HDBPRO
Plan for your flat purchase
Before you enter into any contract to buy a resale flat, you must:
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check that you meet all the conditions of one of the eligibility schemes to buy a resale flat from the open market,
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plan your finances carefully and
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check that you are able to pay the costs involved in buying a resale flat from the open market,
and, if you need a housing loan, you must also:
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check that you are eligible for an HDB loan or a bank loan and find out the loan amount you are eligible for.
Look for a flat within your affordability
You may wish to refer to the classified advertisements in the newspapers or engage the services of a salesperson. You may make arrangement with the flat owners or their salespersons to view these resale flats that they put up for sale.
You can make use of the Resale Flat Prices e-Service to check the resale transacted prices for the past two years to assist you in making an informed decision on how much to pay for the flat. From 10 March 2014, the resale transacted prices will be updated daily based on HDB’s registration of the resale applications received.
You are encouraged to obtain an in-principle loan approval from banks (for bank loan) or a HDB Loan Eligibility (HLE) letter (for HDB loan) before you start looking for a flat. This will help you understand your budget and look for a flat within your budget.
You will need a valid valuation report for the flat you are buying if you are:
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taking an HDB loan; or
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withdrawing CPF funds to buy the flat; or
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getting a bank loan and using your CPF funds to buy the flat or servicing your loan instalments
The valuation report is used to determine financing limits, that is:
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Amount of CPF withdrawals,
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Housing loans, and
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Cash payment