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TimeLine for BTO


Hi Everyone!

I am here writing a guide on the overall steps to the HDB flat buying process and its timeline of the important dates
The information you need from HDB can be all over the place. So here am i to provide concise information that hopefully you may find them useful.

Process

1)  Sign up for HDB ealert service, it provides latest updates for new launches, resale launches and           many more useful information.

2)  Check to see if you qualify to buy a BTO, have enough cash/ cpf for the downpayment (Loans)

3)  Ballot for the flat of interest, the ealert service will let you know when you should start balloting        for this. It will cost 10 dollars (non refundable) and there is a 1 week window to apply! Submit the      ballot online, no need to turn up physically to HDB board

4)  Wait for about 2 months to find out the ballot results and if you have a decent shot at getting the          HDB flat.

5)  Depending on your queue number, you may have to wait for another 3 months (my                               number 300+) to book your flat. requires 2000 dollars for a 4 room(refundable) option fee +              documents. Make sure you have your HDB Loan Eligibility (HLE) letter if you intend to take              HDB loan. If you choose not to book a flat in this exercise, it will count as 1 count of non                    selection. You will have to go down to HDB hub for this.

6)  Within 4 months after you booked your flat, you will be invited to sign the agreement of lease.
     This agreement of lease will need you to pay a downpayment (5% if you choose HDB loan, 10 %         if you choose Bank loan) of your purchase price of the flat plus any add on fittings.
      You will have to go down to HDB hub, if you can't make it, you can rearrange another date,                 depending on availability (within a month max) Not following through at this stage will cost you         the option fee and it will count as 1 count of non selection as well.


7)  Collection of keys waiting period varies, waiting period of 3 to 5 years are expected. The                     remainding downpayment to be paid when you collect your keys. Do note that you will have to           do a revise HLE loan (about 3 months before collection of keys) for the new loan amount you can       borrow. If you are not able to borrow as much as the remainder purchase price, cpf or cash would       be required.








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