There are many reasons to purchase a resale flat over a BTO HDB flat. However, the whole process is very different from purchasing a BTO flat. From loans to grants, it’s best to know the important details and what exactly to look out for for a successful purchase. Thankfully, we've created this handy guide just for you!
1. Eligibility
Before the big purchase, you would want to head over to HDB's website to check if you qualify for any HDB grants. This is usually based on certain grants and other requirements.
Do note that should you purchase a resale flat, it is required under the Singapore law to sell any current HDB flat that you own (fully or partially). This means that if you purchased a flat with a family member, the flat has to go. This principle also applied to overseas properties.
2. Payment
As with any other purchase, most Singaporeans would do their research on the market value of similar flats that you are eyeing. Luckily, HDB's website has an extensive database of previous transactions of resale flats.
While on HDB's website, do make use of their payment calculator as well. Do check you qualify for their HLE (Housing Loan Eligibility letter).
3. Register Purchase Intention
The next step is to register for your purchase intention with HDB's portal. This will allow HDB to verify both parties and to obtain the option-to-purchase as a buyer. While registered, you can login onto HDB's portal to keep track of your housing loans (as calculated by their calculator) and make use of other related services.
4. Submission
The next and final step is to submit documents. This has to be done on both sides to register as a successful sale. Afterwards, collect your keys from the seller, and now you are a successful owner of a resale flat!
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