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How the SBF process works
A SBF exercise offers a wide range of flat types, locations, and prices. The flat types offered are typically 2-room Flexi, 3-, 4-, 5-room, Executive flats, and 3Gen flats. The flats are usually already under construction, near completion or completed.
There is often strong interest in SBF flats, and the chances of getting a flat is slim. For a better chance to secure a flat, please apply for a BTO flat in the non-mature estates.
First-timer families enjoy higher priority for new flats. In cases where the applicants comprise a first-timer and second-timer, the couple will be treated as a first-timer family, with the same priority benefits and privileges.
How SBF Works:
SBF Launches: HDB conducts SBF exercises periodically, usually a few times a year. You can find upcoming launches and application details on the HDB website ([invalid URL removed]).
Application Process: During an SBF launch, you can apply for available flats online through the HDB website. The application process involves selecting your preferred flat types and locations and submitting supporting documents for eligibility checks.
Selection Process: If there are more applicants than available flats, HDB conducts a balloting process to determine who gets to buy a flat.
Cost Considerations for SBF Flats:
Generally Pricier: Compared to BTO flats, SBF flats are typically priced slightly higher because they are already built or under construction.
Location Impact: Prices can also vary depending on the location. A flat in Kovan, a popular mature estate, might be pricier than flats in less central areas.
Here's a breakdown of the pros and cons of SBF for your situation:
Pros:
Faster Option: Compared to waiting for the next BTO launch and construction, SBF flats might be available for purchase sooner. This could help you achieve your goal of owning a flat by 35.
Wider Choice (Potentially): SBF offers flats from various locations and stages of construction (completed, under construction). You might find a suitable option depending on the launch.
Cons:
Uncertainty: Availability in Kovan, a popular area, might be limited. There's no guarantee you'll get a flat through the SBF balloting process.
Potentially Higher Costs: Be prepared for a slightly higher price tag compared to BTO flats, and the price might be further influenced by Kovan's location.
What You Can Do:
Monitor SBF Launches: Keep an eye on the HDB website for upcoming SBF launches. Apply for launches with flats in Kovan or nearby areas that interest you.
Consider Other Options: While SBF could be a solution, explore other avenues like the upcoming BTO launches ([invalid URL removed]) to see if there are suitable options in your desired timeline.
Financial Planning: Since SBF flats might be pricier, factor in the potential higher costs into your financial planning. Consider the downpayment, monthly loan repayments, and other associated expenses.
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