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June 28, 2023
How much sales proceeds can i get back?
Learn more about the financial matters relating to the sale of your flat, including the fees payable and how to manage your sale proceeds
Click on the FAQ below to find out more
Financial planning is important for you, especially with regard to financing your next home after selling your flat.
Use our Sale Proceeds Calculator to get an estimate of the cash proceeds you might receive and evaluate your financial position. The information will be useful in your financial planning for your next home.
Computation of sale proceeds
The final sale proceeds from selling your flat, is the purchase price of the flat, less the following components:
• Outstanding mortgage loan
• Return of CPF funds used with accrued interest
• Earlier-received deposit (up to $5,000; from option fee and deposit)
• Any other amounts payable, e.g. resale levy, upgrading costs, etc.
You will also need to settle all outstanding payments when you sell your flat. These payments may include:
The outstanding mortgage loan refers to the amount of housing loan that you have taken which has not been fully paid yet. It will be deducted from the resale price, if sufficient.
If the resale price is insufficient to settle the outstanding loan, you will need to pay for the balance in cash. The deposit which you have received from the buyers will also have to be returned to HDB to pay the shortfall and any CPF refund, if any.
To find out your outstanding loan amount, you can:
- Check My HDBPage; at ‘My Flat > Purchased Flat > Financial Info’ (for housing loans from HDB)
- Approach your lending bank (for housing loans from a bank)
Any CPF monies used for the purchase of your existing flat, either as downpayment or for the monthly installments, are to be returned with accrued interest to your CPF account when you sell your flat.
The amount to be returned to your CPF account will be deducted from the resale price. If there is a shortfall in the CPF refund, the cash deposit that you have collected from the buyers will be used to settle the shortfall.
To find out the amount of CPF to be refunded to your CPF account upon the sale of your flat, you can log in to the CPF Website (Select ‘My Statement > Look under Section C and select ‘Property’ > Select ’My Public or Private Housing Withdrawal Details’).
If you are aged 55 and above, please check with the CPF Board for more information on the CPF refund upon the sale of your flat.
A resale levy is payable when you are buying your second subsidized flat or certain Executive Condominiums.
You can find out whether you are required to pay a resale levy, when you register your Intent to Sell using the HDB Resale Portal.
If you need to pay a resale levy, you may want to set aside the levy amount from the sale proceeds you receive.
Upgrading Costs
You need to pay for the upgrading cost if you are the flat owner on the date the bill was issued. The outstanding amount can be deducted from the resale price, if sufficient, or paid in cash or with CPF savings.
You can view the status of upgrading and the billing status for the upgrading costs of your flat, when you register your Intent to Sell using the HDB Resale Portal. Alternatively, you can check the status of the upgrading programme via the Enquiry on Upgrading/ Estate Renewal Programmes e-Service.
More information on payment of upgrading cost and billing dates are also available:
If your existing flat is in an upgraded precinct, you may have to pay an upgrading levy after you sell the flat. The 10% upgrading levy is calculate based on the declared selling price of the flat, or 90% of the market value of the flat, whichever is higher.
Who needs to pay the Upgrading Levy?
Singapore Citizen (SC) households who have benefitted from the previous Main Upgrading Programme (MUP) (discontinued from August 2007) 2 times or more; or
- Singapore Permanent Resident (SPR) households whose flats were upgraded under MUP (Batch 6 and before)
Who need not pay the Upgrading Levy?
From 11 April 2005, the following flat owners need not pay any upgrading levy:
- SC owners who sell their second or subsequent MUP flat (Batch 7 onwards)
- SPR owners who sell their MUP flat (Batch 7 onwards)
SPRs who do not wish to pay the full upgrading cost cannot sell their flats back to HDB if they have already met the Minimum Ocuupation Period for the flat, i.e. the flat is to be sold in the open market.
There will be no refund for the following households:
- Those who already billed as second timers
- Those who paid the upgrading levy (in full or by installment) before 11 April 2005
Your CPF money will be refunded to your CPF account within 7 working days from completion of the resale transaction.
The main legal fees you need to pay are:
- Conveyancing Fee for Transfer (based on Selling Price)
- Conveyancing Fee (based on Flat Type) for Total Discharge of Mortgage (if there is any outstanding loan at time of resale)
- Fee for Bankruptcy Search on Sellers
- Stamp Fee for Total Discharge of Mortgage (if there is any outstanding loan at time of resale)
Use our e-Service Legal Fees Enquiry to find out the amount of legal fees payable. All fees must be paid in cash or Cashier’s Order.