Can't buy HDB if spouse owns any property.

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JR8
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Can't buy HDB if spouse owns any property.

Post by JR8 » Wed, 18 Jan 2012 7:47 pm

Here's something I came across that rather surprised me.

If you are a SGn and have married a non-SGn spouse, and they own property (private in SG, or private overseas) then you are not eligible to buy an HDB resale property.

Ever :o

This impacts a couple of people that I know.

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Post by carteki » Wed, 18 Jan 2012 7:59 pm

So get divorced and "live in sin" - actually I do know of at least one couple that discovered that they would be financially better off if they were not legally married - so got divorced, but still live together.

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Post by JR8 » Wed, 18 Jan 2012 8:21 pm

carteki wrote:So get divorced and "live in sin" - actually I do know of at least one couple that discovered that they would be financially better off if they were not legally married - so got divorced, but still live together.
Divorce, yes well, I better not suggest that to one of the impacted parties or I'm likely to get a slap!

:)

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Post by zzm9980 » Wed, 18 Jan 2012 8:43 pm

carteki wrote:So get divorced and "live in sin" - actually I do know of at least one couple that discovered that they would be financially better off if they were not legally married - so got divorced, but still live together.
How would that affect a PR if you obtained it under the Family scheme? Once a PR, good forever, or will you be screwed when you go to renew REP?

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Post by Saint » Thu, 19 Jan 2012 12:37 am

zzm9980 wrote:
carteki wrote:So get divorced and "live in sin" - actually I do know of at least one couple that discovered that they would be financially better off if they were not legally married - so got divorced, but still live together.
How would that affect a PR if you obtained it under the Family scheme? Once a PR, good forever, or will you be screwed when you go to renew REP?
Yes you will be screwed when renewing REP

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Post by JR8 » Thu, 19 Jan 2012 12:39 am

In fact when I said you 'can't buy', I should have used a broader term. You can own.

I.e. you can't even inherit one.

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Re: Can't buy HDB if spouse owns any property.

Post by zzm9980 » Thu, 23 Feb 2012 3:43 pm

JR8 wrote:Here's something I came across that rather surprised me.

If you are a SGn and have married a non-SGn spouse, and they own property (private in SG, or private overseas) then you are not eligible to buy an HDB resale property.

Ever :o
Does that "Ever :o" imply that you're permanently disqualified even if you sell your other properties?

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Re: Can't buy HDB if spouse owns any property.

Post by JR8 » Thu, 23 Feb 2012 3:53 pm

zzm9980 wrote:
JR8 wrote:Here's something I came across that rather surprised me.
If you are a SGn and have married a non-SGn spouse, and they own property (private in SG, or private overseas) then you are not eligible to buy an HDB resale property.
Ever :o
Does that "Ever :o" imply that you're permanently disqualified even if you sell your other properties?
No, I believe it means you cannot own abroad and buy an HDB at the same time.

I believe there are some sub-rules re: timing of owning a condo, selling it, and then buying an HDB... and so on. As it does not not apply to 'the affected people I know' I didn't look at that too closely though. It's all in the HDB rules on their www.

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Post by teck21 » Thu, 23 Feb 2012 11:46 pm

I am fairly certain that anyone eligible to purchase a resale HDB flat, can do so even if any party owns property elsewhere, just that the other property/ies need to be disposed of within 6 months of the purchase of the HDB resale.

Thereafter, buyer of HDB flat is not allowed to own other residential properties for at least 5 years.

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Post by JR8 » Fri, 24 Feb 2012 12:12 am

Fair point.... but... 'You can own private property (unless you are applying for a CPF Housing Grant and/or an HDB loan).'


And rightly or wrongly I'm assuming that most buyers would want to take out such a grant/loan. But, this might not apply to people like ZZM who (even as a PR) likely can't access HDB loans etc...

http://www.hdb.gov.sg/fi10/fi10321p.nsf ... enDocument
http://www.hdb.gov.sg/fi10/fi10321p.nsf ... enDocument

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Post by zzm9980 » Fri, 24 Feb 2012 9:05 am

I would be OK with private loan, but I want to make sure if I ever go the PR route I can use that CPF money towards the payment. Otherwise, what's the point? I'm not from the sub-continent,but I'll be damned if I don't take the route that makes the most financial sense for myself :)

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Post by JR8 » Fri, 24 Feb 2012 9:10 am

zzm9980 wrote:I would be OK with private loan, but I want to make sure if I ever go the PR route I can use that CPF money towards the payment. Otherwise, what's the point? I'm not from the sub-continent,but I'll be damned if I don't take the route that makes the most financial sense for myself :)
It's an interesting nuance on the issue, as it means if you don't take (for the sake of simplicity) government subsidies, you can - apparently - own other property and buy an HDB.

This re-opens doors for affected friends, that appeared to have been closed.


p.s. Is a 'CPF Housing Grant' the same as using your own CPF account to help fund a purchase, this is not clear to me as I'd not describe such a mechanism as 'a grant'...

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Post by zzm9980 » Fri, 24 Feb 2012 9:17 am

I think the grant is a one-time "free money" thing for the downpayment. At least from what I've read.

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Post by JR8 » Fri, 24 Feb 2012 9:24 am

zzm9980 wrote:I think the grant is a one-time "free money" thing for the downpayment. At least from what I've read.
Ah ok, so you still get to use your CPF (maybe), but just need to get a private mortgage (maybe).

Ok, I know some people to need to re-open this book and start studying it again, so thanks to all contributors for triggering this debate!

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Post by therat » Fri, 24 Feb 2012 10:06 am

1. CPF Housing Grant is a grant that government offer to Singapore citizen only when they are buying resale HDB. Regardless they are taking bank or HDB loan.
For those have taken CPF Housing Grant, when they want to buy direct flat for HDB, they will subject to resale levy.
Taking CPF Housing Grant is treat as subsidy for HDB.

2. Under new rule, those own private property - local or oversea. Need to disposed their private property within 6 mth after they had purchase the HDB regardless is Bank or HDB loan ; direct HDB or resale HDB.

3. Under new rule, MOP is 5 yrs across all board. Regardless is Bank or HDB loan ; direct HDB or resale HDB.

If you have purchase resale HDB without CPF Housing Grant and taking bank loan only. MOP will be only 1 yrs. depend when you have purchase the resale HDB.

If you are not Singapore citizen, you will not have CPF Housing Grant OR HDB loan as these two components is for Singapore Citizen only.

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