Are you looking to buy a resale HDB flat but unsure of how the entire journey is like? Here’s a 5-step guide on how you can purchase a resale flat from the open market.
1. Check Your Eligibility
Before you start the process, first check if you are eligible to purchase a resale flat. Register your Intent to Buy through the HDB Resale Portal to receive an instant assessment on your eligibility to buy a resale flat. The Portal will also automatically retrieve and populate your particulars from the Government’s MyInfo service.
Learn more about the Resale Portal here.
2. Plan Your Finances
Before you dive into searching for a resale flat, set aside time to do your math. Use our Budget Calculator and Payment Plan Calculator to get estimates of resale-related costs and fees, the estimated housing loan amount, and CPF housing grants applicable to resale flat buyers.
From 1 April 2023, eligible first-timers buying a resale flat can receive up to $190,000 in housing grants, an increase from $160,000. This will provide more support for Singaporeans who are buying an HDB resale flat as their first home.
3. Search for an HDB Flat
Now that you’ve done the necessary checks and financial planning, it’s time to look for an HDB flat that meets your budget and needs. You can engage a property agent to assist you in the search, or trawl property sites to shortlist suitable ones.
4. Obtain an OTP from the Seller
Once you have decided on the resale flat that you would like to purchase, you need to obtain an Option to Purchase (OTP) from the seller via the HDB Resale Portal. After the seller grants you an OTP, a Request for Valuation will be submitted to HDB. Following the valuation report, you (flat buyers) will have to decide whether to exercise the OTP.
5. Submit Resale Application
Should you decide to exercise the OTP, both you and the seller must submit the respective portions of the resale application on the HDB Resale Portal. HDB will then contact both parties to come down to HDB Hub to attend a resale completion appointment, to endorse documents which require ‘wet-ink’ signatures.
There you have it – you are 5 steps closer to getting a resale flat of your own!