You can start the journey by purchasing an HDB flat with our instructional guide.
The first step of our guide to have the HDB home is to buy as you always dreamt. But, if you do not have any plans to buy a BTO (built to order) flat, then the best option for you is to purchase a flat from the open market. Before getting started, you need to collect some important information for successful buying.
- Determination of Eligibility
The best technique is to take information from the neighborhood about the interesting house or flat and try to find good and weak points. Mainly, you should collect all information to know about your buying eligibility. Furthermore, you must check eligibility through assessment of eligibility check e-service of HDB. The service will also provide you information about eligibility for HDB housing long.
Some most important conditions for eligibility to apply for resale the flat or the related schemes for easy reference.
- income ceiling
Here is a piece of good news for you. If you are going to purchase a resale HFB flat then no restriction on income ceiling is applied to your purchasing. Therefore, if the buyer is thinking to apply for the HFB housing loans or any CPF housing Grants then he will desire to check in case of meet up with the eligibility requirements.
- interest or ownership in HDB Flats
If a person shortlisted in the application of resale flat is the HDB flat’s owner, it must be sold by him within only six months of the purchase of a home.
- Interest or ownership in Singapore or oversea properties
Similarly, if a private property whether it is overseas or local, is owned by you in the resale flat application then the party arranges into the same period which is six months.
2. Keep complete information about prices of flat
It is the second most important step in which you should keep track of the flat prices. You should research the prices of resale flat from different sources like agents and online systems. Your main task is to determine the cost. The best way to determine is to check from the transacted prices of similar flats on the website of HDB. You should check the HDB website daily because data is updated on daily basis.
The party can desire to check the resale financial plan which will provide you a brief idea about your finances as well as make you able to plan better by estimating the cost and budget for purchasing the house. You should also consider HDB loans, fees, and monthly or quarterly installments which are needed at the time of resale appointments such as title search fees, stamp duties, and other payments.
3. Registration of purchase intent though Resale Portal of HDB
The next step in the resale flat purchasing process contains your decision’s formalization with eligibility and budgeting out of the way for purchasing a new house. It will bring you on the resale portal of HDB.
The portal facilitates the flat buyers to register their purchasing intents as well as it also allows them to combine all of the related tasks and services from personal handling to obtain important information on the loans. Thus, you must be confident in your bookmarks.
4. Collect option to request and purchase for valuation
OTP (option to purchase) is basically a legal agreement among both parties (buyer and seller of the flat). Furthermore, the contract will allow the buyer to have the right to purchase the property in which the buyer is interested. The buyer should need to submit the request for valuation on receiving OTP that recognize the CPF usage, housing loan as well as flat value from the bank or the HDB.
Furthermore, both of the documents are attainable via the resale portal of HDB. While it will only valid for only 21 days in case of OTP during the exercise. For more detail, you should read the purchase you selected resale of flat. It will also be started looking by most resale flat owners for the interior designer after the OTP acquiring that leaves sufficient time to the project for the interior designer on an accurate period of renovation or cost especially in the older properties case. Furthermore, it will also facilitate to take the decision on the preferred look.
5. Important paperwork submission and wait for the flat keys
Both parties (buyer and the seller of the flat) are required for the specific flat’s submission of the application release though using the resale portal of HDB for the second to last step. It will arrange the completion appointment’s sale to confirm the paperwork such as purchase and sales contract as well as the buyer can finally get the flat keys of the new home.
