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Buying/Selling A Resale HDB Flat? Transaction Times Are Going To Be Halved In 2018

October 19, 2017
 In line with the announcement by MND’s Committee of Supply’s announcement in March this year, transaction times for HDB resale flats look like they’ll be halved in 2018, shortening from the current timeframe of 16 weeks to about 8 weeks instead and requiring only one appointment with HDB instead of the current two.

Sounds good, so how is HDB going to do this?

Currently HDB requires two appointments, one to work out the the sellers’ sale proceeds and assess the buyers’ financial plan, and a second appointment to complete the resale transaction and sign the documents.  This will be reduced to one appointment through the use of technology.

In the new system, before making an appointment with HDB, resale flat buyers and sellers will now be asked to complete an online resale checklist through HDB InfoWeb to determine their eligibility to complete the transaction and submit resale applications.

Additionally, making use of the government’s new MyInfo service, both HDB resale buyers and sellers will be able to auto-populate information to the application forms, making the process even more straightforward.

But Wait There’s More!

Soon, HDB resale flat buyers will be able to get valuation reports of a potential flat directly from HDB instead of going through valuers. With the cost of valuation at a flat fee of $120 for all flat types instead of the present $156.45 for reports for one- and two-room flats, or $226 for three-room and larger flats.

Great! So when is this all going to happen?

The new HDB Resale Portal along with the changes mentioned will be launched on 1 January 2018 with all new resale applications going through the portal thereafter, with the streamlined resale process described above to be applied to applications where the OTP is granted by sellers on or after 1 January 2018. For a quick summary of what we’ve talk about in this article, have a look at the image below! or check out this press release by HDB if you’re looking for more information!

We hope that we’ve helped you understand more about the changes to HDB’s Resale process. If you think we’ve left something important out, feel free to drop us a comment below. Love what we wrote? Share us on Facebook or Twitter!

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Wayne Quek

Wayne is a Chartered Financial Analyst (CFA), and holds a Bachelor of Business Management (Finance) from Singapore Management University (SMU). A successful Relationship Manager during his time with DBS and HSBC, Wayne used his expertise in financial markets to help his clients build up comprehensive investment portfolios. The entrepreneur is also the founder of Home Loan Whiz, a mortgage consulting firm that assists clients with selecting ideal mortgages for their needs.

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