Buying an HDB Resale Flat

Whether you are a young couple whom just ROM or a growing family looking to upgrade, every Singaporean would own a HDB flat at least once in their lifetime. HDB flats are home to over 80% of Singapore’s resident population.

From 1 January 2018, buyers and sellers will enjoy a streamlined resale process with the introduction of the new HDB Resale Portal. Buyers and sellers can login to the HDB Resale Portal with their SingPass to start their respective resale journeys. Through the portal, buyers will be guided on their buying journey, and get to track the progress of their transactions.

Here is an overview of the streamlined resale process, which takes approximately 8 weeks to complete from the date of HDB’s acceptance of the resale application:


Register Your Intent to Buy

Application forms will auto-populate the relevant fields using data from the Government’s Myinfo service, to minimize manual data entry.

Begin your buying journey and check your eligibility to buy a resale flat, by registering your Intent to Buy through the HDB Resale Portal. There is no fee for registering, and you will receive an instant assessment on your eligibility to buy an HDB resale flat, for CPF housing grants and HDB housing loan. In general, there must be at least 1 Singapore Citizen or 2 Singapore Permanent Residents listed in the flat application.

Eligibility Schemes
The eligibility conditions in the following table apply to all resale flat purchases. Please refer to the individual schemes for information on the following criteria:

1- Citizenship
2- Age
3- Family nucleus
4- Ethnic Integration Policy (EIP) and SPR quota 
5- Special conditions 

Once you have registered your intent, you will be guided by the portal to proceed to the next steps or if you are unsure what you need to do, you may like to get professional services from Ping Property Agent.

Get OTP from Seller

If you plan to take an HDB Loan, you must apply for an HLE. Once the resale price has been agreed upon and you have a valid HLE, the seller can grant an OTP. You have 21 days to exercise the OTP.

After registering your Intent to Buy, you can proceed to look for a suitable flat within your budget and obtain an OTP from the sellers when you have agreed on a price for the flat. If you intend to get an HDB housing loan, you will need a valid HDB Loan Eligibility (HLE) letter from HDB before the sellers can grant you an OTP. If you intend to get a housing loan from a financial institution (FI), you must have a valid Letter of Offer (LO) before you exercise the OTP.

Buyers and the sellers must use HDB’s Option to Purchase (OTP) as the form of contract in the transaction. Any other agreements and supplementary agreements relating to the sale or purchase of the flat are not valid under the Housing and Development Act. If you need help in the documentation requirements, you may approach Ping Property Agent for their professional documentation services for a flat fee.

Choose the Mode of Financing for the Flat

You need to decide whether to use cash, CPF savings, and/or a housing loan to finance the purchase.

Financing your Flat Purchase
Buying a home is a milestone in life for many of us. Work out your sums with the ABCs of financial planning – Ability to pay, Budget, and Credit. You can also use HDB financial tools and read some helpful tips to plan for a flat purchase.

However we understand that DIY is not for everyone. If you like to get some help, Ping Property Agent can guide you on the financial planning for your resale flat purchase, and help you to determine the suitable flat choices within your budget, making it easier when it comes to searching for your flat. Ping Property can provide such services at a flat fee.

To work out a comprehensive financial plan, be sure to consider the following:
1- Cash and CPF savings
2- Housing loan
3- CPF Housing Grant Scheme
4- Payments involved

Cash and CPF savings
You will probably use both cash and CPF savings for your flat purchase. Your resale flat financial planning should therefore cover:
1- How much cash is required
2- Amounts that can be paid using CPF savings

Ping Property has our team of Ping Mortgage Specialists who can provide free Mortgage Advisory Service. If you are looking to sell and buy another property or looking to refinance your mortgage loan, speak to one of us today.

Request Value of Flat from HDB

HDB will inform you via email once the value of flat is available in the portal, typically within 10 working days.

If you are using your CPF moneys and/or taking up a housing loan to finance your flat purchase, you will need to submit a Request for Value to HDB to determine the flat’s value. The assessment will form the basis for your CPF usage and/ or the reference for a housing loan from HDB or bank/ financial institution, unless otherwise advised by a bank/ financial institution. You will need to pay a processing fee of $120 (including GST) to HDB.

If you have engaged the services of a Ping Property Agent, your Ping Property Agent can submit your Request for Value via the Estate Agent Toolkit (for agencies which are subscribers).

If a valuation of the flat is required, the appointed valuer will contact the flat seller to arrange for a flat inspection. Flat sellers are required to allow the appointed valuer to inspect the flat within 3 working days, as stated in the OTP.

HDB will inform you via email once the value of your flat is available in the HDB Resale Portal, typically within 10 working days from your request.

The value of the flat will remain valid for 3 months from the day it is made available in the HDB Resale Portal, if you exercise the OTP. If you do not submit a resale application within the 3-month validity period, you will have to submit a new Request for Value.

Submit Resale Application

HDB will verify the information provided and notify you of the acceptance via SMS. The application status will be updated in the portal.

After exercising the Option to Purchase (OTP), Buyers and the Sellers must submit their respective portions of the resale application via the HDB Resale Portal, together with the necessary documents. Ping Property Agents can use the Estate Agent Toolkit to submit resale applications on behalf of their clients.

Upon receipt of the resale application and supporting documents, HDB will verify the information provided by the seller and buyer. Buyer and the seller should make sure that both parties meet all the eligibility conditions and resale requirements when submitting the resale application. If the application is in order, HDB will notify both parties of HDB’s acceptance of the application via SMS/ email. On average, it will take about 8 weeks from the date of HDB’s acceptance of the resale application, to process the application.

Endorse Resale Documents

You will be notified via SMS to endorse the documents on the portal within 6 days from SMS notification.

Pay Resale Fees Online

Fees can be paid by Credit Card.

Receive Approval of Resale Application

You will be notified via SMS when HDB’s approval letter is posted on the portal.

Attend Resale Completion Appointment

You will be informed via SMS on the appointment to complete the transaction.
If the necessary documents are submitted accurately and promptly, it takes about 8 weeks, from acceptance to completion of the resale application (step 5 to 9).

You have thought about your lifestyle, crunched the numbers and made the decision to buy an HDB flat. The entire process can be a complicated, stressful process.  However knowing what to expect with the assistance from a Ping Property Agent can reduce some of that anxiety and help you confidently find your way to your new home. If you are ready to start your journey to buy a resale flat with the help of the professional services of an agent at a flat fee, do contact us for a chat today.

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