News: HDB to further streamline flat buying process

Mar 5, 2021

HDB will roll out new features on the HDB Flat Portal to improve the buying process, including a new document that consolidates the results on buyers’ eligibility assessment for a new or resale flat purchase, HDB loans and housing grants.

The Housing and Development Board (HDB) will roll out three new features on the HDB Flat Portal later this year in a bid to streamline the buying process.

This includes a new document that consolidates the results on buyers’ eligibility assessment for a new or resale flat purchase, HDB loans and housing grants.

Currently, flat buyers’ eligibility for various components are assessed at different stages of their home buying journey, reported Channel News Asia (CNA).

These will be combined in a single application, known as the HDB Flat Eligibility letter, which will replace the existing HDB Loan Eligibility letter.

National Development Minister Desmond Lee said the move will provide upfront clarity and holistic information on home buyers financing and housing options.

With the permission of applicants, the feature will also allow for back-end link-ups with other government agencies to retrieve particulars needed for assessments.

Lee said this is part of HDB’s efforts to use digital technology to make home buying process more convenient.

He noted that improvements have been made in the past few years, citing HDB Resale Portal’s launch in 2018, the open booking of flats in 2019 as well as HDB Flat Portal’s launch in January this year.

The HDB Flat Portal will also feature a new integrated housing loan application service that allows buyers to apply for In-Principle Approvals as well as Letters of Offer from participating banks.

The six participating banks are DBS Bank, Maybank Singapore, Hong Leong Finance, United Overseas Bank, OCBC Bank as well as Sing Investments & Finance.

This will streamline the present process, which sees buyers submitting separate applications to different banks.

The HDB Flat Portal will also feature a new platform to guide new flat buyers.

Some features of the new digital platform include “offering relevant information at appropriate milestones” during flat acquisition process, helping HDB flat buyers work out payment plans and allowing such buyers book their preferred appointment slot for key collection, said HDB.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg

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