Buying a flat can be a tedious and frustrating process.
Whether it’s a BTO or resale flat, the amount of research and calculations required can turn even the most patient ones into the most pek chek.
However, things are about to get a whole lot less sian. Just like how your favourite dishes come together in a hearty plate of cai png, the Housing Development Board (HDB) recently rolled out their HDB Flat Portal, a one-stop platform which consolidates the important information and resources everyone needs to buy/sell a flat. Not bad.
If you’re wondering how to use this magical portal, let us guide you through its most helpful features so that you won’t have to become sot when it comes to shopping or selling a flat.
To the disappointment of financial advisors in Singapore, the new flat portal contains useful calculators that allow common folk like you and me do our planning and research on the finances involved in buying or selling a flat.
For prospective flat buyers, there’s a Budget Calculator. This allows you to estimate your housing budget, and takes into account practically everything including CPF/cash savings, housing grants, and housing loans.
If you already have an HLE (HDB Loan Eligibility) letter, you can even log in to your SingPass and it’ll automatically import the details into your calculations. Easy peasy.
For those that like to break it down, there’s a Payment Plan Calculator that maps out your payment plan based on the various payment milestones of the flat buying process.
Simply key in the details of the flat you’re intending to purchase, and other housing-related details, and you’ll get a beautiful breakdown of your potential payments including specific amounts in CPF or cash.
Just when you thought planning for your housing finances was akin to quantum physics, the Payment Plan Calculator makes things so much easier.
Flat sellers need not feel left out, as there’s a Sale Proceeds Calculator that uses your intended selling price, outstanding loans, CPF monies utilised and more to estimate how much proceeds you may receive from selling your flat. No more fussing about and racking your brains about a flat sale.
Owe money, pay money! Jokes aside, a housing loan is one of the most important steps you can take to finance a flat purchase, especially when you don’t have sufficient moolah in the bank.
But when there’s a buffet of options out there, it’s hard for a flat buyer to choose the loan that best meets his/her needs. You’ll need to do plenty of Googling and research, just like your school project when your groupmates stop contributing. Sian ah.
Thankfully, HDB has introduced a one-stop Loan Listing service that displays all the information you need - on a single platform. You'll be able to view information on various housing loans provided by HDB and various financial institutions and make better-informed decisions about your housing payments to meet your personal needs.
Finding a suitable place for your new home could be the most time-consuming decision you'll make in the entire flat-buying process. You gotta see whether the flat is convenient, the feng shui is good, and if F-16s will fly over frequently… you get the drill.
HDB has made the process so much easier by listing out all the information on current and upcoming HDB flats available for purchase via BTO exercise and open booking (information on resale flats coming soon).
You'll be able to view important details such as its location on a map, flat types, and the number of units - just what you need to narrow down your housing search.
Instead of scouring the web for available flats, all you need to do is just visit the portal and everything will be there. More time for you to unwind and sip on your kopi.
This article was first published in Wonderwall.sg.