No, submitting the resale application (step 5) doesn't guarantee a successful purchase of the HDB resale flat. While it's a significant step forward, there are still processes to complete and approvals to obtain before it's finalized. Here's why:
* **HDB and Seller Approval:** HDB needs to review the application from both you (buyer) and the seller to ensure eligibility and compliance with regulations. There could be potential delays or rejections if any discrepancies arise.
* **HDB Loan and Grants:** Even if your HFE letter provides an estimated loan amount and potential grants, final approval for the HDB loan and grants might involve further checks. Unexpected circumstances could lead to adjustments.
* **Valuation and Loan Quantum:** HDB will require a valuation of the property to determine the loan amount you'll be eligible for. This can sometimes differ slightly from the agreed purchase price.
**However, reaching step 5 is a positive step!** It indicates you've found a suitable flat and both parties have agreed on the terms. Here's what to expect next:
* **Processing Time:** It typically takes around 8 weeks for HDB to process the application after receiving it from both parties.
* **Communication from HDB:** HDB will keep you informed of the progress and notify you of any issues or requirements.
**Here's what you can do:**
* **Prepare for Loan Approval:** Gather necessary documents for the HDB loan application if you haven't already.
* **Maintain Open Communication:** Stay in touch with your seller and property agent (if applicable) for updates and address any questions promptly.
By staying informed and prepared, you can navigate the remaining steps smoothly. While there's always a possibility of unforeseen circumstances, reaching step 5 significantly increases your chances of a successful HDB resale flat purchase.
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