Staggered Downpayment Scheme – HDB flats for sale
The current downpayment for flat buyers who take a housing loan from the HDB or
financial institutions (FIs) in the flat purchase is 10% and 20% respectively. Under
the Staggered Downpayment Scheme, they only need to pay half of the
downpayment when they sign the Agreement for Lease (which usually takes place
about four months after booking the flat), i.e. 5% for HDB loan cases or those who
do not need a loan, and 10% for FI-loan cases. HDB flats for sale.
They need only pay the other half together with the balance purchase price of the new flat when the new flat is ready and they collect the keys. This arrangement aims to assist flat owners who wish to right-size to a new flat but have their funds tied up in the existing flat. HDB flats for sale.
The eligibility conditions for the Staggered Downpayment Scheme are:
a) They have applied to buy a 2-room or 3-room flat in Build-To-Order/Sale of Balance Flat exercises from September 2014 onwards;
b) The new flat is in a non-mature estate; and
c) They have not sold their existing flat (or the sale of the existing flat has not been legally completed) when they apply for a new flat.
Flat buyers do not need to apply for the Staggered Downpayment Scheme. The
HDB will extend it to those who are eligible. HDB flats for sale
Click here to search for HDB flats for sale.
