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Old 18-09-2011, 11:10 PM   #2
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Buying new flat from HDB and HDB loan - what is the timeline for payment?

Search through HDB website but couldnt find thanks

BTO flat.
hope my link helps you understand.

if not,

Step 1: Launch BTO or Sale of Balance Flats Exercise

Step 2: Submit Application
- A non-refundable administration fee of $10 is payable by cashcard or credit card (Master Card /Visa).

Step 3: Receive Outcome of Application

Step 4: Book Flat
- An option fee by cash or NETS or cheque.
4/5-room and Executive Flat $2,000
3-room $1,000
2-room $500
Studio Apartment $250

- The booking fee will be refunded subsequently if you have sufficient money in your CPF Ordinary Account to pay the downpayment.

- Documents to bring

Step 5: Sign Agreement for Lease
- A downpayment*
10% for HDB loan
20% for bank loan
- plus 1-3% legal and stamp fees by CPF money or cash:

Step 6: Collect Flat Keys
- 2 room or bigger
Balance of the purchase price of the flat booked, by Cash or CPF or a combination of both.

- Studio Apartment
The HDB will not grant loan for the purchase of the Studio Apartment. Applicants are required to pay the remaining 95% of the purchase price of the Studio Apartment in full before they can take possession of the flat.

- Applicants who are owners of HDB flats may request for contra facility to offset the payment for the purchase of the Studio Apartment from the proceeds held by the HDB pending the completion of resale of their existing flat. The keys to the Studio Apartment will be issued after the completion of the resale of the existing flat.

HDB Concessionary Loan
If you are eligible for an HDB concessionary rate loan, you may be given a loan up to the housing loan ceiling, subject to full usage of funds from your CPF Ordinary Account and credit assessment.

GIRO Application For Paying Monthly Instalments by Cash
If you intend to pay the monthly instalments partially or fully by cash, you will have to submit a completed GIRO application form before we grant you a loan. If we do not receive the completed GIRO application form on or before the appointment for keys collection, we may withdraw the letter of offer and you will have to find alternative financing for the purchase.

Bank Loans in Case of Non-eligibility for HDB Concessionary Loan
If you are not eligible for an HDB concessionary rate loan, you may approach the banks or financial institution (licensed by MAS) to obtain a mortgage loan.

Exact time will be notified by HDB.
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