SINGAPORE – From Jan 1, 2018, it will be faster for buyers and sellers of HDB resale flats to complete the transaction process.
The Housing Board is upgrading its resale portal to make it easier to file applications and conduct eligibility checks, according to a statement on Thursday (Oct 19).
Here is a summary of the 6 changes to the HDB resale process you must know.
1. Only one appointment required
Instead of the current two appointments at HDB required to complete the transaction, come January, only one appointment will be required.
Currently, the first appointment is used to work out the sellers’ sales proceeds and assess buyers’ financial plans.
But all this will be done away with, as all financial statements will be uploaded and verified online. Only the final appointment to sign legal documents will be required.
2. Entire transaction time will be halved
The entire transaction time for an HDB resale will be shortened by up to eight weeks, from 16 weeks presently.
The change was promised during March’s debate on the National Development Ministry’s budget.
This will likely make HDB resale transactions more attractive to buyers.
As part of our efforts to streamline the resale process, the portal will provide an added convenience to flat buyers and sellers 🙂 pic.twitter.com/hrPVi9VlbE
— HDB (@Singapore_HDB) October 19, 2017
3. All eligibility checks will be on ONE page
The new portal aims to be a one-stop service that takes buyers and sellers through the resale process from start to finish.
For example, instead of looking up multiple e-services spread across the HDB website, all eligibility checks will be available on one page. Buyers and sellers can check if they are eligible for housing loans and grants, or whether they are within ethnic quotas imposed on a flat or neighbourhood.
This will benefit consumers greatly as they will no longer need to look up various sources for eligibility checks.
4. Minimised manual keying in of data
The updated portal will also minimise the need for buyers and sellers to manually key in their data, as it will pull in common information used by government services, such as names, IC numbers and addresses, for the relevant forms.
5. HDB will value your flat directly
Another change is that HDB will confirm the value of a potential flat directly, instead of having the buyer get a report through a panel of valuers.
Said an HDB spokesman: “By harnessing technology and transaction data to establish the reasonableness of a transacted price, some cases may not require a valuation. This will help expedite the processing of resale transactions. Nevertheless, where a valuation is assessed to be needed, it will still be done.”
6. Cheaper valuation report
The valuation done by HDB will cost $120 for all flat types, down from the current $156.45 for one- and two-room flats, and $226 for three-room and larger flats.
In a blog post on Thursday, National Development Minister Lawrence Wong said the new platform was one of the initiatives under the Real Estate Industry Transformation Map and “part of our move towards being a smart nation”.
He added that the HDB will set up a dedicated helpline and help desk at the HDB Hub in Toa Payoh to guide those who require assistance.
See more: property news.