All HDB homeowners are required to stay in their flat for at least 5 years.
During these 5 years, they are not allowed to sell their house, rent their whole house or even apply for a new BTO. This period is commonly known as the MOP or minimum occupation period.
You might have heard of your family members or friends who were able to sell their flats before the MOP. For these anomalies, they were given special approval to sell.
Do note that the waiver of the balance 5-year MOP is a major deviation from HDB’s policy.
Why do some homeowners request for ‘special approval to sell’?
Some of the reasons are due to divorce cases, financial issues and etc.
The reasons must be supported with evidence and be submitted to your branch officer. The reasons must be strong enough to convince the branch officer to consider your appeal.
How do I find out who my branch officer is?
To find out who your branch officer is, you will just need to log in to your MyHDB page and go under “Purchase Flat Details”. Scroll down to the section “Contact us” and you will see your estate manager and executive name and contact info.
What else should I be aware of?
Getting a waiver of your MOP? Great! But one should also consider seller stamp duties that can incur when you are selling your properties. For those who bought their property between 14 January 2011 to 10 March 2017, the holding period is 4 years. If you sold your house before the first year, there is a 16% tax, 12% before the second year, 8% before the third year and 4% before the fourth year. After 10 March, the holding period is 3 years. The tax rate are 12%, 8% and 4% respectively.
So do your calculation first before you get too happy upon receiving the special approval to sell.
Again, I would like to remind homeowners that the special approval to sell is given only to genuine cases. Please, please don’t flood your branch officers requesting special approval after reading this article.
If you need professional help in property matters, do give me a call at 87368736.
As an experienced real estate professional with a deep understanding of the intricacies of HDB policies, I can confidently provide insights into the key concepts discussed in the article. My years of practical experience and expertise in the field make me well-equipped to shed light on the nuances of HDB regulations and the process of obtaining special approval to sell during the Minimum Occupation Period (MOP).
The Minimum Occupation Period (MOP) is a mandatory requirement for HDB homeowners, necessitating them to reside in their flats for at least 5 years before they can sell, rent the entire property, or apply for a new Built-to-Order (BTO) flat. The article mentions that there are instances where homeowners can request "special approval to sell" before completing the full 5-year MOP. This is a significant deviation from HDB's standard policy and is granted only under specific circ*mstances.
One notable aspect emphasized in the article is the need for strong evidence to support the request for special approval. Homeowners seeking this exception typically cite reasons such as divorce cases or financial issues. Such claims must be substantiated with compelling evidence and submitted to the branch officer for consideration. This underscores the importance of a genuine and well-documented case to convince the authorities.
To identify the branch officer for a particular flat, homeowners can log in to their MyHDB page, navigate to "Purchase Flat Details," and find the relevant information under the "Contact us" section, which includes the estate manager and executive names and contact details.
The article also raises awareness about potential implications even if the special approval is granted. Specifically, it highlights the importance of considering seller stamp duties when selling a property. The stamp duty rates are contingent on the holding period, with higher rates for properties sold within the initial years after purchase. Homeowners are advised to calculate these duties before proceeding with the sale.
In conclusion, the special approval to sell during the MOP is a rare exception granted for genuine cases, such as divorce or financial difficulties. Homeowners must provide compelling evidence and adhere to the guidelines outlined by HDB. Additionally, it is crucial to be aware of financial implications, such as seller stamp duties, before celebrating the approval. This information serves as a valuable guide for individuals navigating the complexities of HDB policies and seeking exceptions to the MOP.
The MOP is the period that you are required to physically occupy your flat before you can sell it on the open market. All owners and occupiers listed in the flat application must occupy the flat for a minimum period of 5 years before you may: Apply for a flat in HDB sales exercises. Buy a resale flat on the open market.
In general, you will need to meet the Minimum Occupation Period (MOP) of 5 years before you can sell your flat. The MOP is calculated from the date you collect the keys to your flat.
You can sell your flat back to HDB before the MOP is up if you meet certain special conditions, although whether or not you will be successful depends on your specific case. If you can avoid bankruptcy by selling your flat and downgrading to a cheaper one, HDB might allow you to do so.
Upon your return, you are required to make up that fifth year before you would be allowed to sell your flat, rent it out, or even purchase another private property. The HDB MOP policy is there to keep people from buying a flat just to immediately put it on the market, so they can make a quick profit by flipping it.
HDB MOP is an abbreviation for HDB's Minimum Occupation Period, which is a restriction that prohibits you from selling or renting out the entire apartment for the first few years after you move in (usually five years). You are also not permitted to purchase another private property during the MOP.
The Minimum Occupation Period (MOP), is the amount of time you must occupy an HDB apartment before reselling it. The MOP today is five years, and it starts as soon as you pick up your keys from HDB. This implies that you cannot sell your HDB flats until you have occupied them for at least five years.
To be able to upgrade to a condo or landed property from your HDB flat, you need to have completed the Minimum Occupation Period (MOP) for your HDB flat. Typically, you need to have been living in your HDB flat for a minimum period of 5 years before you can upgrade to private property.
resale levy is only payable when you are buying second subsidised housing (BTO or new EC). If you dont wish to pay resale levy, you probably have to look at resale flat or private housing.
As a Singapore Citizen, you have the flexibility to buy a condo without the obligation to sell your existing HDB. However, there are certain conditions that need to be met, such as adhering to the Minimum Occupation Period (MOP) of your existing HDB.
Yes the 15 months rule is applicable to both local and overseas residential properties and therefore you will need to wait 15 months before you are eligible to buy a resale HDB flat.
As a general rule, if MOP has not been met, you will need to surrender the flat to the Housing and Development Board (HDB). The return isn't typically at market value but at a price determined by HDB, which may be lower than the original purchase price, resulting in a potential financial loss.
First, the flat owner must fulfill their minimum occupation period (MOP) before they are allowed to rent out their entire HDB flat. This is five years for both new BTO flats and resale flats. If the flat owner only wants to rent out the bedrooms, there is no MOP requirement.
Under HDB rules, you must sell your existing flat within six months of receiving the keys to your new flat. Typically, you can appeal for an extension to HDB if you fail to meet the deadline.
Typically, you need to have been living in your HDB flat for a minimum period of 5 years before you can upgrade to private property. The MOP is the minimum number of years you need to have physically occupied your HDB flat before you can buy a private property or sell the HDB.
You might be wondering: since a new BTO or Executive Condominium (EC) would take years to complete, can you apply for a new home before the MOP is up? What about if the completion date of the new BTO flats or EC is after your MOP? Unfortunately, the answer to "Can I apply for BTO before MOP" is no.
Introduction: My name is Van Hayes, I am a thankful, friendly, smiling, calm, powerful, fine, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.
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