How to ballot for bto online?
LATEST: The May 2023 BTO Launch is open for applications from now until 5 June 2023, Monday, 11:59 PM
There are four HDB BTO flat launches a year – in February, May, August and November. For those who want to buy a BTO flat, your journey begins even before you apply for one. Before deciding which BTO launch you want to apply for, you should first discuss with your other half that this is a decision you are both ready to make and commit to.
Here’s a comprehensive timeline for all couples looking to apply for an HDB BTO flat.
Read Also: A Step-By-Step Guide To Using HDB’s Flat Portal To Find Your Perfect BTO Flat
The first thing you need to do is to check your eligibility. Different BTO has different eligibility criteria, so you need to make sure that you and your co-applicant qualify for an HDB BTO flat first, before you even apply for one. If you are applying for a BTO flat with your spouse/future spouse, you will qualify under the public scheme or the Fiancé/Fiancée scheme.
Here are some notable conditions we have to meet in order to be eligible to buy a BTO flat.
Citizenship: At least one person applying for the BTO needs to be a Singapore Citizen AND at least one other person applying (if applicable) needs to be a Singapore Citizen or Permanent Resident.
Income Ceiling: The current income ceiling for a BTO flat is $14,000. This figure may rise up to $21,000 for the extended family/multi-generation family income ceiling, if we’re applying for a 3Gen flat.
Age: We must be at least 21 years old at the point of application.
Property Ownership: If we currently own other residential properties, either locally or overseas, or have disposed of them within the past 30 months, we will not be eligible to apply for a new BTO flat.
Before applying for the May 2023 BTO (and onwards), you will need to obtain your preliminary HDB Flat Eligibility (HFE) assessment by completing the HDB HFE check on the HDB Flat Portal. You must then apply for an HFE letter, and submit the required information to HDB, within 30 calendar days of initiating HFE check. You must have a valid HFE letter before you book a BTO flat.
Read Also: Eligibility Criteria For Buying A HDB In Singapore
Look at the HDB BTO flat launches available 6 months beforehand.
From the BTO launch in May 2019 onwards, HDB will announce BTO site launches 6 months in advance (launches were previously only announced 3 months in advance). For example, as of May 2023, we can see the details for the upcoming HDB BTO flat launches in August 2023, which include locations such as Choa Chu Kang, Tengah, Kallang Whampoa and Queenstown, as well as November 2023, which include locations such as Bukit Panjang, Jurong West, Woodlands, Bedok, Bishan, Bukit Merah and Queenstown.
This gives you ample time to do your research and decide on which launch suits you and your partner best. This means going through all the considerations, including location, flat size, convenience, amenities, possible prices and more.
For some couples, whether you can get grants or apply under priority schemes could also be a consideration.
Coming to a decision over a longer timeframe allows you to think through every consideration thoroughly, without having to rush into a decision when the application period opens.
Once you have this decision made, step 3 will be a lot easier.
Read Also: Complete Guide To HDB Housing Grants In Singapore For Different Types Of Flats
Upon the release of the HDB BTO flat, you usually have just 7 days to decide and apply.
During this stage, it’s not as easy as the click of a button. You will be required to fill in your particulars as well as other information such as your occupation, monthly household income as well as proof of status. You will also incur a $10 application fee.
For each launch, you can only apply for one flat type at one location. So, take the time to consider locations that may be less popular, but would give you a higher chance of getting your flat. In fact, as we wrote in a separate article, it might be advantageous to apply for your HDB BTO flat later during the BTO application period.
Read Also: 5 HDB BTO Application Tips For Young Singaporean Couples To Get Their Homes
Also, as part of the application process, you may also want to consider priority schemes that you may qualify for.
Parenthood Priority Scheme (PPS): Helps first-timer married couples with children get homes more easily.
Multi-Generation Priority Scheme (MGPS): Helps parents and their married children get new BTO flats in the same estate.
Married Child Priority Scheme (MCPS): Helps married children live closer to their parents, either in the same flat or estate, or in a neighbouring estate.
Third Child Priority Scheme (TCPS): Helps families with more than two children get a flat more easily. Up to 5% of BTO and SBF flats are allotted to eligible applicants.
Assistance Scheme for Second-Timers (Divorced/Widowed Parents) (ASSIST): Provides assistance to divorced or widowed parents with children under 16 years old.
Read Also: Complete Guide To Priority Schemes For HDB BTO Flats
The outcome of your BTO balloting will be released 3 weeks after the application period closes. The balloting time for BTO launches was reduced from 6 weeks to 3 weeks, starting from the BTO launch in May 2019. The lower the queue number you get, the earlier you get to pick your BTO flat. Do note that HDB provides queue numbers of up to 3 times the flat supply.
For example, if there are 100 units of 4-room flats available, the queue number given could be up to 300. Unfortunately, anyone who does not get a queue number won’t be eligible to select a flat for the BTO exercise. If you get a higher queue number, your appointment to choose a flat will be later and it’s possible that all flats could have been selected by the time it’s your turn.
The HDB website explains in detail how the balloting process is carried out. This includes eligibility checks and computer shortlisting that takes into account applicants’ household status, flat type and allocation quotas under the different priority schemes.
Between the time you get your queue number and the date to head down to HDB to choose your flat is a long period of a few months.
There are a few things you can do during these few months while waiting for other couples to choose their flats.
Shortlist a few choices for your ideal flat. There are hundreds of other applicants, some of whom will be ahead of you in the queue. Many of them are naturally going to have similar preferences as you, such as choosing high floors, blocks that are unblocked, and those which are closer to the MRT station and other amenities.
You can check online to see the progress of the selection. You will be able to see which units have been taken and which units are still available for selection. A good gauge will be to start shortlisting just a few days before your HDB appointment. Unless you are one of the first to select a flat, doing the shortlisting weeks in advance may be fruitless when the unit you want gets snapped up even before it reaches your turn.
Optional Component Scheme (OCS). Another consideration is to decide if you want to opt-in for the OCS. This decision has to be made and indicated during your first HDB appointment. You can head down to the HDB Hub to take a look at the potential tiles and door type that would be used should you choose to take up the OCS.
From the August 2023 BTO launch onwards, first-timers who reject a chance to select a flat will lose their first-timer applicant priviledges for a year. Second-timers who reject a chance to select a flat will have to wait for one year before they can apply for another BTO. Such non-selection counts will be waived for applicants who have 10 or fewer BTO flats to choose from.
Read Also: 5 Important Things You Need To Check Off Your List Before Going To Your HDB Appointment
Bring along your appointment letter, IC and HDB Flat Eligibility Letter (HFE), which replaces the HDB Loan Eligibility Letter (HLE). During this appointment, you will have to sit down together with an HDB officer to select a unit based on the units that are still available. The selection strictly follows the queue number, hence you might be made to wait on the day itself if the couple who is just ahead of you have yet to select their unit in the system.
Your first appointment at the HDB is not just for you to select your unit. Besides selecting the unit of your choice.
You also have to pay an option fee which is $500 for a 2-room Flexi flat, $1,000 for a 3-room flat, and $2,000 for a 4/5 room and Executive flat.
Read Also: Here’s What Happens When You Give Up Your HDB BTO Queue Number
The main purpose of your second HDB appointment is to 1) sign the agreement of lease and 2) pay the downpayment, stamp duty and legal fees.
The amount you have to pay in downpayment depends on the type of loan you are taking. As of 30 September 2022, Couples taking an HDB Housing Loan will need to pay a downpayment of 20% of the purchase price, which you can use cash or CPF Ordinary Account (OA) to pay in full.
Couples taking a bank loan will need to pay a downpayment of at least 25% of the purchase price (for new flats booked on or after 6 July), of which at least 5% needs to be paid for using cash while the remaining balance can be paid for using CPF OA or cash.
For couples with sufficient balance in your CPF OA, you might not need to fork out any cash at this stage if you are taking an HDB Housing Loan.
For couples who are still students or new to the workforce, your CPF OA balance is likely to be insufficient. In this case, you will need to pay the remainder of the downpayment in cash. Before you head down to HDB, don’t forget to bring along your agreement for lease letter, which will indicate the amount payable during the appointment through a cashier’s order or NETS. If you qualify for any grants, this can be used to help offset the downpayment required.
During this HDB appointment, you will also have to decide on the ownership status of the HDB flat, choosing between Joint-Tenancy or Tenancy-In-Common. In Joint-Tenancy, both owners will have an equal (50-50) stake in the flat, regardless of how much each of them has contributed to the purchase of the flat. For Tenancy-In-Common, each party holds a separate share of the flat.
After this step, all you have to do is wait for your BTO to be built. Look online for Facebook Groups, there are specific Facebook Groups just for upcoming BTOs. You might even get updates on the progress of the development from your future neighbours that happen to pass by or live in the area.
Read Also: Frustrated With Waiting For Your BTO To Be Ready? Here’s How Provisional Housing Scheme Can Help You
After a few years of waiting, your house is ready and you can finally collect your keys! The timing for key collection differs and some couples might get their keys before others.
Once you get your keys, the next important decision to make is your renovation.
The whole process of applying for a BTO, starting from deciding on the launch to apply for to finally collecting your keys, spans a long period of about 4 to 5 years. During these 4 to 5 years, some of the things you and your partner can be doing are to save up for your renovation as well as prepare for the next stage of your life.
Read Also: How Much Does It Cost To Renovate My HDB BTO Flat?
This article was originally written on 21 May 2019 and has been updated to provide the latest information.
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For many Singaporeans, buying a Build-to-Order (BTO) flat is a major milestone. After all, it’s usually the first home that you will be buying, and a major financial commitment.
Eligible buyers may apply for a flat during a sales exercise. Successful applicants will be invited to book a flat and then wait about three to five years for the flat to be built.
For beginners who are unsure of the requirements to buy a BTO flat, here’s a step-by-step guide on how to apply for one. Read on to find out more about the eligibility criteria, the application process, payment and timeline.
You will only be able to apply for a BTO flat if you satisfy HDB’s eligibility criteria.
Here are the eligibility criteria for a BTO flat:
In addition, all applicants and occupiers listed in the flat application must be at least a Singapore Citizen, and they must include at least one other Singapore Citizen or Singapore Permanent Resident if they are buying a flat with their family.
Applicants and occupiers listed in the flat application must also not own any other private properties (local or overseas) or have disposed of their private properties within the last 30 months.
The household must also fulfil the income ceiling requirements:
The new flats are priced with a generous subsidy, taking into accounts factors such as location, flat attributes and prevailing market conditions.
To have an idea, you may refer to HDB’s press release for the recent November 2022 BTO flat prices.
Depending on your eligibility, you can apply for the Enhanced CPF Housing Grant of up to S$80,000 to defray the cost of owning your own home.
You may use this e-Service to do a preliminary check on their eligibility by entering the details of all applicants and occupiers for the intended flat purchase.
With a budget in mind, it is easier to shortlist and pick a suitable flat. To do this, check your eligibility for a housing loan, either from HDB or a bank/Financial Institution.
Applying for a Housing Loan from HDB
As flat buyers, you can apply for an HDB housing loan if your average gross monthly household income does not exceed S$14,000. The loan amount granted to you will depend on several factors like HDB’s credit assessment, Loan-to-Value limit, the flat’s remaining lease, and other related HDB policies.
To find out your eligibility for an HDB housing loan, you may submit an application for the HDB Loan Eligibility (HLE) letter. The HLE Letter will inform you of the amount of HDB housing loan that you are eligible for, the monthly instalment and repayment period, and other terms and conditions. If you intend to take an HDB housing loan, a valid HLE letter is required when you book a flat.
Applying for a Housing Loan from a Bank/Financial Institution
Besides an HDB housing loan, you can also finance your BTO flat purchase with a housing loan from a bank or financial institution. Bank loans may have lower interest rates but they tend to fluctuate along with market conditions.
If you are applying for a bank loan, the bank will issue an In-Principle Approval (if you have yet to book your flat) which provides a preliminary assessment of your housing loan eligibility, or a Letter of Offer (if you have already booked a flat).
Armed with the knowledge of your financial situation, the next step is to decide which sales launches you and your partner or family members are interested in. A list of upcoming BTO sales launches can be found on the HDB InfoWEB. Sign up for the HDB eAlert Service to receive email and/or SMS notifications when there is a sales launch.
Apart from the BTO sales launches which are the main supply of new flats for sale, there is the Sale of Balance Flats (SBF) exercises which give you the opportunity to apply for balance flats from earlier BTO sales launches, surplus replacement flats offered under Selective En bloc Redevelopment Scheme (SERS), and repurchased flats.
If there are unselected flats from the SBF sales launches, they may be offered under the open booking of flats. For open booking of flats, you can apply for a flat online anytime and receive a queue number for flat booking on a first-come-first-served basis. You could even book a flat as early as the next working day, where possible.
It’s important to apply for a flat type you can comfortably afford. If you are a student or fresh graduate, it’s hard to say how much you’ll be earning in 4-5 years, when you need to start paying the mortgage. Be prudent in planning your flat purchase and ensure you don’t overstretch yourself financially.
You can use the CPF’s First home calculator to estimate a housing price and home loan that you can comfortably afford, based on you and your partner’s combined income, or use the budget or payment plan calculator on the HDB Flat Portal to work out your budget.
When you’ve found the right sales launch, it’s time to apply for a flat on HDB InfoWEB. You will have to pay a S$10 administrative fee each time you apply for a flat. This non-refundable fee can be paid by credit card or a QR code for mobile app payments.
After application, you can log in to My HDBPage which is a personalised portal to view all communications and transactions with the HDB at any time. The balloting outcome will be released in up to two months. You will then receive a queue number if your ballot has been successful.
Once you know what housing loan amount you’re eligible to get, consider the housing grants you may qualify for and prepare the income documents required before your flat booking appointment. Currently, eligible first-timer applicants may apply for the Enhanced CPF Housing Grant of up to $80,000.
Note that if you are planning to take up an HDB housing loan, you must have a valid HLE letter when you book a flat, unless you qualify for deferred income assessment.
If you and your partner are full-time students at the flat application, or have completed full-time studies or National Service within the last 12 months before the flat application and have booked an uncompleted flat, you may opt for deferred income assessment, where you may defer the income assessment for the application of EHG and HDB housing loan nearer to the collection of keys to the flat if one of you is 30 years old or below.
On the other hand, if you have booked a completed flat, the income assessment for the EHG and HDB housing loan will be carried out at the flat booking and loan application.
Do note that all housing grants will have to be refunded to your CPF account with interest when you sell your flat after meeting the minimum occupation period of 5 years.
After application, you will be allocated a queue number based on balloting. The queue number will determine the order in which you may book a flat vis-a-vis the other applicants.
When you head down to HDB for the flat booking appointment, you will have to pay the option fee, depending on the flat type:
You need to use NETS to pay the option fee. Make sure your daily transaction limit is not below the option fee amount before you attend your flat booking appointment.
You may also choose to opt in for the Optional Component Scheme (OCS) at the flat booking appointment if it is offered for your project, and the cost of the additional components will be added to your flat price.
From six months after booking a flat, you will be invited to sign your Agreement for Lease and make your downpayment at the same time. If you are taking a bank loan, ensure that you have a valid Letter of Offer.
Here’s how much downpayment you will need to pay:
If you are taking an HDB housing loan, the downpayment is 10% of the purchase price when signing the Agreement for Lease. You can pay in cash, with your CPF savings, or Enhanced CPF Housing Grant (if eligible). The balance payment of 5% is to be paid during key collection.
For a housing loan from a bank/financial institution, you’ll need to pay 20% of the flat’s purchase price – 5% is payable in cash while the remaining 15% is payable in cash or CPF savings. As financial institutions may grant a maximum loan quantum of up to 75% of the purchase price, you will have to pay the balance 5% of the purchase price using cash or CPF savings when you collect the keys to your flat.
Staggered Downpayment Scheme
Are you or your partner under the age of 30, and at least one of you is a first-timer applicant?
If the answer is yes, you are eligible for the Staggered Downpayment Scheme if you have booked an uncompleted flat. This means you only need to pay half of the downpayment when you sign the Agreement for Lease. The remaining amount is paid during the keys collection for your new flat.
Here’s how much you need to prepare:
Other fees
There are also some payments you will have to make at this time, including legal fees, stamp duty and other administrative charges such as caveat fees and registration fees.
To check your stamp duty payable, use IRAS’s stamp duty calculator here. Expect to pay the following amount in cash or CPF savings:
You will also need to pay legal fees for the flat purchase. Here’s what you can expect to pay in cash or CPF savings:
Once your flat is completed and the keys are ready to be issued, HDB will notify you to collect your keys. Once there, you will have to pay the balance of the purchase price of the flat. Make sure your HLE Letter or Letter of Offer is valid for your housing loan to be disbursed.
If you applied for the flat under the Fiancé/Fiancée Scheme, you must solemnise your marriage within 3 months of collecting your keys. If your marriage was registered overseas, you need to submit a photocopy of your marriage certificate to HDB.
During key collection, you will also have to pay survey fees and premiums under the CPF Home Protection Scheme if you are using your CPF funds to pay your home loan instalments, and purchase fire insurance if you are taking an HDB housing loan.
When you collect your keys from HDB, you will have to pay survey fees regardless of whether you are taking up a bank loan or HDB loan.
The survey fees are dependent on your flat type, and subject to GST:
If you are using CPF savings to pay your monthly housing loan instalments, you need to be insured under the Home Protection Scheme (HPS), a mortgage reducing insurance scheme from the CPF Board. Your premium amount will depend on your age, gender, as well as your loan amount and declared percentage of coverage.
You are also required to purchase fire insurance from the HDB’s appointed insurer if you are taking an HDB housing loan. However, this insurance plan only covers building structures, fixtures and fittings provided by HDB. It does not include home contents such as furniture, renovations and personal belongings.
All in all, the process will take about three to six years to complete. Here is an overview of the flat buying process that will show you the BTO application process, from the time you decide to get a BTO flat until you collect your keys.
The entire BTO procedure may be lengthy but it’s worth the wait if it means being able to own your dream home.
Buying a BTO flat is merely the first step of your home-ownership journey. Here’s what you should do next.
BTO flats require some basic renovations before they can be habitable, and you should be prepared to set aside $30,000 to $60,000 for renovations for a 4-room flat, depending on how elaborate your interior design is. To meet your savings goals, consider starting an insurance savings plan, like Income’s Gro Saver Flex Pro, that can help you grow your money over the next few years.
HDB fire insurance only protects the structure of your house in the event of fire. Enhance your protection when you opt to insure your home with Income’s Enhanced Home Insurance. Starting from $3/month, our insurance protects your content like furniture, personal belongings and more in your house and the renovation costs that you have invested in. Plus, the insurance help you return your home to its original state when the unexpected happens.
Once all that is settled, congratulations! You’re officially a homeowner!
- Step 1: Check your eligibility and explore your housing loan options.
- Step 2: Check the sales launches.
- Step 3: Apply for BTO flat online.
- Step 4: Check which housing grants you qualify for.
- Step 5: Book the flat and pay the Option Fee.
If this is your first BTO application, the long-drawn-out process can be intimidating and confusing, and the acronyms can make you want to tear your hair out.
But if this isn’t your first rodeo, then you’re probably here wondering what the hoo-ha is about the new HFE letter—check out our guide here.
Regardless of where you are in your homeowning journey, don’t fret, you’re not alone. In our comprehensive guide, we will delve into the various steps involved in purchasing an HDB BTO flat in Singapore, covering everything from determining your eligibility to the application process to your considering your financing options.
By the end of this guide, you should have a clear understanding of what it takes to navigate the HDB BTO flat-buying process and make an informed decision that suits your needs and preferences.
Watch: Buying an HDB BTO in Singapore — from Flat Application to Key Collection
To buy an HDB BTO flat, you’ve got to first be eligible, otherwise, the government is going to slam the door in your face.
You must satisfy one of the following in order to purchase a BTO flat:
In addition, you’ll have to ensure you’re not making too much money to qualify for the flat you’re eyeing. Here are the income ceilings for the various types of flats:
You must also not own any other property, HDB or private, locally or overseas. If you are currently a property owner, you’ll need to dispose of your ownership within 6 months from the date of key collection.
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In 2023, the government introduced a new step to the BTO process—the application of the HFE Letter.
From 9 May 2023, even before you start searching the web for new launches, the HDB requires you to first apply for an HDB Flat Eligibility (HFE) letter through the HDB Flat Portal. You will need your Singpass to sign in.
This letter will set out whether you are eligible to buy a flat, apply for the Enhanced CPF Housing Grant and take up an HDB or bank loan. In other words, it will mine your data and tell you most of what you need to know.
You cannot escape applying for the HFE Letter even if you already have all the necessary information. Without it, you cannot even apply for a flat.
It can take up to 21 working days for the HFE Letter to be issued after receipt of your application and supporting documents. The HFE Letter is valid for 6 months from the date of issue.
So, once you (and your fiancé, if applicable) decide you want to try for a flat, you should apply for the HFE Letter asap rather than wait until a launch you are interested in rolls around.
The HFE Letter is not to be confused with the now-defunct HDB Loan Eligibility (HLE) Letter, which was meant solely for those taking out an HDB Housing Loan. The HLE Letter was meant to be applied for AFTER balloting for a flat, and only those taking out an HDB loan had to apply.
The HFE Letter now replaces the HLE Letter. But do note that every single applicant, regardless of loan, needs to apply for the HFE Letter BEFORE balloting.
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First, you’ll have to check the HDB website regularly for news of upcoming sales launches. To make life easier, sign up for HDB’s eAlert Service so you can be notified of upcoming launches.
HDB typically announces upcoming BTO projects 5 or 6 months prior to their launch, although details sometimes change. Still, this should give you ample time to plan for the location you want. You can also view recent launches here:
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When you see a launch in an area that interests you, pay $10 to ballot for it during the BTO application window.
If you thought striking Toto was hard, try balloting for an HDB flat. How many tries it takes you to get a flat depends on your luck. While some people get it on the first or second try, we’ve heard of cases where couples tried more than 10 times to no avail.
Expect to wait a maximum of 2 months to know if you are successful or not.
See HDB’s website for more details on the HDB BTO application process.
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Finally! The heavens smile upon you and you receive a decent queue number. After buying 4D on your lucky day, what’s next?
Before you progress to the next stage and sign your life away, it’s worthwhile to plan your finances using this helpful HDB tool.
A crucial part of the financing process is to decide on whom to get your home loan from. You have a choice between taking out an HDB loan vs bank loan.
First-timers typically go for an HDB loan since they require no cash downpayment (see below), but if you’re savvy and have enough savings, you can opt for a bank loan to get lower interest rates.
Either way, you’ll need to get some kind of loan approval in principal BEFORE you chope the flat. You’ll need to have all your loan documents in order to sign the lease agreement.
HLE Letters are no longer part of the process. With the new HFE letter, applicants should have worked out their financing options ahead of time
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You’ll get called in to select a unit from 4 weeks after the release of the ballot results.
Your queue number will determine your priority in choosing a unit. The number of people allotted queue numbers will exceed the number of units, so if your queue number is way out there, chances are you won’t be able to get your hands on a unit and will have to ballot again.
When it comes time to show up at HDB Hub to book your flat, don’t forget to bring along your IC and income documents, if you are taking a housing loan from the HDB.
Once you’ve selected your unit, start the purchase process by paying the option fee on the spot. The amount which you have to pay depends on your flat type. Note that payment can only be made via NETS.
You will also apply for your CPF housing grants at this point. Make sure you download the application forms for Enhanced CPF Housing Grant and bring them along to your flat booking appointment.
Read more: HDB Grants Guide 2022 — What’s the Max CPF Housing Grant You Can Get?
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In the past, you’d have to make a trip back to HDB Hub to sign the lease agreement within 4 months of booking a flat. But now, the wait between flat booking and signing the lease agreement can be up to 9 months.
Make sure you’ve gotten your HDB loan or bank loan arrangements in order by that time.
On the day you sign the lease agreement, you’ll have to fork out the downpayment, as well as stamp duties and legal fees.
You must make your downpayment on the day you sign the lease at HDB Hub.
How much your downpayment will be depends on whether you’re taking out an HDB or a bank loan.
For those taking out a bank loan, the above scenario is based on a Loan To Value (LTV) limit of 75%. The LTV determines how much you are able to borrow from the bank in order to finance your home purchase.
Your legal fees and stamp duty can be paid using a mixture of cash and CPF. The stamp duty rates are as follows:
If you’re a couple in your 20s applying for a BTO for the first time before the younger applicant’s birthday or an existing flat owner downgrading to a 3-room or smaller flat in a non-mature estate, you can apply for the Staggered Downpayment Scheme.
As the name implies, this allows you to split the downpayment into two payments:
If you’re wondering how this differs from the regular downpayment scheme, it lets you push a larger percentage of your downpayment to the day you collect your keys.
For those taking out a bank loan, the following is the breakdown of payment:
However, if you’re taking out an HDB loan, then the following applies:
The DDS is for seniors aged 55 years and above who are downsizing their flats. They should still own their existing flat at the time of application and have booked an uncompleted 3-room or smaller flat in an HDB sales exercise.
Buyers who successfully apply for the DDS will only have to pay stamp duty and legal fees when they sign the Agreement for Lease. They only need to pay the purchase price of the flat upon collection of the keys.
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At some point, HDB will notify you to say that you can pick up the keys to your unit. Hooray!
The day you collect your keys, years later, you’ll have to pay the following:
For those taking out a bank loan, the following example is based on an LTV limit of 75%.
If you already own an existing HDB flat, you can take out a Contra Payment Facility that will enable you to save a bit of money while coordinating the sale of your first flat and the purchase of the new one.
If you do not intend to take out a loan, you can opt for the Temporary Loan Scheme which will enable you to use the nett proceeds from the sale of your existing flat to pay for your new flat without having to take out a housing loan.
As a second-time flat buyer, you’ll need to pay a resale levy when you sell your existing flat to buy a new one. The resale levy will be automatically deducted by the HDB from your sale proceeds. If there is any shortfall, this must be settled in cash.
When you collect the keys, you’ll also be charged the following:
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You can sign an HDB Power of Attorney (POA) appointing another person to act on your behalf in specified matters.
For instance, you might appoint someone to help you sign certain documents such as the Agreement to Lease. This might be necessary if you are not in Singapore on certain dates.
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