Upgrading costs – HDB resale flat for rent
HDB resale flat for rent – Under the upgrading programme, the upgrading cost is payable only when the upgrading works in the flats, block and precinct are completed and the owner’s share of the upgrading cost is computed. The established rules of “Who is to pay for the upgrading costs?” are as follows:
- If invoice is issued to the flat owner before legal completion, the seller is to pay for the upgrading costs.
- If invoice is issued after legal completion, the buyer is to pay.
Upgrading cost payment mode
For SELLERS who are paying – they must settle in full before resale completion. Payment may be deducted from sale proceeds (after deducting mortgage, CPF refund) or one lump sum by cash.
BUYERS are allowed to pay by instalments for up to 10 years (can use CPF). If SPR Buyer becomes SC within 1 year from billing, he/she can apply to HDB for reimbursement of the upgrading costs paid & has the privilege to convert the interest rate to HDB concessionary rate.
Please click here to search for HDB resale flat for rent.
