Buy Your Flat
Did you know that eligible first-timers can enjoy housing grants of up to $80,000 for a BTO flat and $160,000 for a resale flat? From working out a budget beforehand, to researching on the available housing grants, here are some tips from The Simple Sum for purchasing your HDB flat.
Source: mynicehome.gov.sg
Whether you’re looking to purchase a flat or have just got the keys to your new home, visit My Nice Home Gallery to find out more about different flat types, their layouts and interior inspiration.
The Gallery has undergone an interior refresh, so keep an eye out for the latest fittings and finishes for the 2-room Flexi, 3-room, 4-room and 5-room flat types.
Read on to find out more about the showflats for each flat type:
| Showflats |
| 2-Room Flexi (36 sqm): Blush 2-Room Flexi (46 sqm): Mid-Century Modern 3-Room: Retro Fun 4-Room: Nordic Silhouette 5-Room: Tropical Luxe |
If you’re a fan of the soft ‘blush’ interior look, this 2-room Flexi showflat at the My Nice Home Gallery is perfect for you.
The main colour palette comprises a soft pink hue, as well as shades of white and greys. White is used to create a clean aesthetic while the darker grey tones help to create depth. Grey and pink tones are used strategically in the showflat – such as on the feature walls in the living room and bedroom. A variety of patterns and textures also tastefully jazz up the interior.
The showflat shows how to maximise space using multi-functional furniture. The extendable dining table is a perfect example – when not in use, it can be shortened to free up floor space, and doubles up as a work desk. Additionally, the bed frame has storage compartments to keep items that you rarely use.
As the living room is adjacent to the bedroom that is separated by sliding partitions, consider incorporating a television which can be rotated 180°. That way, you can choose to watch your shows from either room!
The mid-century modern aesthetic is characterised by simplicity and functionality. What sets this style apart is its focus on sleek lines with geometric forms, and the use of contrasting materials.
The earthy colours and wooden furniture in this showflat make the entire space cosy and intimate. The most striking element is the geometric-patterned feature wall in the living room that complements the mid-century modern look.
This 2-room Flexi showflat features a layout that includes a space for caregivers, and an open kitchen which allows for greater mobility. It’s an ideal home for active seniors to live in comfortably and safely.
Step into this showflat and be greeted by a refreshing mix of fun colours and prints that effortlessly serve up retro vibes and add visual interest. The 3-room showflat provides inspiration for fun-loving young families looking to liven up their space.
Colours such as turquoise, mustard and pink were iconic a few decades ago, when they found their way into everything from fashion to furniture.
Beyond colours and prints, home owners who are space-conscious will also find some inspiration. In this living room, a play area demarcated by the playmat is set aside for the young ones. An extendable coffee table and TV console can be rearranged to provide more room for play, while the latter also doubles as storage space.
A notable feature of the showflat lies in the kitchen, which has been combined with the utility area to form an enlarged area that will please any cooking enthusiast. The kitchen adopts an open concept that flows seamlessly into the living room, giving a sense of spaciousness to the living area.
The child’s bedroom features more storage solutions such as underbed boxes and wall niches. These wall niches also visually break up vertical spaces while adding a touch of modernity and vibrancy to the rooms.
With their timeless yet contemporary aesthetic, it’s little wonder why Scandinavian homes are a popular source of inspiration. Love the idea of a Nordic-inspired nest for yourself? The 4-room showflat at the My Nice Home Gallery offers wallet-friendly design ideas for both young couples and families.
Decked out in the Nordic theme, the 4-room showflat features pinewood complemented with harmonious shades of green, white and grey.
The use of white and light-coloured carpentry and furnishings complement the neutral palette. With a spacious common area as the heart of the home, a family can gather comfortably on the plush sofa or around the dining table to spend quality time together.
In the combined living and dining space, green chairs and cushions add a pop of colour.
A study nook in the living area is also a great spot for children to indulge in their creative hobbies, or for adults who need to get some work done at home.
While Scandinavian design might be minimalist in nature, the master bedroom shows how to achieve a cosy personal sanctuary. Details matter – add curves through a round mirror or rounded lampshade for a gentle touch, and put soft furnishings like luxe bedclothes on your shopping list!
If you have always wanted a smart home, you will enjoy the master bedroom in the 4-room showflat. Be sure to check out how you can control smart appliances such as lights and blinds through a tablet, to create your ideal environment. You can also find a smart wall-hung speaker, with customisable panels that can be changed to complement any décor.
When designing your children’s bedrooms, it’s possible to achieve both style and function. For instance, a bunk bed instantly carves out space for a study right beneath, providing ample space for their favourite books and toys.
A bed with storage beneath is practical and will serve your child well throughout their growing years. Instead of built-ins, movable furniture can be replaced as and when needed to meet the child’s changing needs.
Keep things simple but not plain, with unique design elements such as floral light fixtures and surface decals.
Decked out in a tropical theme, the 5-room showflat features a colour palette of turquoise and white, with splashes of greenery, as well as black and wood accents. At the same time, a hint of gold fittings as well as geometric lines and textures add to its luxurious vibes.
In creating a larger common area, the dining area is designed to be within the living room. Instead of conventional dining chairs, a long, built-in bench is used for seats. Not only does it add to the aesthetic, a bench offers more seating while doubling up as storage. Speaking of maximising space, the nested tables at the entryway, and side table with a pull-out stool beside the sofa are also handy multifunctional pieces.
This showflat also features a small workspace near the kitchen. For more flexibility, the worktable is designed to be easily stowed away when not in use and can be converted into an exercise space or children’s play area.
To demarcate the spaces, a half-wall partition topped with a black-framed glass panel is used.
For families who indulge in heavy cooking, this type of kitchen partition also come in handy as it helps with keeping the fumes within the kitchen while allowing a full view of the living area—useful for supervising the little ones!
Inspired by hotel suites, the master bedroom is designed to be luxurious yet cosy. Cove lights are used to create a welcoming atmosphere, while lines and textures on the wardrobe and feature wall create a subtle statement.
More space-saving solutions can be found in the bedrooms. For instance, the common bedroom features a flip-up dresser that doubles up as a writing desk, while the kids room has a pull-out study table that can be easily stowed away to create a bigger play area.
The showflat also showcases the smart home features that can be incorporated into your new home to make it more comfortable and convenient. These include temperature and humidity sensors, as well as smart lighting, air conditioners and voice activated smart controls.
Source: mynicehome.gov.sg
The post ‘My Resale Journey: A Change of Scenery After More Than 20 Years’ appeared first on the MoneySmart blog
After living in the West for more than two decades, Mr Bactarudin bin Launon and his wife decided it was time to move.
The couple, who previously lived in a 4-room flat in Jurong West, moved to a 3-room resale flat in Marsiling in January this year. This was in part motivated by the desire to stay closer to their daughter, and also better prepare for retirement by paying off their home loan.
For this final installment of our 3-part series profiling HDB resale flat buyers, we had a chat with Mr Bactarudin about his new home, his experiences as a resale flat buyer and his thoughts on owning a home in Singapore
About the Flat
Owner: Mr Bactarudin bin Launon, 70, married with a daughter who has moved out.
| Location | Marsiling |
| Flat Price |
$220,000 (after $20,000 Proximity Housing Grant) |
| Year of Purchase | 2018 |
| Flat Type & Size | 3-room flat/ 76 sqm |
| Remaining Length of Lease | 55 years (as of May 2019) |
| Monthly Mortgage Amount & Loan Tenure | Nil (fully paid after selling previous flat) |
| Renovation Cost | About $20,000 |
Mr Bactarudin and his wife greeted us in the living room of their newly-renovated flat at Marsiling Lane.
Mr Bactarudin, a security guard, was taking two weeks’ off work to recuperate after a fall.
While the couple appeared to have settled in well and seemed familiar with their new neighbourhood, they revealed that they had actually moved in just three months ago.
MoneySmart (MS): Thanks so much for having us here. We understand you used to live in Jurong West. Why did you decide to move to Marsiling?
Yes, we lived in Jurong West for 24 years before moving here. We sold our 4-room flat and rightsized to a 3-room flat.
MoneySmart Tip: Mr Bactarudin and his wife received a $20,000 Proximity Housing Grant, as they moved within 4 km of their daughter. Buyers who plan to take up the Proximity Housing Grant can check online whether the flat they intend to buy is within the 4km radius of their parents or children.
MS: Any reasons for not buying a smaller flat in Jurong?
Jurong is a big commercial area and I find things there becoming more expensive.
We also could not find a 3-room flat in the Jurong area for the same price as our current flat. Together with the fact that we could be closer to our daughter and grandchildren, getting this flat here in Marsiling at the price we bought it for was a natural decision.
MoneySmart Tip: To find out transacted resale prices sorted by different towns and flat types, buyers and sellers can access the median resale prices released every quarter.
MS: Having lived in the west for so long, how are you adapting to your new neighbourhood?
Based on my experience interacting with people, it’s almost the same. Depends on whether you take the initiative to greet them also, because we’re the newcomers here.
My neighbour here, who lives opposite us, talked to me first: “Uncle how are you, where you are from?” and so on. This was the first day after I moved in, and I was doing painting outside when they were leaving for work. The second day, I was once again doing painting outside and they started another conversation with me. I told them I moved here from Jurong, and then asked them more about themselves. That’s how we got to know each other.
MS: Are there any big differences between Marsiling and Jurong West?
I’m quite happy living here and find it comfortable.
Within the flat, I don’t see much difference between this and our old home. Outside the home, one main difference is having to walk further for makan.
The eating places in Jurong West were nearer to home. I could cross the road and have teh tarik. Over here in Marsiling, there is a supermarket, 7-11, and a wet/ dry market. It is further away and we will visit once in a while.
But most of the times, we cook at home so we don’t really go to these eateries that often.
MS: Did you get your current Marsiling resale flat through an agent or did you DIY the transaction?
We bought the flat through an agent who is a relative’s friend. They helped with everything. We just let them do everything. They found the price we wanted.
We viewed quite a few resale flats before making a decision. We did not move into this flat until our previous flat was sold.
MS: How did you finance the flat?
We didn’t take out a loan. The flat is fully paid for, so we do not need to pay any monthly instalments.
As I also needed money for my medical condition, selling the old flat and moving to a smaller one was a financial decision as well.
MS: What about the renovations?
We did our own renovations. I think we spent about $8,000.
His wife interjected that the renovations actually cost about $20,000.
We had to do a little bit of wiring. The bulk of the cost went into renovating the kitchen. We also spent on the flooring, sink, fittings, and buying furnishings.
MS: What are your thoughts on buying and owning a home in Singapore?
I’m from Singapore, this is my place, this is my country, this is where I was born.
Singapore is still where I would prefer to have a home to call my own. I recall some friends who bought a place outside Singapore – it may work for you if money is not an issue. But they were not familiar with the rules and the foreign environment. I have worries on what will happen to them if they don’t like it there and have to find another home if they want to return to Singapore.
Source: mynicehome.gov.sg
The post ‘My Resale Journey: First Property is a 30-Year Old Resale Flat’ appeared first on the MoneySmart blog
Mr Wong, 32, and his wife, Madam Lai, 31, are on the cusp of moving into a resale flat in Jurong West with their child, as well as Madam Lai’s brother and sister-in-law.
The couple’s 5-room flat has just been renovated, and they are now putting the finishing touches to their new home.
In this second part of a 3-part series in which we present the stories of resale flat buyers, we spoke with Mr Wong on his new home and the process he went through to purchase his resale flat.
About The Flat
Owner: Mr Wong Bin Hao, 32, married with 1 kid
| Location | Jurong West |
| Flat Price |
$335,000 (after $40,000 housing grants) |
| Year of Purchase |
2018 |
| Flat Type & Size | 5-room flat/ 121 sqm |
| Remaining Length of Lease | 69 years (as of May 2019) |
| Monthly Mortgage Amount & Loan Tenure |
About $1,600 18 years |
| Renovation Cost | About $35,000 |
When we visited Mr Wong’s flat at Jurong West Avenue 5, workmen were finishing up their final renovations.
But the flat already looked cosy and inviting, with a comfy couch and a pile of Hello Kitty cushions beckoning us as we entered.
MoneySmart (MS): Mr Wong, how did you and your wife decide to buy a flat in Jurong West?
My wife and I both work in the Jurong area. For a period of time, we rented in nearby neighbourhoods and moved around.
I have been living in Jurong West for about three to four years. I’ve always found this area quite lively and naturally, wanted to buy a home here.
MS: Besides the fact that it’s lively, what else about this place appealed to you?
My two-year-old kid goes to the childcare centre in this block. You can also see the playground from here so it’s perfect and convenient for us. There are some primary schools close by that my child can attend in the future.
There are also two malls nearby, Pioneer Mall and Gek Poh. When the future Jurong Region Line is up, we will be within walking distance to an MRT station, so I think it was worth the buy.
MS: You started out renting a flat. What made you decide to take the plunge and buy your own place?
For me, having that sense of ownership is important.
When you rent, you might need to move from time to time, like what happened to us in the past. I found it tiring to be moving from house to house every year or so.
Some landlords are also not prepared to accept tenants who keep different hours or lifestyles. At the start they may say everything is okay, then suddenly they become fussy and impose curfews on the tenants.
There are uncertainties when you rent a place with friends too – they may need to move elsewhere and you will need to find another flat mate.
When I rented a place, I had to pay the landlord rent in cash every month, and could not make use of my CPF savings. Now, I can pay my housing loan instalments using CPF, so I don’t really need to fork out cash. For all these reasons, I feel it is good to have my own flat.
MoneySmart Tip: You can use this service to work out an estimated financial plan for the purchase of a resale flat if you are taking an HDB loan.
MS: We understand that your flat is about 30 years old. Was its age a concern for you?
One reason why I bought a resale flat is that it is more spacious for my family. This flat is about 120 sqm and the kids have more space to run around. Sometimes my parents or my wife’s parents will visit. So it’s better to have more space.
We still have 69 years left on the lease which is good enough for us. Our children and future generations are likely to buy their own homes anyway, so we don’t need to worry about leaving this flat for them. As we are planning to use this flat as a home, I think it’s good enough. For the next generation, you don’t need to bother as the kids will buy their own homes.
Although this is an old estate, the area is well taken care of by the Town Council and HDB also carries out upgrading of the flats.
MoneySmart Tip: Use this online map service to get lease information, resale prices, and even season parking information for each housing block. You can filter through nearby amenities to see where to dine and shop.
MS: Do you see your flat as an investment?
When we were weighing the pros and cons of buying a 30-year-old flat compared to a newer one, we did think about this issue. However, we feel that a house is for the long-term and one that would see us through our old age. Instead of hoping to make a profit from moving houses, we would rather stay in one flat and finish paying our housing loan sooner, so that we can free up our finances for other things.
MS: How was the purchase process? Did you go through an agent or DIY?
We initially tried to DIY by using a property website, but later on we received calls from estate agents offering their services and we engaged an agent eventually. He asked us what sort of attributes we wanted in a flat, and helped us to look for suitable flats that were within our budget.
Everyone has different interests and needs, so it’s important to know what your own needs are, before you decide whether to engage an estate agent for your resale transaction.
MoneySmart Tip: We asked Mr Wong if he knows about HDB’s Resale Portal, and he says he doesn’t. The HDB Resale Portal could have guided him in the buying journey. It takes buyers and sellers through the buying and selling process in a step-by-step manner online and allows them to DIY their transaction if they choose not to engage an estate agent.
MS: How is your flat being financed?
We went for an HDB loan as we found it less complicated than going for a bank loan. For bank loans, the interest rate is a bit uncertain.
Although the HDB loan interest rate is currently higher than for bank loans, the difference is not that much after you do the math.
Initially we indicated that we wanted to settle the loan in 10 years. Then HDB called us to ask whether we wanted to reconsider. Based on our salary, they recommended an 18-year loan tenure so that we can buffer for things like employment changes or if we suddenly need cash for urgent reasons. They explained that we can make partial capital repayment or even redeem the loan earlier if our finances permit. We found the advice useful. My wife and I are planning to settle the loan earlier to incur less interest and save more for retirement.
MoneySmart Tip: Find out how you can make partial capital repayment or fully redeem your HDB loan and save on housing loan interest.
MS: Did you get to enjoy any grant?
We got the housing grant for first-time buyers, which was a really attractive sum. We initially set aside a bigger budget as we thought we would not be eligible for grants. So for us, getting the grant was a bonus.
MoneySmart Tip: Find out what grants you qualify for, so you can plan your finances for your new HDB home.
MS: How has the renovation process been like?
We spent about $35,000 on renovations, mainly for works in the kitchen and for furnishings around the house. This includes $16,000 paid to our contractor, who was flexible to work with.
We did not hire interior design firms as we found their prices quite high. Since we wanted to save money, we thought it was better to work directly with contractors. For example, the rewiring cost quoted by the contractor was cheaper than market rate!
MS: Any advice for aspiring homebuyers?
You don’t really need to look for flats with fanciful fittings, because you will probably have to do your own renovations anyway. For example, even if the flat comes with nice flooring, the colour of the tiles may be uneven after the previous flat owner has removed all their furniture. So you might still need to replace the floor tiles.
MoneySmartTip: Planning your renovations for your HDB flat? Know what’s important to note and familiarise yourself with the guidelines.
Source: mynicehome.gov.sg
The post ‘My Resale Journey From West to East’ appeared first on the MoneySmart blog
This article was updated on 25 May 2021.
Conversations around public housing usually revolve around affordability, value, and financing. Beyond the dollars and cents, it’s hard to get a tangible sense of what owning a flat means to people, and the significance of having a home to call their own.
We spoke to different homeowners, specifically those who had bought resale flats, to get their thoughts about their home and flat buying journey. In the first of our 3-part series, we speak to Mr Ismail, who has lived on both sides of the island.
About The Flat
Owner: Mr Ismail bin Hamid, 41, Married with 4 kids
| Location | Tampines |
| Flat Price | $410,000 (after $20,000 Proximity Housing Grant) |
| Year of Purchase | 2018 |
| Flat Type & Size | 4-room flat/ 104 sqm |
| Remaining Length of Lease | 63 years (as of Apr 2019) |
| Monthly mortgage amount & loan tenure | Nil (fully paid after selling previous flat) |
| Monthly mortgage amount & loan tenure | About $38,000 |
MoneySmart (MS): Mr Ismail, this is an amazing looking house. Tell us a little bit about why you chose to buy a flat here.
Mr Ismail: Tampines has been my home for the past 7 years. This flat is located 2 blocks away from where I grew up in, so this is a neighbourhood I am very familiar with. In fact, one of my primary school classmates still lives in the next block with his own family!
When I was growing up, there was only Bedok Interchange. There was no Tampines Interchange, and the Downtown Line certainly didn’t exist at that time, so you can imagine that getting around was very different from how it is now.
MS: Tell us a bit about your housing journey.
Mr Ismail: After I got married, my wife and I moved to Bukit Batok, which was near her family. It was a very different area from where I grew up, so that was something new. We then moved to a resale flat in Bukit Panjang. With convenience and proximity to family being a key consideration, we decided not to wait for a suitable BTO flat. At that time, the only available BTO flats were in Sengkang and Punggol, so we chose to buy a resale flat.
Due to family circumstances, we eventually moved back to the East, a few streets away from where we are currently staying now.
MoneySmart Tip: Interested flat buyers can get information on upcoming BTO projects 3 months before sales exercises for better planning. In the meantime, you can visit HDB InfoWEB for details on the upcoming BTO sales exercise.
MS: We also understand that you moved from a 5-room to a 4-room flat?
Mr Ismail: We felt that it was a much better idea to move to a 4-room flat because there was a lot of unused space in our previous 5-room flat. Even though we have four kids (aged 12, 9, 8, and 3), we felt that this current place suits our needs perfectly.
As you can see, the amenities around this place are great for our kids. We also considered the fact that there was a park that was very accessible and our kids wouldn’t have to cross any major roads to get there.
At this point, Mr Ismail’s wife also chimes in, highlighting the fact that the 4-room flat is much easier to clean than their previous home. They also managed to completely pay off their housing loan after moving, but more on that later.
MS: Tell us about your home buying process. Did you engage an agent or do it on your own?
Mr Ismail: We decided to go with an agent, and the reason was that our housing agent was also my friend from reservist! He also helped us to sell our previous home. I would say when it comes to engaging an agent, it definitely helps to have someone who knows his stuff.
It was an easy decision to buy our current home because we knew what we wanted, and the opportunity presented itself. I would say our only regret is that we missed out on a flat that is near the newly built Our Tampines Hub. There was nothing there at that point in time and we had no idea they were going to build an integrated community hub there!
MoneySmart Tip: Besides going through an agent, buyers and sellers can use the HDB Resale Portal to perform their own resale transactions. The portal will guide you on the buying journey and help you track the progress of your transaction. The resale process takes approximately 8 weeks to complete from the date of HDB’s acceptance of the resale application.
MS: How did you plan your finances? What were your goals or considerations?
Mr Ismail: For me, I chose to pay off this flat fully. I know it might seem a little “old school”, but we believe that we should just keep our money in CPF and use that for retirement.
For our previous homes, we also chose to take a loan from HDB. My wife works in a bank, so we understand that there are benefits and risks to taking a bank loan, and we ultimately settled on getting an HDB loan. Now that we’ve paid off this flat, we don’t have to worry about a mortgage anymore, and we can focus on planning for retirement.
MS: And what sort of grants did you get for your home?
Mr Ismail: At the start when we got our first place after we got married, we were eligible for a grant for first time buyers, and of course we were aware that we could get $20,000 in Proximity Housing Grant for this flat as we were moving near my parents.
MS: Your home looks really nice and comfortable. Did you have to renovate it a lot, and how much did you spend?
Mr Ismail: We spent about $38,000 on our renovations. We did have to do quite a bit of work, which included your regular maintenance such as repainting the place and redoing the flooring and doors. The main issue with the place was that the wiring wasn’t done properly so we had to redo everything because they were crossed all over the place. The kitchen was also rather old so we gave it a refresh.
MoneySmart Tip: Figuring out what grants you are eligible for is an important part of planning for your home purchase. You can also get more information on financial planning for your home over at HDB’s InfoWEB.
MS: Can you share with us some thoughts around owning a home in Singapore?
Mr Ismail: For me, I never intended to buy a flat to profit from it. I plan to stay here with my wife till we pass on. Some people talk about leases expiring, but my perspective is that you are probably not even going to be alive when that lease expires, so why worry about it? As for my children, they will probably move out and buy a flat of their own, so I am not too worried about what happens with the lease.
There are many things that might change in the future which you have no idea about, so you plan for what you can. Other than that, I feel blessed to be able to say that I own a home, which is more than what many other people in other developed countries can say.
MS: Any other words of advice for homebuyers?
Mr Ismail: Go with what you are comfortable with. At the end of the day, you can overthink, but when you step into a neighbourhood, just ask yourself whether you feel like you belong there . Are you comfortable with the place and its surroundings? Is it a place you feel your children can grow up in?
Convenience is another factor. It might be more important for you to be near a supermarket than an MRT station. Whatever the case, understanding your needs is important. Small inconveniences can become a big deal over the course of a few years.
Source: mynicehome.gov.sg
Buying a flat is a huge financial commitment (you already know that!) and getting a second flat is no easier. There are many things to consider, so read on to make sure you have everything covered before putting your money down for your second home.
Computing your estimated sale proceeds
Do you know how much proceeds you might receive from the sale of your existing flat? As the cash proceeds will form part of your budget for your next flat, having a realistic estimate is crucial to helping you calculate the amount you can afford to spend. Simple math!
With information such as your outstanding mortgage loan, CPF funds used including interest, resale levy (if applicable), and some of the other payments due, you can use HDB’s Sale Proceeds Calculator to get a ballpark estimate of the cash proceeds from the sale of your flat!
Resale levy
You do not have to worry about the resale levy, if you plan on getting a resale flat on the open market next.
The resale levy applies to those who plan to buy a new flat from HDB, but have previously received some form of subsidy for their first flat – be it through the purchase of a flat from HDB, or a resale flat with the CPF housing grants.
As new HDB flats are sold at a subsidised price, the resale levy is put in place to ensure that there is a fair allocation of public housing subsidies between first-timers and second-timers.
Grants available
Second-timer home buyers can also be eligible for housing grants! If you are buying a resale flat that is within 4 km of where your parents/ child currently stay, you may be eligible to apply for the Proximity Housing Grant, which aims to help more families live close to each other for mutual care and support.
Use HDB’s Distance Enquiry for Proximity Housing Grant e-Service to check if the resale flat you intend to buy falls within the proximity range to qualify for the grant.
Taking up a second HDB loan
If you are intending to take a second HDB loan, do note that your loan amount will factor in your CPF and cash proceeds from the sale of your flat. This is to ensure that you do not over-borrow!
The commercial interest rate will be applied to your HDB housing loan if you plan to sell your current flat only after buying your next flat. The interest rate will be converted to the concessionary rate only after you have sold your current flat, and used the proceeds to repay your housing loan.
Contra Facility
Want to sell your existing HDB flat and buy another flat at the same time? Consider applying for the Contra Facility, which allows you to use the cash and CPF proceeds from the sale of your existing flat to purchase your next flat, concurrently.
The Contra Facility can help you reduce the cash outlay needed for your next flat, the mortgage loan amount needed and the subsequent monthly repayments. If you are buying a new flat, you can collect the keys to your new flat and renovate it, while selling your existing flat!
We hope this article has made financial planning for your second HDB flat less daunting.
Source: mynicehome.gov.sg
HDB resale flat buyers and sellers can now use the new HDB Resale Portal, launched on 1 January 2018.
The HDB Resale Portal streamlines all the resale of flats processes into a single platform, and provides a step-by-step guide for flat buyers and sellers throughout the resale transaction.
Using the HDB Resale Portal will benefit you in many ways:
– Shortens resale transaction time by up to 8 weeks
– Reduces manual entry of personal information
– Integrates all resale-related services
– Reduces number of appointments with HDB (Only 1 appointment required!)
With this portal, you can get instant results on your eligibility to buy a flat, housing grants, and HDB concessionary housing loan. Other important information, such as the Ethnic Integration Policy quota, upgrading status, upgrading costs billing status, and recent resale flat transactions nearby, have also been included in the HDB Resale Portal.
Here are the key steps to guide you in using the resale portal.
1. Register intent to buy/ sell
You must first register your intent to buy or sell a flat on the HDB Resale Portal. Your personal particulars will be automatically retrieved and populated from the Government’s MyInfo service.
2. Search for a flat and get an Option to Purchase (OTP)
Once you have found a resale flat within your budget, you will need to obtain an OTP from the seller. You have 21 days to exercise the OTP.
3. Choose the mode of financing
As a flat buyer, you will need to decide how you intend to finance the flat purchase. You can either use cash, CPF savings, or obtain a housing loan. If you wish to obtain an HDB housing loan, the HDB Resale Portal will guide you to apply for an HDB Eligibility Letter.
4. Request value of flat from HDB
If you are financing the flat purchase with your CPF savings and/or housing loan, you are required to submit a request to HDB to confirm the loan quantum and the amount of CPF savings you can use. You will pay HDB a processing fee of $120 (including GST).
Flat buyers can only submit a Request for Valuation after the seller has granted them an OTP. They will need to submit the Page 1 of the OTP and Request for Valuation, to HDB by the next working day after the OTP date.
If HDB requires valuation of the flat to be done, HDB’s appointed valuer will carry out the flat inspection within 3 working days after informing the seller. Flat buyers can check the flat’s valuation in the HDB Resale Portal within 10 working days from the inspection date.
5. Submit resale application
Both flat buyers and sellers must submit their respective portions of the resale application with the supporting documents to the HDB Resale Portal, after the OTP has been exercised. They will need to pay an administrative fee, depending on the flat type.
HDB will verify the information and notify the buyers and sellers of the application outcome, typically within 8 weeks.
6. Acknowledge resale documents
HDB will compute and prepare the documents for buyers and sellers to endorse in the HDB Resale Portal. Both parties must endorse the documents within 6 days.
7. Pay resale fee
Flat buyers and sellers are required to pay online for the legal and stamp fees using the HDB Resale Portal.
8. Wait for HDB’s approval
HDB will inform flat buyers and sellers once the application has been approved. The approval letter will be available on the HDB Resale Portal.
9. Attend completion appointment
Flats buyers and sellers must attend the Completion Appointment at HDB Hub to complete the resale transaction.
In summary, here are the steps for flat buyers and sellers:
Source: mynicehome.gov.sg
Once you have a great partner by your side and a shiny ring on the finger, it is only natural that both of you would be looking to buy your very own home sweet home. If you wish to take a housing loan from HDB, be sure to apply for your HDB Loan Eligibility (HLE) letter before you seek out your new pad.
Why do I need an HLE Letter?
An HLE letter will tell you the amount of HDB housing loan you are eligible for, the repayment preiod, and other important financial details. This loan amount, coupled with CPF housing grants, as well as your CPF and cash savings, make up the budget for your flat.
Armed with this information, you can avoid falling in love with a flat that is beyond your means.
You will need a valid HLE letter when you book a new flat with HDB, or even when you exercise an Option to Purchase to buy a resale flat.
Okay… so how do I apply for an HLE Letter?
There are only 4 steps to apply for an HLE letter. You can do so online via HDB InfoWEB. Do prepare the required information and documents beforehand for a smoother application.
Not everyone is eligible for an HDB housing loan though, so it is best to check on your loan eligibility as early as possible. Having an HLE letter in hand will also help you plan your flat budget. There is no harm in planning ahead; after all, the HLE letter is valid for 6 months and there is no payment involved to apply for one.
What if I did not get a large enough loan?
Regular income, age, and financial standing are 3 main factors that HDB considers in loan assessment. If you are just starting out in your career, and the eligible HDB loan amount is insufficient to cover the price of the flat you have your eye on, look around some more. There will be a flat for every budget and need.
Spend within your means and do not overstretch yourself financially — a cheaper flat might mean more money for rainy days, renovations, furnishings, or even a vacation.
We also have other financial tools; to help with your planning. All the best in working out a housing budget, so you can make an informed decision when buying a flat!
Source: mynicehome.gov.sg
Community Care Apartments (CCA) are public housing jointly developed by the Ministry of National Development (MND), Housing & Development Board (HDB) and Ministry of Health (MOH). The CCA combine senior-friendly housing with care services, offering an option for seniors to age in-place and independently in a community setting.
The first batch of CCA, which will be in Bukit Batok, was launched in February 2021. Seniors can look forward to the second batch of CCAs in Queenstown, to be launched later this year.
If you or your family members are looking to apply for a CCA, here are 5 key things to note.
1. Wide Range of Facilities and Amenities
The upcoming CCAs will be situated within the Health District @ Queenstown. There, HDB will work with partners to create a built environment conducive for healthy living and active ageing. There will be common facilities such as roof gardens, fitness stations, and community living rooms to promote social interactions between all residents. With Alexandra Hospital nearby, residents will have easy access to healthcare and medical services.
The first batch of CCAs is located at Bukit Batok West Avenue 9, close to parks such as Little Guilin, Bukit Batok Nature Park and Bukit Batok Central Park. Besides shopping malls and wet markets, there are also several healthcare facilities nearby, including Bukit Batok Polyclinic, St. Luke’s Hospital and Ng Teng Fong General Hospital. Within the development, residents have convenient access to an activity centre, a community garden, and fitness stations to maintain an active lifestyle. The CCA development will also house a hawker centre offering a variety of affordable food options.
2. Minimal to No Renovation Required
Interested seniors would be glad to know that little to no renovation is required for these units! Each 32sqm CCA unit adopts an open layout, with sliding partitions to separate the living room and bedroom for greater privacy.
The flat also comes ready with senior-friendly design features and other pre-installed fittings, including:
On each floor of the CCA block, there will also be a furnished communal space for residents to mingle, share meals and take part in group activities.
3. Integrated Care Services
Care services are provided at the CCA to meet seniors’ needs, to support independent living within a social setting for an enriching retirement life.
Residents will have to subscribe to a Basic Service Package. The package offers 24-hour emergency monitoring and response, basic health checks, and the service of an on-site community manager who will organise regular activities and programme for the residents. The community manager will also ensure that the following services are provided:
Depending on their needs and preferences, seniors can also choose to add on optional services that cover different activities in day-to-day living.
4. Eligibility Conditions
As the CCA is intended as an affordable housing option for seniors, the applicant(s) and their spouse (if any) must be 65 years old and above. Applicants have the flexibility to choose a lease ranging from 15 to 35 years (in five-year increments), as long as it covers both the applicant and their spouse (if any) until at least 95 years old.
Those who have taken up housing subsidies twice, and have bought a Studio Apartment or short-lease 2-room Flexi flat before are not eligible to purchase a CCA.
Here’s a quick summary of the eligibility conditions:
5. Full Upfront Payment for Flat Purchase
Successful applicants for CCA are required to make full upfront payment for the flat by cash and/or CPF. For the mandatory Basic Service package, applicants can decide to make either full or partial upfront payment in cash, with a monthly fee throughout the lease term.
This is illustrated in the indicative prices for the CCA at Bukit Batok:
Using the 15-year lease tenure as an example, an applicant has 2 payment options.
While both options require full upfront payment of $40,000 for the flat itself, the applicant may choose either to pay $22,000 upfront (Option 1) for the Basic Service Package, or make partial upfront payment of $13,000 (Option 2) with the remaining fees to be paid monthly. If partial payment is chosen, the applicant would have to pay an estimated $50 per month throughout the remaining lease tenure of 15 years.
Another key difference between a CCA unit and other HDB flats is that it cannot be resold or rented out. Owners who do not require the CCA anymore can return it to HDB. They will receive a refund of the value of the remaining lease of the flat.
Source: mynicehome.gov.sg
It’s been a while, and we are stoked to have you back at the revamped My Nice Home Gallery!
The gallery has undergone a makeover, so expect all-new interior themes for the 2-room Flexi, 3-room, 4-room and 5-room flat types, as well as a new MyNiceHome concept space. In addition to refreshed interior themes, the showflats also showcase the latest fittings and finishes that we provide in our new flats.
Read on to find out more about the showflats for each flat type:
Showflats
2-Room Flexi (36 sqm): Blush
If you’re a fan of the soft ‘blush’ interior look, this 2-room Flexi showflat at the My Nice Home Gallery is perfect for you.
The living room features pink, white and grey shades – the primary colours of the showflat’s interior theme
The main colour palette comprises a soft pink hue, as well as shades of white and greys. White is used to create an airy and light feel while the darker grey tones help to create depth. Grey and pink tones are used strategically in the showflat – such as on the feature walls in the living room and bedroom. A variety of patterns and textures also tastefully jazz up the interior.
The kitchen comprise mainly the colour white that brightens up the space
The showflat shows how to maximise space using modular and multi-functional furniture. The extendable dining table is a perfect example – when not in use, it can be shortened to free up floor space, and doubles up as a work desk. Additionally, the sofa and bed frame both have storage compartments to keep items that you rarely use.
Create a work nook in the living/ dining area
As the living room is adjacent to the bedroom, consider incorporating a television which can be rotated 180°. That way, you can choose to watch your shows from either room!
Incorporate a rotating TV to maximize space
2-Room Flexi (46 sqm): Mid-Century Modern
The mid-century modern aesthetic is characterised by simplicity and functionality. What sets this style apart is its focus on sleek lines with geometric forms, and the use of contrasting materials.
View from the living area
The earthy colours and wooden furniture in this showflat make the entire space cosy and intimate. The most striking element is the geometric-patterned feature wall in the living room that complements the mid-century modern look.
The geometric feature wall adds a different dimension to the space
Pull-out drawers in the vanity area in the master bedroom can maximise storage space
This 2-room Flexi showflat features a layout that includes a space for caregivers, and an open kitchen which allows for greater mobility. It is an ideal home for active seniors to live in comfortably and safely.
Flexible space for a caregiver, which can double up as a workspace
The kitchen features pull-out drawers that double up as additional countertop space
3-Room: Retro Fun
Step into this showflat and be greeted by a refreshing mix of fun colours and prints that effortlessly serve up retro vibes and add visual interest. The 3-room showflat provides inspiration for fun-loving young families looking to liven up their space.
The living area is decked out in pops of colour that add vibrancy to the space
Colours such as turquoise, mustard and pink were iconic a few decades ago, when they found their way into everything from fashion to furniture. In this living room, a pink lounge chair is a striking statement piece.
Statement furniture such as the lounge chair can be used for visual interest
Beyond the colours and prints, home owners who are space-conscious will also find some inspiration. Storage furniture, such as a bed with compartments, is used to reduce visual clutter.
A notable feature of the showflat lies in the kitchen, which has been combined with the utility area to form an enlarged area that will please any cooking enthusiast. The kitchen adopts an open concept that flows seamlessly into the living room, giving a sense of spaciousness to the living area.
The open kitchen is seamlessly connected with the dining area. Versatile furnishings such as the extendable dining table and stackable dining chairs help to maximise space and can be neatly stowed away when not in use, to reduce visual clutter
The child’s bedroom features more storage solutions such as underbed boxes and wall niches. These wall niches also visually break up vertical spaces while adding a touch of modernity and vibrancy to the rooms.
Underbed boxes and wall niches are used to provide additional storage space in the child’s bedroom
4 Room: Nordic Silhouette
With their timeless yet contemporary aesthetic, it’s little wonder why Scandinavian homes are a popular source of inspiration. Love the idea of a Nordic-inspired nest for yourself? The 4-room showflat at the My Nice Home Gallery offers wallet-friendly design ideas for both young couples and families.
Decked out in the Nordic theme, the 4-room showflat features harmonious shades of mustard, white and grey.
The 4-room showflat adopts an open floor plan that sees a seamless transition from the living to dining area
The use of white and light-coloured carpentry and furnishings complement the neutral palette. In the combined living and dining space, yellow chairs and cushions add a pop of colour. Striped textiles emphasise the clean lines typical of Scandinavian interiors.
With a spacious common area as the heart of the home, a family can gather comfortably on the plush sofa or around the dining table to spend quality time together.
The yellow dining chairs help to add a pop of colour to the area
A study nook in the living area is also a great spot for children to indulge in their creative hobbies, or for adults who need to get some work done at home.
A workspace carved out from a corner
While Scandinavian design might be minimalist in nature, the master bedroom shows how to achieve a cosy personal sanctuary. Details matter – add curves through an oval mirror or rounded lampshade for a gentle touch, and put soft furnishings like luxe bedclothes and rugs on your shopping list!
Soft furnishings rugs and bed throws can be used to add a cosy touch to the bedroom
If you have always wanted a smart home, you will enjoy the master bedroom in the 4-room showflat. Be sure to check out how you can control smart appliances such as lights and blinds through a tablet, to create your ideal environment.
When designing your children’s bedrooms, it’s possible to achieve both style and function. For instance, a bunk bed instantly carves out space for a study right beneath, providing ample space for favourite books and toys.
Bunk bed with a study nook
A bed with storage beneath is practical and will serve your child well throughout their growing years. Instead of built-ins, movable furniture can be replaced as and when needed to meet the child’s changing needs.
Maximize storage space with underbed pull-out drawers or boxes
Keep things simple but not plain, with unique design elements such as floral light fixtures and surface decals.
5-Room: Tropical Luxe
Decked out in a tropical theme, the 5-room showflat features a colour palette of turquoise and white, with splashes of greenery, as well as black and wood accents. At the same time, a hint of gold fittings as well as geometric lines and textures add to its luxurious vibes.
The living room is decorated with splashes of greenery, wood accents and gold fittings to bring out the interior theme
In creating a larger common area, the dining area is designed to be within the living room. Instead of conventional dining chairs, a long, built-in bench is used for seats. Not only does it add to the aesthetic, a bench offers more seating space while doubling up as storage.
The dining room is designed as an extension of the living area
The built-in bench doubles up as a storage area
This showflat also features a small workspace near the kitchen. For more flexibility, the worktable is designed to be easily stowed away when not in use and can be converted into an exercise space or children’s play area.
The versatile worktable can be easily stowed away
To demarcate the spaces, a half-wall partition topped with a black-framed glass panel is used.
The half-wall and half-glass kitchen partition has become increasingly popular amongst home owners
For families who indulge in heavy cooking, this type of kitchen partition also come in handy as it helps with keeping the fumes within the kitchen while allowing a full view of the living area—useful for supervising the little ones!
Inspired by hotel suites, the master bedroom is designed to be luxurious yet cosy. Cove lights are used to create a welcoming atmosphere, while lines and textures on the wardrobe and feature wall create a subtle statement.
The design of the master bedroom is inspired by that of a hotel
More space-saving solutions can be found in the bedrooms. For instance, the common bedroom features a flip-up dresser that doubles up as a writing desk, while the kids room has a pull-out study table that can be easily stowed away to create a bigger play area.
The dressing table features a flip-up mirror that can be easily kept away to double up as a writing desk
Similarly, the pull-out study table in the children’s room enables the area to be used more flexibly
The showflat also showcases the smart home features that can be incorporated into your new home to make it more comfortable and convenient. These include temperature and humidity sensors, as well as smart lighting, air conditioners and voice activated smart controls.
Features such as light and air conditioning can be remotely controlled via a smart system
One example of smart lighting is the motion-sensor activated lights in the bathroom
In the showflat, you can also find assistive items such as pull-down wardrobe racks, motion sensor bins and telephones with larger displays. A smart elderly monitoring and alert system comprising a panic alert button, digital security camera, smart smoke and sensors will also be on display.
Source: mynicehome.gov.sg