The Housing Board announced on Thursday (19 October) that it plans to launch a new website that will significantly expedite the selling and buying of HDB resale flats.
At present, an HDB resale transaction usually takes about 16 weeks to complete, where both parties need to fulfil two appointments with the Housing Board. The first appointment evaluates the buyers’ financial plan and determines the seller’s sale proceeds, while the second appointment is where both parties sign the documents to complete the deal.
Before the first appointment, the seller and the buyer must also complete an online resale checklist to verify their eligibility to buy and sell before the deal can proceed.
However, with the new HDB Resale Portal that will go live on 1 January 2018, the entire resale process will be shortened to just eight weeks. Both parties would only need to set one appointment to physically sign the documents after the Housing Board’s approval of their application.
The new website will integrate all eligibility checks on one platform making the entire process accessible and convenient to both the buyers and the sellers. “The portal will display an individual’s eligibility to buy or sell their flat. Flat buyers will also be able to view their eligibility for housing grants and an HDB concessionary housing loan through the portal, and apply for an HDB Loan Eligibility Letter if they intend to take up an HDB housing loan.”
“Buyers using their CPF monies and/or taking up a housing loan to finance their flat purchase will also use the portal to request HDB to confirm the value of their flat to determine their housing loan and/or CPF usage,” said the Housing Board.
In addition, the personal details of the buyer and seller from the Government’s MyInfo service will be used to auto-populate the application forms after they have logged in using their SingPass account. Both parties can also negotiate the resale price of a flat via the website.
Through the HDB Resale Portal, buyers and sellers can complete their respective resale application once the Option to Purchase (OTP) has been exercised. Upon receipt of the resale application and the uploaded supporting documents, the Housing Board will ascertain the info and notify both parties via SMS or email if it has been approved. The status of the application will also be updated in the website.
All new resale applications must be submitted using the portal starting next 1 January, and applicants need to pay a processing fee of $120, inclusive of GST. Buyers and sellers are also required to use HDB’s prescribed OTP form by then.
Meanwhile, PropNex Realty CEO Ismail Gafoor believes that some people may choose not to avail the services of property agents for HDB resale deals once the new portal launches, particularly transactions between family members.
“Nevertheless, besides this group and those who are tech and legal savvy enough to handle their transactions, we believe that a bulk of consumers today will still need to be guided by a professional real estate salesperson who knows the intricacies of real estate transactions.”
This article was edited by Keshia Faculin.