a BTO HDB flat?

appreciate any replies. thanks!

[zyroo]

Hi, you can if you have been staying in BTO HDB for 5 years.
Do check your eligibility conditions with HDB; That you have fulfilled your grant and/or HDB mortgage obligations.

[Jiemin]

1) All buyers of HDB flats now have to meet 5 year minimum occupation period (MOP) before reselling the flat or before they can invest in private property.
2) If you have an outstanding housing loan and wish to buy a second property, a 30% downpayment is now needed (at least 10% cash, with balance payable with CPF). Those with no outstanding housing loan, 20% downpayment remains.
3) new ruling out in 9 Dec, Singaporeans will pay a 3 per cent Additional Buyer’s Stamp Duty(ABSD) on the third and subsequent properties, while permanent residents (PR) will pay a 3 per cent ABSD on the second and subsequent properties.
4) Private property owners who buy resale HDB flats must now dispose of their private property within six months of purchase. This is to prevent private property owners from buying HDB resale flats for investment purposes. (Just to take note that you must dispose your private too when you intend to sell your HDB to get another resale)

[honeydew]

one way to overcome is to get another family eg yr parents to buy the condo, then they stay with you in the BTO. haha.

[Jiemin]

one way to overcome is to get another family eg yr parents to buy the condo, then they stay with you in the BTO. haha.

You can do so but you need someone who you really trust.
Are you able to withdraw a partner name out of the BTO once it was fully paid?

[zyroo]

Yah I am thinking of doing the same, i don't mind staying with in-laws.. but fiance says to have couple life first. hee..

It is a matter of family nucleus at the end of the day and how much the couple value their privacy.

Jiemin, how come the BTO has to be fully paid and need to withdraw the name?

[Jiemin]

Yah I am thinking of doing the same, i don't mind staying with in-laws.. but fiance says to have couple life first. hee..

It is a matter of family nucleus at the end of the day and how much the couple value their privacy.

Jiemin, how come the BTO has to be fully paid and need to withdraw the name?

Zyroo, I made a mistake. It is another story. If your name is with your parent for the house and your parent is too old to pay the house, they won't allow you to withdraw your name.
It is not the staying together part, it is more of the house under whose name, will there be any dispute after that. Maybe between siblings since name is under parents. I might think too much but it is better to consider all these before thing turn ugly.

[honeydew]

I heard that it's not healthy to stay with inlaws. there will be more trouble, unless yours or his parents are the very chin chye kind. for money i also wont do it, unless really necessary.

[littlemissy]

definitely stay away from in laws.. you don't wanna clash with them after marriage and lead a miserable life.. good choice..

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