All you need is $2 for a HDB downpayment. 🤯
No, that's not a typo — and it's 100% legal.
The story
A mother wanted to sell her HDB flat to her daughter below market price, with as little cash changing hands.
So they did what the rules allow: they went as low as possible.
The deposit - $1.
Exercise fee - $1.
The rest of the house was paid in CPF and the daughter's HDB loan.
💡 For HDB transactions, the minimum option deposit is $1 and max is $1,000. The max to exercise the OTP is $4,000. In this case, they kept it to the bare minimum — $2 total.
Another thing you probably didn't know
🔍 Family transfers like this are not reflected in the usual HDB resale transaction records.
There's a checkbox if units are transacted between families.
In the event they're between family members and transacted below market value, they don't show up in the public data most of us rely on to gauge prices.
💾 Save this if you didn't know about family HDB transfers.
#HDBSingapore #SGProperty #HomeBuyingTips #SGRealEstate
When it comes to purchasing an HDB flat in Singapore, the financial burdens can often seem daunting, especially the downpayment and initial fees. However, cases like this unique family transfer highlight how understanding HDB’s rules can help minimize upfront cash needed. In this example, a mother sold her flat to her daughter with just a $1 option deposit and a $1 exercise fee, amounting to only $2 paid in cash. What’s interesting is how the remainder of the flat’s purchase price was financed through the daughter’s CPF savings and an HDB loan. This is a perfect illustration of leveraging the CPF system, which many buyers might overlook as a powerful financial tool for homeownership. Beyond just the cash amount, this method is fully legal and recognized within HDB’s official framework. The minimum option deposit allowed is $1, and the maximum option fee up to $1,000, while exercising the OTP (Option to Purchase) can involve up to $4,000. These limits provide flexibility for family transfers aiming to keep cash transactions minimal. Another key point that homeowners and buyers should know is that such transactions between family members often don’t appear in public resale price records if sold below market value. This affects how market data is perceived and can be crucial for prospective buyers and investors who analyze resale trends. From personal experience navigating HDB purchases and transfers, family transactions can also simplify the process in terms of paperwork and timeline since both parties might have aligned interests beyond profit. Knowing that a simple checkbox in the HDB resale process indicates a family transfer helps in transparency and compliance. If you are considering a similar approach, consult closely with property agents familiar with HDB rules and financial planners to maximize CPF usage without pitfalls. Also, keep in mind that while paying just $2 upfront is impressive, the overall eligibility, loan eligibility, and other HDB conditions must be met. In summary, creative yet legitimate methods like these demonstrate how knowledge of housing policies empowers buyers. Sharing this insight can help others discover less intimidating ways to achieve homeownership in Singapore’s competitive property landscape.
how can it be doneeee🥹 im struggling with this