In a bid to inch closer towards Singapore’s aspiration to fully transform into a smart nation, HDB has done its part to roll out another tech initiative – the HDB Resale Portal. It is part of HDB’s stride under the Real Estate Industry Transformation Map, and HDB resale transaction time is just about to get a lot quicker than before, starting from 2018.
Previously, the resale process takes two appointments with HDB. The first appointment used to be necessary in order to work out sellers’ sales proceeds and assess buyer’s financial plans. Buyers and sellers then proceed to sign the legal documents during the second appointment. Buyers and sellers of HDB resale flats will indeed be pleased to know that the transaction process is halved by up to 8 weeks instead of the current processing time of 16 weeks.
They are doing away with the first appointment with the launch of the one-stop service portal, where the whole resale process will be streamlined from tip to toe. All forms and eligibility checks will be done and integrated on the portal instead. Buyers and sellers can conveniently view their eligibility to sell or buy, eligibility for housing grants, and HDB concessionary housing loan. They used to need to manually look up various e-services across the HDB website for separate information, even for details such as whether they fall within ethnic quotas in different flats or neighbourhoods. But now, all these information is available at a glance in this single portal, making information much easier to consolidate for these buyers and sellers.
Buyers and sellers no longer need to devote a huge amount of time to fill up forms manually, as their personal details from MyInfo will be used to automatically fill up those forms, such as IC numbers and addresses that are part of the common information used by government services. Instead of paying for valuers’ report for their HDB flat, buyers can purchase the valuation from HDB directly, for only $120 for all flat types. This is made possible by HDB as they fuse transaction data with technology to come up with a reasonable transacted price. For selected cases where a valuation still needs to be done, valuers will still need to be roped in establish a price.
They will be required to use a new Option to Purchase form after 31 December, which is a legal document that gives a buyer the exclusive right to buy a flat. The current form will only be valid till then.
There is much to rejoice about this new platform – much more than just convenience, speeding up the transaction process will also help to save valuable time for families that are looking to relocate. It will be launched on 1 January 2018, and a helpline and help desk will be set aside at HDB Hub in Toa Payoh just to assist users in their experience with the one stop portal.