No Resale Levy EC

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No Resale Levy EC Empty No Resale Levy EC

Post  propertylaunchguru on Thu Feb 11, 2016 8:43 pm

What Is Resale Levy?

You need to compensate the Resale Levy on your acquisition of your consequent home when you have already purchased a new Executive Condominium (EC), acquired a CPF Housing subsidy for resale flat or when you have bought new HBD Flat direct through HBD (DBSS, BTO etc.). No Resale Levy EC maintains balance of subsidies for those who are first time client of HBD public housing properties as against to those second time buyers through lowered total of the subsidy.

When is Resale Levy Payable?

Resale levy is payable when you:

* Purchase your first flat direct from HBD or if you are able to take in a grant from CPF Housing, then sold it after obtaining the Minimum Occupation Period (MOP)
* Purchase another flat from HBD that is already subsidised.
* Acquire an Executive Condominium direct from the developer where its land sale falls on or after 9 December 2013.

When is Resale Levy NOT Payable?

Resale Levey is not collectable when you:

* Acquire a private property
* Avail an HBD resale flat
* Incur DBSS flat directly from developer
* Acquire an Executive Condominium which land sale was set up before 9 December 2013.

When to initiate paying for Resale Levy?

The Resale Levy is payable as soon as the first subsidised flat is sold-out or right after purchasing the second subsidised flat. The resale levy amount is then reduced from the sale of the first subsidised flat and any depleted total will be made payable by cash.

Yet, for those who already have their first subsidised flat before they take  of the second subsidized flat will have a resale levy that is collectable in cash, but only when they take possession of the second subsidised flat.


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