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How to purchase an HDB flat in Singapore without an agent

If you are leaving under a lease agreement in Singapore or want to settle in another place then purchasing an HDB flat is the cheapest as well as a convenient option at your availability. For that, you can hire a property agent or can search it by yourself. Now if you donu2019t want to engage any middleman then you can always go for the HDB flats for sale in Singapore to purchase on your own. Here we will discuss the process of selecting and purchasing an HDB flat on your own in the following points: <br>

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How to purchase an HDB flat in Singapore without an agent

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  1. How to Purchase an HDB flat in Singapore Without an Agent

  2. If you are leaving under a lease agreement in Singapore or want to settle in another place then purchasing an HDB flat is the cheapest as well as a convenient option at your availability. For that, you can hire a property agent or can search it by yourself. Now if you don’t want to engage any middleman then you can always go for the HDB flats for sale in Singapore to purchase on your own. Here we will discuss the process of selecting and purchasing an HDB flat on your own in the following points:

  3. Plan your budget for purchasing an HDB flat

  4. You need to decide how you will finance the purchase of your HDB flat. You can break your saving and from that, you can purchase your home or you can choose to apply for a loan from HDB or take up a mortgage loan from the banks. Also before seeking a loan you need to determine your requirements for living as the number of rooms in your flat will affect the property price. But not the only cost for purchasing an HDB property the most important measure is the eligibility criteria.

  5. Eligibility criteria for purchasing HDB units

  6. Families and married or engaged couples can freely apply for an HDB resale flat together. For singles, you’ll need to be at least 35 years old before you can apply, whether singly or jointly. There are also restrictions on citizenship status, such as; for purchasing an HDB flat the buyers’ needs to be a permanent citizen of Singapore also needs to meet the requirements of the Ethnic Integration Policy and Singapore Permanent Resident Quota Policy as directed by the HDB board of Singapore. Also, the income ceiling and family size are other important factors for eligibility criteria. But there are no income ceilings for the purchase of HDB resale flats! However, it might affect the CPF Housing Grants that you can apply for in the future may be.

  7. Choose Your HDB Flat

  8. Without the assistance of a property agent, you can easily choose your home, as there are many portals, websites, and apps you can use to find available flats. You need to shortlist any properties you are interested in and contact the owners for a viewing. If you find any flats you like, it’s time to dig a little deeper. Gather some additional information to find out more about the unit, from its neighbours. You’ll want to find out what are the development plans for the precinct and surrounding areas.

  9. Research and Negotiate the Selling Price of HDB Flat

  10. You will also want to request for a second or even third viewing, till then you are not satisfied fully. Also, you can ask more in-depth questions and take a more thorough look at the intended unit. Check the transaction history of similar, nearby flats to help you determine a suitable selling price. You should always stick to your budget and should weigh any deviations carefully against your ability to service your mortgage.

  11. Purchase the OTP

  12. An Option to Purchase (OTP) is a contract between you and the seller. It reserves your right to purchase the unit at the agreed selling price for the next 21 days. During this period, the owner is legally forbidden to sell the unit to anyone else. Once you are fully satisfied with the unit, you can offer a buying price to the owner. If the owner accepts the price, he or she will offer you an OTP. To exercise your OTP, you have to proceed with the sale application and the OTP fee is not refundable under any circumstances.

  13. Exercise Your OTP

  14. Once all the aforementioned procedures are performed, the most important step is to exercise your OTP. Here first you need to sign on it, and then need to pay the advance deposit to Seller, as the confirmation of purchase from your end. This amount must not exceed S$5,000, including the OTP fee you paid earlier.

  15. Complete the OTP procedure

  16. When you and the seller agree on a price, both parties will need to fill up an OTP form. Accompanying this, you will need to pay the buyer an OTP fee, which is also not refundable even if you later decide not to go ahead with the sale. If you proceed further, the next cash payment you have to make is the Deposit to Seller. Once the OTP process is completed then it’s only a matter of time, then you can enjoy your new home.

  17. Conclusion

  18. The HDB flat for sale in Singapore is the cheapest option and they are also vastly available. So for meeting the eligibility criteria then you need to follow the eligibility and check points for HDB flat for sale in Singapore, which is the best option for all. As you complete the purchase process you will become a homeowner and that will bring peace and confidence in your life, as it is a sheer achievement.

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