Frequent Asked Questions (FAQs)

1. What is the 15-month wait-out period for right-sizing to an HDB flat?

The 15-month wait-out period is a rule introduced by the Housing & Development Board (HDB) in Singapore, requiring private property owners who sell their property to wait 15 months before they can purchase a resale HDB flat. This rule aims to ensure a fairer allocation of public housing and to prevent speculative buying.

2. What are the eligibility criteria for downgrading to an HDB flat from private property?

There are no specific eligibility criteria imposed by the government for downgrading to an HDB flat from private property. However, you must meet the Minimum Occupation Period (MOP) for your current property before you can buy an HDB flat.

3. Can I keep my private property after buying an HDB flat?

Yes, you can keep your private property after purchasing an HDB flat, provided you meet the MOP and other conditions set by the private property’s financing terms and regulations.

4. What financial considerations should I take into account when downsizing to an HDB flat?

Financial factors include selling your current property, managing any outstanding loans or mortgages, budgeting for HDB flat purchase costs, stamp duty, and adjusting to potentially lower monthly expenses.

5. Can I use my CPF savings to finance the purchase of an HDB flat after owning private property?

Yes, you can use your CPF Ordinary Account (OA) savings to pay for the HDB flat, subject to CPF rules and limits. Ensure you understand the Valuation Limit (VL) and Withdrawal Limit (WL) applicable to your situation.

6. Are there any government grants available for downgrading to an HDB flat from private property?

There are no specific government grants for downgrading from private property to an HDB flat. However, depending on your circumstances, you may still be eligible for grants like the CPF Housing Grant if applicable criteria are met.

7. What are the financing options available for buying an HDB flat after owning private property?

Financing options include an HDB loan (subject to eligibility) or a bank loan. Consider the interest rates, loan tenure, and repayment terms to determine the most suitable option for your financial situation.

8. How do I decide if downgrading to an HDB flat is the right choice for me?

Consider factors such as your financial stability, future housing needs, lifestyle preferences, proximity to amenities, and long-term financial goals. Consulting with a financial advisor or real estate agent can provide valuable insights.

9. What are the differences in living experience between private property and an HDB flat?

Private properties often offer more space, privacy, and exclusive amenities, while HDB flats provide affordability, community living, and access to public housing benefits like proximity to schools and transport.

10. How can I ensure a smooth transition from private property to an HDB flat?

Plan ahead by researching HDB flat options, understanding financial implications, selling your current property at a suitable time, and engaging with professionals such as real estate agents and financial advisors for guidance throughout the process.