On 1 January 2018, HDB introduced a new streamlined process for purchasing resale HDB units. Resale flat buyers are required to log onto the HDB Resale Portal using their Singpass to register their Intent to Buy. This is the first of a nine step process which can take as little as eight weeks to complete, depending on whether or not supporting documents are accurately and thoroughly prepared.
Simply put, the Intent to Buy is an assessment of your eligibility to purchase an HDB resale flat. On top of confirming your eligibility status, you will also be able to gain insights into valuable information such as the Ethnic Integration policy / Singapore Permanent Resident (EIP/SPR) Quota, amongst other data and statistics about the flat of your interest. This information can help you reevaluate whether or not the resale HDB you have chosen is one that is truly suitable for you.
Information provided through in the Intent to Buy includes: status of upgrading, billing of upgrading costs, recent transaction prices of nearby flats, financing calculators, and financing options.
The Intent to Buy is not proof of approval by HDB and therefore cannot be used to apply for resale flat purchase or to take up HDB housing loans or housing grants. Buyers who intend to do so will have to apply for a separate HDB Loan Eligibility (HLE) letter instead. The HLE letter is to be presented to sellers during the stage when sellers grant buyers the Option to Purchase (OTP).
Successful Intent to Buy applications are valid for 12 months.
As the document’s name suggests, only buyers have to register for an intent to buy. Even if more than one person is buying the property, only one buyer has to register for the Intent to Buy. Do note that non-buyers, including salespersons, are not allowed to register for the Intent to Buy on a buyer’s behalf.
Also, be sure that you and your accompanying buyers, as well as your spouses all have a valid Singpass. This will be necessary at the subsequent step when applying for an HLE letter.
It is recommended that buyers register their Intent to Buy before they start looking for a flat. Searching for a flat can be a tedious process and you don’t want to find out that you’re not eligible for a flat only after registering for the Intent to Buy.
That being said, buyers should still do general research on the HDB towns they are interested in moving to. They should also have a rough ballpark figure of the HDB price that they are willing to pay for. Finally, having knowledge of the different types of housing loans and grants that exist, and which ones your household is potentially eligible for will help smoothen the budgeting process further down the road.
To register for the Intent to Buy, simply log on to the HDB Resale Portal to get started.
Registering for the Intent to Buy is free. At least one Singapore Citizen or two Singapore Permanent Residents have to be in your household in order to be eligible to register for the Intent to Buy.
Take note of all the personal details that are keyed into your Intent to Buy application form. These details have to be consistent with the ones that you will enter into the resale application, as well as HLE letter application, Option to Purchase and Request for Value. Any discrepancies across applications will result in your application being rejected.
If you wish to change any information that you have provided midway through the purchasing process, you’ll have to start afresh at the Intent to Buy stage. Therefore, be sure to finalise all details such as your personal particulars and family composition before beginning the purchasing process. However, do note that minor details such as your contact number can be altered by submitting the updated details at the next stage of application.
If you require more assistance, HDB has an entire slew of resources to assist you, including Resale seminars, Resale statistics, and HDB Map services. These resources can help better inform the timing and location of your purchases. Be sure to check their website frequently for updates on their seminars.
Stay tuned for the latest updates from our localisation series, where we bring you the latest property scoops about new developments and fun things to do all around Singapore. Check out our other blog posts to find out why buyers and investors are clamouring over Punggol properties now!
If you’re looking to sell your home before purchasing, do check out our latest tips on how to maximise your home resale value through renovation!
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