Finances(Sell)

Enhanced Contra Facility

Cost Involved for Selling your HDB flat

When you sell your flat, you will need to pay some fees for the sale transaction. You will also need to settle some payments relating to your flat before you complete the sale of your flat.

The fees payable are:

- Resale Application Fees
- Legal Fees for Sellers in a Resale Transaction

The financial payments that you may need to settle are:

- Outstanding Mortgage Loan (if applicable)
- Resale Levy (if applicable)
- CPF Monies utilized with Accrued Interest
- Upgrading Levy (if applicable)
- Upgrading Costs (if applicable)
- Property Tax
- Service & Conservancy Charges

Resale Application Fees

All resale application fees have to be paid online either via the Estate Agent Toolkit or the e-Resale system. Depending on the flat type, the fees payable by buyers and sellers are as follows:

1 and 2-room - Administrative Fee - payable by buyer and seller ($40*)

3-room and bigger - Administrative Fee - payable by buyer and seller ($80*)

- Payment will have to be made by credit card for submissions through the e-Resale system. For submissions through the Estate Agent Toolkit, payment must be made by GIRO.
* The non-refundable fees paid includes GST.

Legal Fees for Sellers in a Resale Transaction

If you are engaging the HDB to act for you in the sale transaction, you may work out an estimate of thelegal fees payable.

Legal Fees Payable appointing the HDB to act for you in the sale of your flat.

Outstanding Mortgage Loan

If you had taken a mortgage loan to finance the purchase of your existing flat and have not settled the mortgage loan in full, the outstanding mortgage loan amount will be deducted from your resale price. It is therefore important that you know your outstanding mortgage loan amount.Where the resale price is not enough to settle your outstanding mortgage loan, you would have to pay up the shortfall in cash to the HDB or the bank if you had taken a bank loan.

You would have to pay the shortfall in cash to HDB or the lending bank.
You would also need to return the cash deposit which you have collected from the buyer to the HDB. This will be used to settle your outstanding mortgage loan and any CPF refund.

If your outstanding loan is an HDB loan

You may log in to My HDBPage with your SingPass to get the information on your outstanding mortgage loan.In My HDBPage, you can find the information at "My Flat > Purchased Flat\Financial Information"

If your outstanding loan is a bank loan

You will have to check with the bank on your outstanding mortgage loan.

Resale Levy

A resale levy has to be paid when a second-timer buys or takes over the ownership of another subsidised flat. A second-timer household refers to a Singapore citizen household that has previously taken a housing subsidy when they bought a:

- flat from the HDB, or
- resale flat with the CPF housing grant; or
- Design, Build and Sell Scheme (DBSS) flat with the CPF Housing Grant; or
- Executive Condominium (EC) with the CPF Housing Grant.

This means that if you are selling or have sold a subsidised flat and are intending to or have booked a new flat, you will have to pay the Resale Levy.

CPF Money utilised with Accrued Interest

If you have used your CPF money for the purchase of the flat, you need to make a full refund of the CPF savings withdrawn plus accrued interest to your CPF account.
If you are 55 years old or above, please check the CPF policies on refund of CPF money before making any commitment to sell your flat.
You may visit the CPF Housing Site to find out more about CPF matters relating to the sale and purchase of flats.

Upgrading Levy

Those who may need to pay the Upgrading Levy are:

- Singapore Citizen households who have benefitted from the Main Upgrading Programme (MUP) two times or more
- Singapore Permanent Residents (SPR) household

Therefore if your flat is in an upgraded precinct, you may be required to pay a 10% Upgrading Levy based on the higher of:

- the declared resale price, or
- 90% of the market value of the flat

Upgrading Costs

Flat owners whose flats have been announced for HDB's Main Upgrading Programme (MUP) or Lift Upgrading Programme (LUP) or Home Improvement Programme (HIP) will have to pay their share of the upgrading cost when the upgrading works are completed and they are served the invoice informing them of the amount payable. Those in the process of selling their flat will also be required to pay their share of the upgrading cost if the billing date is before the completion date of the sale of the flat .Flat owners and potential resale flat buyers can check whether an HDB block is under any of the above upgrading programmes and the status of the upgrading programmes via the e-Service: Enquire Status of HDB's Upgrading/Estate Renewal Programmes.

You may find out more about the upgrading cost payment and billing dates for HDB blocks under the following programmes:

Lift Upgrading Programme (LUP)
Main Upgrading Programme (MUP)

If you are in the process of selling your flat, you will have to pay the upgrading cost if the billing date is before the completion of your resale transaction, i.e. before the Completion Appointment.

Property Tax

The sellers are required to settle the property tax up to end of the year.

You can check the outstanding amount and arrange for payment via myTax.iras.gov.sg "Payment Services" after you have log in with your Singpass.

Service & Conservancy Charges

The flat owner selling his flat in the open market must pay the service & conservancy charges up to the date of the completion of the sale.

On the day of the completion of the sale of the flat at the HDB Resale Office, the flat owner (seller) must produce the official receipts to show the full payment of service & conservancy charges.

You may check your outstanding Service & Conservancy Charges with your Town Council.