Friday, May 1, 2015

This post has been sitting in the draft folder for the longest time. I have been wanting to finish it up but never really got down to doing it. So anyways, for those who are still unaware or is new to my blog, JS and I balloted for a flat back in May 2012. It was our first time and we were dead lucky to have gotten a unit at first try. We heard of many couples who attempted way too many times yet was not able to get anything at all. I have done up two posts previously related to my BTO process and I will be linking it up at the end of this post as usual.

Disclaimer : All information provided below are based on my personal experience when applying for my BTO project. As my project kicked off in 2012, HDB may have amended or have new rules and regulations of which may be different from mine. For more accurate information, you may contact HDB at their hotline.. 

(1) How can I know what areas HDB will be launching ? 

You can go to HDB website here to check out their sales launches. 

(2) Must I pay the downpayment in cash ?

Downpayment can be paid via CPF in full if you and your partner have enough monies in your accounts. Else, you can pay in CPF with whatever you have and then top up the balance in cash.

(3) Can I use the AHG to pay for the 5% downpayment ?

Yes you can. The grant will be credited 50-50 into you and your partner's CPF account when the grant is approved. Only then you will receive notification from HDB to head down and make your downpayment. So technically speaking, unless you already have enough CPF monies in both accounts, you are actually paying the downpayment with the AHG.

(4) Do I have to pay the downpayment for the flat straightaway ?

You will only be asked to make the downpayment on the day of your second appointment. Take my case for example, my project was from the May'12 bto. Application results (ie. ballot number) were out in mid Jun'12. First appointment will scheduled in accordance to the ballot number. My ballot number was 825 and my first appointment was on 23 Sept. Gotta pay a booking fee of $2,000 for 4 room flat during the first appointment though. Second appointment was on 15 Feb so it took us around 9 months in total from the date of application. Some couples got their second appointment much earlier cause they didn't qualify for AHG so the processing time was shorter.

(5) How much is your downpayment ? 

For my case, both my boyfriend and I are under the age of 30, downpayment of the flat is $28,399.50 which 5% of the total unit purchase price. Toegther with the 5%, we are to also pay for legal fees and conveyancing fee. Legal fees was $11,640, derived from the total unit purchase price where you have to pay 1% for the first $180k, 2% for the next $180k, so on and so forth. Conveyancing fee was $378.75, and frankly speaking I also don't know what is this for. Total payable adds up to $40,418.25.

(6) How come your downpayment $40K and you can afford ? You pay how much in cash ?

We could afford the downpayment because the HDB officer applied AHG for us and on top of that we had been working for quite awhile so we had ample CPF. We paid the downpayment in full with our CPF monies, no top of cash at all.

(7) Is the AHG is available only for resale flat or also BTO ? 

AHG is applicable for both resale and build-to-order flats applicants as long as the total household income does not exceed $5,000. There might be a different criteria for resale flat but I am not too sure cause mine is a build-to-order.

(8) Did you apply for the CPF Housing Grant for Family or CPF Housing Top-Up Grant ?

Sorry I have not heard of CPF Housing Grant for Family nor CPF Housing Top-Up Grant but we applied for AHG - Additional Housing Grant as our combined income at the point of build-to-order application was below $5,000.

(9) How much subsidy will I get if I apply for a flat that is near my parents ?

For recent build-to-order flats, applicants no longer enjoy subsidy for applying within the premise of their parents. The only perk is 2 extra chances when balloting for a queue number.

For all BTO updates, please follow #JSxHSliveshere

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