422/33 ซอย อ่อนนุช 17 แยก 16
แขวงสวนหลวง เขตสวนหลวง
กรุงเทพมหานคร 10250
422/33 ซอย อ่อนนุช 17 แยก 16
แขวงสวนหลวง เขตสวนหลวง
กรุงเทพมหานคร 10250
Tania Fernanda
If you are a first-time homebuyer in Singapore who has already made the decision on picking an HDB flat, you’re probably deciding between getting a BTO or a resale flat.
And if you’re reading this, chances are you’ve already made the decision to go with the resale flat route, so here’s a step-by-step guide for an in-depth walkthrough of the HDB resale buying process.
From finding out if you’re eligible to obtain an Option to Purchase (OTP) to finally getting your hands on your own HDB resale flat, we’ve got you covered!
The whole process is far simpler than you probably think. The bulk of the steps can actually be done on a single website, the HDB Flat Portal.
First things first…
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Citizenship
You must: – Be an SC or SPR – Include at least 1 occupant who is an SC or SPR
For SPR households (i.e., an SPR household with no SC owner): – All applicants and core occupiers must have SPR status for at least 3 years
Age
At least 21 years old
Monthly household income ceiling
No income ceiling
Payments that you will have to make for a Resale Flat purchase include:
*The balance purchase price here depends on whether you choose to take up a HDB Concessionary Loan or bank loan. Taking either the HDB loan or bank loan can cover up to 75% of the flat’s valuation or price, whichever is lower. The remaining 25% can be paid off through a combination of your CPF Ordinary Account (CPF-OA) funds, or in cash.
All bank loans have a minimum downpayment of 5% that need to be paid in cash.
Additionally, if you take up a bank loan, you should get a In-Principle Approval (IPA), which states how much they’re willing to lend you. Once you know how much the bank is going to lend you, you can prepare the downpayment before you actually commit to anything.
With all these payments in mind, when deciding between the pool of suitable flat choices within your budget, you’ll need to understand the different ways you can pay for your flat, and the limitations for each.
Now, you are ready to start combing the various avenues for your HDB resale flat!
Start by researching and shortlisting a few neighbourhoods you want to live in on 99.co HDB Resale Flat Listing Portal. (Tip: Choosing an HDB flat within 4km of your parent’s place – or living with your parents – gives you the opportunity to apply for the HDB Proximity Housing Grant (PHG) of up to S$30,000)
You can then use the comprehensive filter on the portal to customize to your property needs (you can even map out your own specific area of interest such as MRT stations, Schools and Travel Time) to find HDB resale flats that are listed for sale.
