Singapore

Flat buyers will find it easier to submit documents, apply for loans

Flat buyers can soon submit their documents and be assessed for grants and loans in one application, instead of having to send multiple applications.

Buyers can also apply for housing loans from participating financial institutions directly on the Housing Board flat portal, without having to submit separate applications, said National Development Minister Desmond Lee yesterday.

These are among the new initiatives to be rolled out this year to further streamline the process of buying and selling an HDB flat, said Mr Lee during the debate on the Ministry of National Development's budget.

FLAT ELIGIBILITY

Currently, flat buyers are assessed separately on whether they are eligible to buy a new or resale flat, and how much of a HDB housing loan and CPF housing grants they qualify for.

These three eligibility checks will now be streamlined into one application, made through the HDB flat portal.

The outcomes will then be sent to applicants in a new HDB Flat Eligibility letter.

"This provides upfront clarity and holistic information on their housing and financing options, to facilitate their housing choices," said Mr Lee.

Where possible and with applicants' permission, HDB will also link up with other Government agencies to retrieve applicants' particulars needed for the assessment, thus reducing the need for applicants to manually enter their particulars.

On the HDB flat portal, buyers can also access an integrated housing loan application service which allows them to apply for in-principle approvals and letters of offers from participating banks.

The banks will then inform the buyers on their application outcomes.

This reduces the need for buyers to submit loan applications to various banks, as well as the loan application outcome to HDB.

Buyers will also be guided through their flat buying journey, from application to key collection, via a new digital platform on the HDB flat portal.

"The platform will consolidate all relevant information and present it to buyers at the appropriate milestones... and enable them to book the necessary appointments seamlessly," said Mr Lee.

Property