HDB Resale Portal facilitates 2,000 flat owners sell their unit in shorter transaction time

by • March 12, 2018 • HDB home loan, Residential Property LoanComments (2)298

The HDB Resale Portal has facilitated about 2,000 successful resale applications in shorter transaction time since its launch in January.

The HDB Resale Portal is part of Housing & Development Board’s (HDB) 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.

Previous HDB Resale System had longer waiting time

Prior to the launch of the Resale Portal, a resale transaction took about 16 weeks to complete, and required 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.

February sees HDB resale volumes inch up 9.7% to 1,195 units

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:

  • Eligibility to buy or sell the flat;
  • 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;
  • Status of flat upgrading and billing for upgrading works;
  • Recent transacted prices of nearby flats.

Since January 2018, the new HDB Resale Portal (建屋局组屋转售平台) streamlined the resale transaction process by integrating all the eligibility checks on a single platform, increasing convenience for the public.  Using their SingPass, buyers and sellers of resale flats can now submit their applications through the new portal and be guided step-by-step on their respective resale journeys.

HDB Resale Portal

Streamlined Transaction Process through HDB Resale Portal

The streamlined process will benefit the buyers an sellers as follows:

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.

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 and/or CPF usage. A processing fee of $120 (inclusive of GST) will be payable to HDB.

HDB loans have now been more expensive than bank loans for almost a decade

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.

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

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.

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.

The HDB Resale Portal is part of HDB’s effort to leverage technology to enhance its services and improve customers’ convenience.

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