My Answer with regards to your Question:
Here is an overview of the flat buying process.
Timeline - Buying a New Flat
Step 1: Check if you're eligible to buy a BTO
- Make sure you qualify under one of the eligible schemes.
- You must be at least 21 years old, and at least one applicant must be a Singapore Citizen.
- Your household income must meet the specified limits.
- Ensure none of the applicants own any other property.
- You can't invest in private residential property until after the Minimum Occupation Period (MOP).
Step 2: Plan your finances
- Decide between an HDB loan or a bank loan.
- Apply for an HDB Loan Eligibility (HLE) letter or an in-principle approval (IPA).
- Work out your budget to cover various fees and expenses involved.
Step 3: Keep an eye out for sales launches
- Regularly check the HDB website for updates on upcoming launches.
- You'll need to pay $10 to ballot for a flat during the application window.
- Results are typically announced three weeks later.
Step 4: Book a BTO flat and pay the option fee
- Visit HDB Hub to select your flat, bringing along necessary documents.
- Pay the option fee based on the flat type.
- Apply for CPF housing grants during this stage.
Step 5: Sign the lease agreement and pay the downpayment
- Sign the lease agreement within four months of booking.
- Pay the downpayment, stamp duties, and legal fees on the signing day.
- Downpayment can be made using cash or CPF, depending on the loan type.
This simplified process outlines the steps involved in buying a BTO flat from eligibility checks to finalizing the purchase.
Allow me Assist Further
Read More
