For homeowners who took out a loan from the Housing & Development Board (HDB), there’s good news amid the COVID-19 pandemic. One of the key benefits of the Resilience Budget is that it provides greater flexibility on fees and loans. It includes a one-year freeze on all government fees and charges, from 1 April 2020 to 31 March 2021, and a three-month suspension of late payment charges on HDB mortgage arrears.
What does this mean?
You do not have to worry about not paying your HDB loan repayments on time. For April to June 2020, late penalties will be waived, which is currently at 7.5% (average PLR of 5.5% + 2%) per annum.
“It is good to know that the government is exercising flexibility by providing assistance to homeowners. Considering that there will be families and individuals who will be affected financially by the circuit breaker measures, this will greatly ease their financial burden,” said Ohmyhome’s HDB Sales Manager Clarence Liang.
Other Fees When Transacting Your HDB Flat:
1. Resale Administration Fee
During HDB resale transactions, the resale application fee applies. When you submit your respective portion of the resale application to the HDB Resale Portal, you will pay an administrative fee (inclusive of GST) of:
- $40 for a 1-room or 2-room flat
- $80 for a bigger flat with 3 or more rooms
2. Administrative Fee for Temporary Extension of Stay
Need more time before the handover? If you’re a home seller requesting a temporary extension of stay, the buyer would have to agree to your request. However, the buyer would need to pay a $20 administrative fee (inclusive of GST) to the HDB in cash.
We will keep you updated should these fees be waived.
If you are thinking of buying, selling, or renting property while the circuit breaker measures are in effect, don’t worry! Our team is still hard at work.
Learn more about Ohmyhome services during the circuit breaker period.
