{"id":69538,"date":"2017-10-20T10:58:01","date_gmt":"2017-10-20T03:58:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/faster-hdb-resale-process-by-2018\/"},"modified":"2017-10-20T11:06:09","modified_gmt":"2017-10-20T04:06:09","slug":"faster-hdb-resale-process-by-2018","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/faster-hdb-resale-process-by-2018\/","title":{"rendered":"Faster HDB resale process by 2018"},"content":{"rendered":"


\nThe Housing Board announced on Thursday (19 October) that they plan to launch a new website that will significantly expedite the selling and buying of HDB resale flats.
\nAt present, an HDB resale transaction usually takes about 16 weeks to complete, where both parties need to fulfil two appointments with the Housing Board. The first appointment evaluates the buyers\u2019 financial plan and determine the seller\u2019s sale proceeds, while the second appointment is where both parties sign the documents to complete the deal.
\nBefore the first appointment, the seller and the buyer must also complete an online resale checklist to verify their eligibility to buy and sell before the deal can proceed.
\nHowever, with the new HDB Resale Portal that will go live on 1 January 2018, the entire resale process will be shortened to just eight weeks. Both parties would only need to set one appointment to physically sign the documents after the Housing Board\u2019s approval of their application.
\nThe new website will integrate all eligibility checks on one platform making the entire process accessible and convenient to both the buyers and the sellers. \u201cThe portal will display an individual\u2019s eligibility to buy or sell their flat. Flat buyers will also be able to view their eligibility for housing grants and an HDB concessionary housing loan through the portal, and apply for an HDB Loan Eligibility Letter if they intend to take up an HDB housing loan.\u201d
\n\u201cBuyers using their CPF monies and\/or taking up a housing loan to finance their flat purchase will also use the portal to request HDB to confirm the value of their flat to determine their housing loan and\/or CPF usage,\u201d said the Housing Board.
\nIn addition, the personal details of the buyer and seller from the Government\u2019s MyInfo service will be used to auto-populate the application forms after they have logged in using their SingPass account. Both parties can also negotiate the resale price of a flat via the website.
\nThrough the HDB Resale Portal, buyers and sellers can complete their respective resale application once the Option to Purchase (OTP) has been exercised. Upon receipt of the resale application and the uploaded supporting documents, the Housing Board will ascertain the info and notify both parties via SMS or email if it has been approved. The status of the application will also be updated in the website.
\nAll new resale applications must be submitted using the portal starting next 1 January, and applicants need to pay a processing fee of $120, inclusive of GST. Buyers and sellers are also required to use HDB\u2019s prescribed OTP form by then.
\nMeanwhile, PropNex Realty CEO Ismail Gafoor believes that some people may choose not to avail the services of property agents for HDB resale deals once the new portal launches, particularly transactions between family members.
\n\u201cNevertheless, besides this group and those who are tech and legal savvy enough to handle their transactions, we believe that a bulk of consumers today will still need to be guided by a professional real estate salesperson who knows the intricacies of real estate transactions.\u201d
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Faster HDB resale process by 2018<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Housing Board announced on Thursday (19 October) that they plan to launch a new...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-69538","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-i5A","jetpack-related-posts":[{"id":82472,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2000-home-owners-given-approval-to-sell-their-flats-hdb\/","url_meta":{"origin":69538,"position":0},"title":"2,000 home owners given approval to sell their flats, HDB","date":"March 12, 2018","format":false,"excerpt":"\r With the launch of the Housing and Development Board\u2019s (HDB) resale portal in January, about 2,000 flat owners have received approval to sell their housing units, reported Channel News Asia. Streamlining the buying and selling of public housing units, the new portal aims to reduce the transaction time by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41977,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-transactions-down-9-1-in-q4\/","url_meta":{"origin":69538,"position":1},"title":"HDB resale transactions down 9.1% in Q4","date":"January 26, 2017","format":false,"excerpt":"\r View of HDB flats in the western region of Singapore. Resale prices of HDB flats dipped by 0.1 percent in the fourth quarter of 2016, according to more complete data published by the Housing Board. For the whole of 2016, the Resale Price Index slipped by 0.1 percent. On\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":72659,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/temporary-blip-in-hdb-resale-transactions-dwindling-first-timer-demand\/","url_meta":{"origin":69538,"position":2},"title":"Temporary blip in HDB resale transactions, dwindling first-timer demand","date":"November 23, 2017","format":false,"excerpt":"\r View of HDB flats in the Ghim Moh area. (Photo: Chen Siyuan: Wikimedia Commons) The latest data showed a 0.7 percent drop in HDB resale prices in Q3 as compared to the previous quarter. We investigate some reasons for this. By Hock Meng Tay The latest HDB resale data\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/11\/GuruView-1024x281.png?fit=1024%2C281&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":78033,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-could-bottom-out-in-2018\/","url_meta":{"origin":69538,"position":3},"title":"HDB resale prices could bottom out in 2018","date":"January 26, 2018","format":false,"excerpt":"\r Analysts expect resale flat prices to remain flat this year. HDB resale flat prices fell by 0.2 percent in Q4 2017 from the previous three-month period. For the whole year, prices dropped by 1.5 percent, revealed more complete data released by the Housing Board on Friday (26 January). Resale\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31940,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-market-shows-signs-of-stabilising\/","url_meta":{"origin":69538,"position":4},"title":"HDB resale market shows signs of stabilising","date":"October 28, 2016","format":false,"excerpt":"\r HDB resale flat prices appear to have bottomed out. Resale prices of HDB flats in the third quarter of 2016 remained unchanged from the previous three-month period, revealed more complete data published by the Housing Board on Friday (28 October). But resale transactions fell 5.5 percent from 5,838 cases\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/10\/HDB-resale-price-index-Q3-2016-1.jpg?fit=556%2C225&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":102628,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-down-0-9-in-2018\/","url_meta":{"origin":69538,"position":5},"title":"HDB resale prices down 0.9% in 2018","date":"January 2, 2019","format":false,"excerpt":"\r HDB resale flats in the Ghim Moh area. Resale prices of HDB flats dropped by 0.9 percent for the whole of 2018, revealed the Housing and Development Board (HDB) on Wednesday (2 Jan). For the fourth quarter of 2018, resale flat prices dipped by 0.2 percent from the previous\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/69538"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=69538"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/69538\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=69538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=69538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=69538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}