Done your research and feel that the time is ripe to submit a BTO application? Follow us through this post to ensure that your application goes through as smooth as butter!
This post is a member of our 6-part series – View our complete guide below!
Preparation Stage:
Action Stage:
Pre Move-in Stage:
- Part 5 > Defects Inspection: Things To Look Out For
- Part 6 > Home Improvements: Interior Design & Home Must-Haves
1. Putting in a ballot
From Part 1 of this series, you should have researched on the best locations available for the upcoming launch.
Once you have made your pick, be sure to check HDB InfoWeb constantly to be updated on the opening date of the application window.
The window only lasts 6-7 days and you may place your ballot via their website. It costs $10 to place a ballot.
HDB usually post an official press release during this window which has all the details you need. View an example here.
So what are your chance of a successful ballot? Well, first-time applicants with children and parents living together will have higher chance of success.
Nevertheless, don’t be too disappointed if you don’t get it on your first try – we know applicants who are successful after their second or third tries. Besides, according to HDB, most new first-timers will be successful by the second try and most definitely on the third try!
2. Finalise Loan
Once you got a successful ballot, HOORAY! You may thank your lucky stars and head out to buy TOTO.
Afterwards, it’s time to finalise your loan option. As mentioned in our previous post, there are 2 choices: a HDB loan or a bank loan.
If you are taking a HDB loan, simply double check your eligibility and submit your application on HDB’s Housing Loan Webpage. Once done, you should end up with a HDB Loan Eligibility letter (HLE).
For a bank loan, head down to the bank, talk to them and they will provide you an Approval in Principle (AIP) document which determines which much the bank is willing to loan you for the flat.
Whether you are taking a HDB or bank loan, remember to bring the appropriate documents for the flat selection stage!
3. Flat Selection
At this stage, you should be allocated a queue number. Pray hard that your queue number is as small as possible – it means that you are given priority when selecting a flat.
Once you are successful, HDB will require you to head down to HDB hub with the following documents:
- NRIC
- Income documents
- HLE or AIP paperwork
Also, don’t forget to come prepared with the funds required for the option fee:
- 2-Room flat: $500
- 3-Room flat: $1,000
- 4/5 Room flat: $2,000
Lastly, remember to apply and submit your CPF housing grants as discussed in Part 2! Download the form here.
4. Lease Agreement & Downpayment
After reading Part 2 of this series, you should have made up of your mind on whether to take up a HDB or a bank loan.
Once again, remember that HDB allows you to loan up to 90% while banks would only loan you up to 75% of your home value. Besides, HDB loans entitles you to use your CPF to fully offset the downpayment (up to 10% of the home value).
Whether you are taking up a HDB or a bank loan, remember to sign the lease agreement within 4 months of booking a flat. Make sure that your loan documents are finalised by then as well.
5. Legal Fees and Stamp Duties
Finally.. The last of the fees are here! The good thing is you are able to pay your legal fees and stamp duties with either cash or CPF. Here is a breakdown of the legal fees and stamp duties:
6. Key & Flat Collection
Now, all you got to do is sit back, relax and wait for a notification from HDB to collect your flat! If you can’t wait to get started, you may even begin considering the various home decor styles for your dream nest!
This bring us to Part 4 of this BTO guide where we discuss everything you need to prepare when collecting your new home.
This post is a member of our 6-part series – View our complete guide below!
Preparation Stage:
Action Stage:
Pre Move-in Stage:
