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SINGAPORE: Housing and Development Board (HDB) home buyers can look forward to a more streamlined buying process when new online features are rolled out to HDB Flat Portal later this year.
This includes a new document that will consolidate the results on buyers’ eligibility for a new or resale flat purchase, and the number of HDB home grants and loans they qualify for, HDB said in a statement Thursday (May 4). March).
Currently, eligibility for the various components is evaluated at different stages of the home buying process.
These will be integrated into a single application on the flat portal, resulting in a document known as the HDB flat eligibility letter.
It will replace the existing HDB loan eligibility letter, which in principle is a qualification for a loan from the Housing Board.
READ: Over 1,500 flats sold under HDB’s open booking scheme
In announcing the initiative in Parliament, National Development Minister Desmond Lee said this measure would provide home buyers with “initial clarity and holistic information about their housing and financing options, to facilitate their housing choices.”
With the applicants’ permission, the feature will also allow back-end links to other government agencies to retrieve the details needed for assessments.
This is part of HDB’s efforts to make use of digital technology to make the home buying process more convenient, said Mr. Lee.
He said improvements have been made in recent years, citing the launch of the HDB Resale Portal in 2018, the open booking of flats in 2019, and the launch of the HDB Flat Portal in January this year.
APPLICATION FOR AN INTEGRATED HOUSING LOAN
Another feature of the HDB Flat Portal is an integrated home loan application service, which allows home buyers to request in-principle approvals and offer letters 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 applications to different FIs.
DIGITAL PLATFORM TO GUIDE NEW BUYERS
There will also be a new platform within the HDB Flat Portal to guide new apartment buyers.
Some features include “providing relevant information at the appropriate milestones” during the apartment buying process, helping apartment buyers develop their payment plans and allowing them to book their preferred appointment time to collect their keys, HDB said.
