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HDB flat eligibility, housing grant assessments and home loan application to be streamlined

SINGAPORE — Homebuyers looking to buy Housing and Development Board (HDB) flats will soon have to fill up just one single application online, instead of undergoing several separate procedures, said National Development Minister Desmond Lee on Thursday (Mar 4).

HDB flat eligibility, housing grant assessments and home loan application to be streamlined

With the HDB Flat Eligibility letter, buyers will be able to submit the application to assess their eligibility for either a new or resale flat and the amount of grants or subsidies they are entitled to in one single procedure.

SINGAPORE — Homebuyers looking to buy Housing and Development Board (HDB) flats will soon have to fill up just one single application online, instead of undergoing several separate procedures, said National Development Minister Desmond Lee on Thursday (Mar 4). 

The service, which will be available on the HDB Flat Portal later this year, aims to streamline the homebuying process.

Through this one single application, buyers will be able to submit the application to assess their eligibility for either a new or resale flat, the amount of grants or subsidies they are entitled to, and the HDB loan value they can get.

Currently, Singaporeans’ eligibility for a flat purchase, the housing grants they can get and their application for a HDB loan are all separate procedures and assessed at different stages of the homebuying journey.

Announcing the new scheme during the debate on the Ministry of National Development’s budget for the upcoming financial year in Parliament, Mr Lee said HDB will then link up with other government agencies backend where possible and with the applicants’ permission, retrieve the details needed to make the assessments.

“This reduces the need for applicants to manually enter their particulars or submit supporting documents repeatedly,” said Mr Lee.

The outcome of the application will then be sent to applicants in a single document known as the HDB Flat Eligibility (HFE) letter, which will notify home buyers if they are eligible to buy a new or resale flat, the amount of HDB loan approved and the housing grants from the Central Provident Fund they can qualify for, noted Mr Lee.

“This provides upfront clarity and holistic information on their housing and financing options, to facilitate their housing choices,” he added.

The HFE letter will replace the HDB Loan Eligibility letter, which is currently required for homebuyers getting a loan from the housing agency.

Besides the HFE letter, Mr Lee said that the HDB Flat Portal will have two new features — an integrated loan application service and a new guide for flat buyers.

Homebuyers who wish to get a bank loan will be able to apply for in-principle approvals and letters of offer from participating banks through the integrated loan application service, and need not submit their loan application to the different banks separately.

Meanwhile the new homebuyers’ guide will offer relevant information at appropriate milestones during the flat purchase process from its application to key collection.

It will help buyers plan ahead by working out their financial plans and allow them to book their preferred appointment slot to collect the keys to their house.

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