How to Buy an HDB Flat
Singapore's Housing and Development Board provides quality homes and living environments to low-income families at a rate far below those of traditional housing options in Singapore. Buying an HDB apartment or flat requires careful navigation of the bureaucratic system generated by the Housing and Development Board. Though the process can take an average of three years from start to finish, buying an HDB flat will provide you and your family an excellent, safe and comfortable place to live at an exceedingly affordable rate.
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Instructions
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Check your eligibility for purchasing an HDB flat. Eligibility conditions require specific information about your citizenship, age, family nucleus, income ceiling, ownership in other property in Singapore and current or former ownership of an HDB flat.
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Locate an HDB flat that is for sale through HDB InfoWEB. Visit the main page and click the link titled "Sales Launches." This will bring you to a page providing information on the month and year flats become available, towns in which flats are available and the number of flats that are available at the current date.
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Determine your loan eligibility for purchasing an HDB flat. There are eight criteria which qualify you for the purchase of an HDB flat, ranging from your citizenship status to your annual income.
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Submit a purchasing application through HDB InfoWEB or by filling out a paper application at an HDB branch office. HDB branch offices can be located by calling 800-225-5432.
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Book your flat upon being shortlisted for purchase. Your ability to book a flat will depend on your queue number, which determines where in the line of people who have applied before your application you sit.
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Sign your lease agreement and collect your keys from the agent through which you booked your flat.
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Tips & Warnings
Prepare yourself to pay a down payment of five to 20 percent of the value of the flat, depending upon its size.
Be aware that flats are available to certain races on a preferable basis.
References
Resources
- Photo Credit Singapore image by Roy L. from Fotolia.com
