These are the same resale levy amounts payable by second-timers who sold their first subsidised flat on or after 3 March 2006. Westwood Residences is the first EC project where the resale levy is executed. If you and your spouse are aged 55 and above, have sold your first subsidised flat before 3 March 2006 and right-size to a new 3-room or smaller flat from the November 2015 sales launch onwards, you will pay only the percentage graded resale levy, with the interest waived. Presumably, by that point, you would already know creditors are taking legal action and trying to get money from you. I was shocked to learn that the resale levy payable would amount to about $193,000, comprising $91,350 (22.5 per cent of the resale price of my ⦠If you sell your first flat after you have received the keys to your second one, then the resale levy is deducted from the sale proceeds. Amount Payable under the Revised Resale Levy Policy. Some creditors have the ability to tap your resources by delivering a levy, which will force a payment plan by forcibly extracting funds from a bank account. It applies regardless of ownership type (joint-tenancy or tenancy-in-common) or shared interest in the flat. First subsidised flat was disposed of after taking possession of the second subsidised flat, First subsidised flat was disposed of before taking possession of the second subsidised flat. 3. Hi everyone, in today's episode of # ASKPropertyLimbrothers, our Listings Manager Wirdayu Safie will be talking about Resale Levy and how to avoid them.. As always, if you have any property related questions just leave a comment below with this hashtag #ASKPropertyLimBrothers. Residential real estate is a complicated process. If you donât pay the full levy on time, you may face the following penalties:. The resale levy payable is also subject to a minimum amount of $15,000 for 2-room, $30,000 for 3-room, $40,000 for 4-room, $45,000 for 5-room, and $50,000 for Executive flat sold. At the moment,⦠If you canât pay what you owe, you should pay as much as you can and work with the IRS to resolve the remaining balance. Resale Forms. The amount of levy payable will depend on ⦠You'll be charged a late payment penalty of 2% per month or $20, whichever is higher. Get the information you need for any business involving HDB homes, properties, commercial spaces, or land under our management. The EC affected by resales levy will be Westwoods EC, the Vales EC, Brownstone EC, Sol Acres EC and Signature at Yishun EC that have launched in 2015. We develop public housing to provide Singaporeans with affordable, quality homes, and a better living environment. HDB mortgage financing will not be extended to the payment of a resale levy. More than homes, our HDB towns are vibrant places to enjoy to the fullest. This relates to a previous article we have written before. The revised resale levy has been implemented from 03 March 2006. The resale levy payable is determined at the point you book your second subsidised flat. The resale levy is meant to reduce the subsidy on the second subsidised flat so as to maintain a fair allocation of public housing subsidies between first- and second-timer citizen families. Payment can only be made by way of your flat sale proceeds and/ or cash. If you sell your flat first, then you need to pay the resale levy in cash before youâre allowed to take possession of your second flat. Residences is the first EC project where the tenders have not closed proceeds and/ or cash digital.!, it means that resale levy paid once you have booked your second property a. Is higher title plans that each schemeâs body corporate holds on nurturing a family. 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