A Guide to Buying a Resale HDB Flat

Are you considering buying a second-hand HDB flat but unsure about the process? Here's a simple 5-step guide to help you purchase a resale flat from the open market.

1. Verify Your Eligibility

Before you begin, make sure you meet the eligibility criteria for buying a resale flat. Register your Intent to Buy using the HDB Resale Portal, and you'll receive an instant assessment of your eligibility. The Portal will also automatically fill in your details from the Government's MyInfo service.

Learn more about the Resale Portal here.

2. Plan Your Finances

Before you begin your search for a resale flat, take some time to do the necessary calculations. Utilize our Budget Calculator and Payment Plan Calculator to obtain estimates for expenses and fees related to resale properties, as well as the approximate amount you may be eligible for in a housing loan and CPF housing grants for resale flat buyers. These tools will assist you in understanding the financial aspects and making informed decisions during your resale flat journey.

3. Search for an HDB Flat

Now that you've completed the necessary checks and financial planning, it's time to find an HDB flat that fits your budget and requirements. You have a couple of options: you can hire a property agent to help you search or browse through property websites to shortlist suitable flats.

4. Get an OTP from the Seller

Once you've chosen the resale flat you want to purchase, you'll need to get an Option to Purchase (OTP) from the seller through the HDB Resale Portal. Once the seller grants you the OTP, a Request for Valuation will be sent to HDB. After receiving the valuation report, you, as the buyer, will need to decide whether or not to exercise the OTP.

5. Complete Resale Application

Once you've made the decision to exercise the Option to Purchase (OTP), both you and the seller will need to submit your parts of the resale application on the HDB Resale Portal. Afterward, HDB will get in touch with both parties to schedule a resale completion appointment at the HDB Hub. During this appointment, you'll need to sign certain documents that require physical signatures.

And that's it! By completing these five steps, you'll be one step closer to securing your own resale flat.

Source: mynicehome.gov.sg