SINGAPORE: Housing & Development Board (HDB) apartment buyers can expect a more streamlined buying process when new online features are rolled out on the HDB Flat Portal later this year.
This includes a new document that will consolidate the findings on buyers’ eligibility for a new or resale apartment purchase, and the amount of housing subsidies and HDB loans they are entitled to, HDB said in a statement on Thursday. March 4.
Currently, eligibility for the different components is assessed at different stages of the home buying journey.
These will be integrated into a single application on the Flat Portal, resulting in a single document known as the HDB Flat Eligibility Letter.
It will replace the existing HDB loan eligibility letter, which is a qualifying principle for a Housing Council loan.
Announcing the initiative in Parliament, National Development Minister Desmond Lee said the move would provide homebuyers with “initial clarity and holistic information about their housing and financing options, to make their housing choices easier. “.
With applicants’ permission, the feature will also allow back-end links with other government agencies to retrieve details needed for assessments.
This is part of HDB’s efforts to use digital technology to make the home buying process more convenient, Lee said.
He said improvements have been made in recent years, citing the launch of the HDB resale portal in 2018, the open booking of apartments in 2019 and the launch of the HDB Flat Portal in January this year.
APPLICATION FOR INTEGRATED HOUSING LOAN
Another feature of the HDB Flat portal is an integrated home loan application service, allowing apartment buyers to apply for in-principle approvals and letters of offer from participating financial institutions (FIs).
There are currently six participating FIs: DBS Bank, Hong Leong Finance, Maybank Singapore, OCBC Bank, United Overseas Bank and Sing Investments & Finance, HDB said.
This would streamline the current process, which requires buyers to submit separate requests to different FIs.
DIGITAL PLATFORM TO GUIDE NEW BUYERS
There will also be a new platform in the HDB Flat Portal to guide new apartment buyers.
Some features include ‘offering relevant information at appropriate stages’ during the apartment buying process, helping apartment buyers to set up their payment plans, and allowing them to book their preferred meeting time to pick up their tickets. keys, said HDB.