For educational purposes only. All copyrights belong to their respective owners.
DOWNLOAD
Read more…
Buying and selling an HDB resale flat will soon be easier and faster with the introduction of the new HDB Resale Portal. As announced at MND’s Committee of Supply in March 2017, this is part of HDB’s continuous efforts to streamline its resale process, reduce transaction time and provide added convenience to flat buyers and sellers, under the initiatives of the Real Estate Industry Transformation Map (REITM).
Streamlined Services for Buyers & Sellers
2 Currently, a resale transaction takes about 16 weeks to complete, and requires two appointments with HDB – a first appointment to work out the sellers’ sale proceeds and assess the buyers’ financial plan, and a second appointment to complete the resale transaction and sign the documents.
3 Ahead of the first appointment, resale flat buyers and sellers (or their salespersons on their behalf) must complete an online resale checklist, including a section on financial planning, before they commit to buy or sell a flat. They can also use the e-Services available on HDB InfoWEB to conduct a series of checks, such as:
(i) Eligibility to buy or sell the flat;
(ii) Available quota in the block/neighbourhood for the different ethnic groups and citizenships under the Ethnic Integration Policy (EIP) and Singapore Permanent Residents (SPR) quota;
(iii) Status of flat upgrading and billing for upgrading works;
(iv) Recent transacted prices of nearby flats.
4 From 1 January 2018, the new HDB Resale Portal (建屋局组屋转售平台) will streamline the resale transaction process by integrating all the eligibility checks on a single platform, increasing convenience for the public.
5 Using their SingPass, buyers and sellers of resale flats will submit their applications through the new portal and be guided step-by-step on their respective resale journeys. A summary of the streamlined process and benefits is below (details in Annex A).
(i) Minimise the need for manual entry of data. Once the flat buyers and sellers register their Intent to Buy or Intent to Sell a flat in the portal, their personal details from the Government’s MyInfo service will be used to auto-populate the application forms, increasing convenience for the public.
(ii) All eligibility checks will be integrated on a single platform. The portal will display the individual’s eligibility to buy or sell their flat. Flat buyers will also be able to view their eligibility for housing grants and an HDB concessionary housing loan through the portal, and apply for an HDB Loan Eligibility Letter if they intend to take up an HDB housing loan. Flat buyers using their CPF monies and/or taking up a housing loan to finance their flat purchase will also use the portal to request HDB to confirm the value of their flat to determine their housing loan[1] and/or CPF usage[2]. A processing fee of $120 (inclusive of GST) will be payable to HDB.
(iii) Resale applications can be submitted via the portal. Flat buyers and sellers will complete their respective resale applications in the portal, once the Option to Purchase (OTP) has been exercised. Upon receipt of the resale application and supporting documents, HDB will verify the information provided and notify the flat buyers and sellers of its acceptance of the application via SMS or email. The status of the application will also be updated in the portal.
6 Once the application is approved, HDB will arrange an appointment for both parties to complete the resale transaction and to sign the necessary documents that require “wet-ink” signatures.
One Appointment, Shorter Transaction Time
7 With the streamlined process, flat buyers and sellers will need to attend only one appointment with HDB, instead of two previously. The first appointment will no longer be needed as all forms and checks will be completed via the portal. They will only need to attend the resale completion appointment, either at HDB Hub or at their solicitors’ office.
8 The entire transaction time, from submission to completion of the resale application, will be shortened by up to 8 weeks from 16 weeks previously, if the buyers and sellers submit the necessary documents promptly.
Implementation Details
9 The HDB Resale Portal will be launched on 1 January 2018, and all new resale applications must then be submitted using the portal.
10 The streamlined resale process will apply to applications where the OTP is granted by flat sellers on or after 1 January 2018. Flat buyers and sellers will have to use a new HDB-prescribed OTP form from this date.
11 The current HDB-prescribed OTP form will be valid until 31 December 2017. Resale applications with OTPs granted before 1 January 2018 using the current OTP form, will continue to be processed under the current procedures. More details are in Annex B.
12 For enquiries, the public can contact the HDB Sales/Resale Customer Service Line at 1800-866-3066. From 2 January 2018, HDB will also set up a dedicated helpline and helpdesk at HDB Hub to provide assistance to resale flat buyers and sellers. They can also sign up for HDB Resale Seminars to find out more about the policies and procedures for buying and selling an HDB resale flat.
Continuous Service Improvements
13 The HDB Resale Portal is part of HDB’s continual efforts to improve its resale procedures to better serve the needs of resale flat buyers and sellers. HDB will continue to explore future enhancements to the portal as well as other initiatives to leverage technology to enhance its services and improve customers’ convenience.
[1] Up to 90% of the value for a housing loan provided by HDB, or up to 80% of the value for a housing loan provided by a financial institution regulated by the Monetary Authority of Singapore.
[2] The value will be used by CPF Board as the “Valuation Limit” for HDB resale transactions. For details on the “Valuation Limit”, please refer to the CPF website (www.cpf.gov.sg).
