As a first time home buyer, the process of buying a resale flat can be quite confusing (especially if you are doing this on your own and not through a buyer agent). There are just so many things that need to be done like getting all your documents ready, filling out paperwork, etc. That is why we have decided to write this article, to help ease you into the whole process of buying a resale HDB flat.
In this article, we have come up with 12 main steps that you will have to take to get you through your buying process from start to finish. We will also be giving you lots of expert tips and tricks as well as things to watch out for. Let's start with step number 1.
Step 1 - Register Your Intent To Buy
The first step in the resale buying process is to register your intent to buy a resale HDB flat. To do so, simply log into the HDB Resale Portal with your SingPass account. Please note that if you are buying a home with other applicants like your family members or your partner (fiance), only one person needs to register. Once you have done so, your intent to buy will be valid for 12 months. After its expiry, you will have to apply for a new one.
Step 2 - Apply For Your Eligibility for Housing Grant
Once you have registered your intent to buy, the HDB portal will start to show you your "buying process". This is their “step-by-step guide” on buying a HDB flat, even though there is more that goes into it. What you have to do now is to apply for your eligibility for housing grant. If you have done your research, you would know that there are 3 grants that you can apply for. If you have not, you can read our article on “Your Complete Guide to HDB Grants”. These grants are the Enhanced CPF Housing Grant (EHG), Family Grant (FG) and Proximity Housing Grant (PHG). By filling up the questionnaire on the HDB Resale Portal, HDB will tell you the estimated amount you are eligible for in terms of these 3 grants. Remember to save the results on your form because you might need it for later.
Step 3 - Apply For Your Home Loan Eligibility (HLE) or Bank Loan
Getting your loan early is very important as it will guide you through your next steps in purchasing a home. There are two ways that you can apply for a loan, one is through a bank of your choice and the other is through HDB aka Housing Loan Eligibility or HLE. There are pros and cons to both, so we recommend that you do your research before deciding on which type of loan you would like to take up.
Once you receive your loan amount, you should move quickly as it is typically valid for only 6 months which means you have to find a home in this stipulated time or you will have to apply for a new one once it expires.