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Buying a flat in Singapore without Agent (for PR)
Buying a flat will is really not that complicated but a little hurting on your wallet+CPF (well just think of it as an investment). I'm not sure about previous year how difficult it was in terms of process and rule, but we bought our flat 2nd half of 2014, we didn't use an agent due to Agent will ask for 1% of your flat price. e.g. 500k x 1% = 5k sgd! I'm not encouraging everyone to do the same thing. Infact, if you got extra cash, then it will save you alot of hassel filling out the online forms.
How much cash do I need to prepare?
a. 15% - will be taken from your CPF fund.
b. 5% - Cash
c. 80% remaining can be loaned from Bank or CPF (you can loan from CPF provided you are a Citizen)
Other amount that you need to prepare:
d. 3% Stamp duty Tax - Can be taken from CPF is you still have fund
e. 5% Additional Stamp duty Tax (For PR) - Can be taken from CPF is you still have fund
f. 1% Agent (optional)
g. 500 - 1000 SGD to preapre for Option to Purchase (OTP)
f. $2500 - conveyancing fee for lawyer, yes you have to find a lawyer to act as solicitor, amount varies
Are you getting excited? Yah i know, too much %, and we are talking about hundreds of thousands here.
In Pasir Ris, house will depend on the age of the BLK (starts with 100 series up), so you can expect old BLK will sell lower than those not too old resale ones.
First step is set a budget for the flat that you want to purchase, lets say $500,000. consider also the renovation cost, which ill average 3room flat = 30k, 4room = 40k, 5rooom flat = 50k, it will depend how heavy your renovation will be. this cost is for whole house overhaul.
Then talk to the owner's flat agent, don't hesitate to bargain, especially if the flat was in the market for quite some time, means you got more bargaining power.
Second Step: once you agreed on the price, the owner's agent will produce an OTP, which you will have to pay the owner of the flat (can't remember if the OTP fees to HDB or owner) to seal the deal.
You will then have to apply online at HDB website a valuation request.
Go to http://www.hdb.gov.sg/fi10/fi10200p.nsf/ListOfEServices?OpenForm then choose e-Resale (for online submission of Resale Applications and Valuation Requests)
you will also need to complete the Resale Checklist for Sellers/Buyers
The owner of the flat will have to fillout their own online form as well, once both parties are done, then the owner of the flat can apply for Enquiry on Available Dates for Resale First Appointment
Both party will meet there with the OTP, bring along your NRIC (and Passport if you have any non-PR/Local who will live with you on the flat you are buying, e.g. non-pr kids ), this time 2nd appointment will also be determined. meaning the date they will be handing over the key to you. not to worry HDB will send you an SMS reminder when the 2nd appointment is near.
After the first appointment, go to your lawyer to discuss the payment how much cash you will need to prepare and when to settle it if incase your CPF fund is not enough. it's all about payment settling here.
Then that's it! it's a simplified guide. in between you might want to ask the owner or HDB for guide if you get lost on the process.
How much cash do I need to prepare?
a. 15% - will be taken from your CPF fund.
b. 5% - Cash
c. 80% remaining can be loaned from Bank or CPF (you can loan from CPF provided you are a Citizen)
Other amount that you need to prepare:
d. 3% Stamp duty Tax - Can be taken from CPF is you still have fund
e. 5% Additional Stamp duty Tax (For PR) - Can be taken from CPF is you still have fund
f. 1% Agent (optional)
g. 500 - 1000 SGD to preapre for Option to Purchase (OTP)
f. $2500 - conveyancing fee for lawyer, yes you have to find a lawyer to act as solicitor, amount varies
Are you getting excited? Yah i know, too much %, and we are talking about hundreds of thousands here.
In Pasir Ris, house will depend on the age of the BLK (starts with 100 series up), so you can expect old BLK will sell lower than those not too old resale ones.
First step is set a budget for the flat that you want to purchase, lets say $500,000. consider also the renovation cost, which ill average 3room flat = 30k, 4room = 40k, 5rooom flat = 50k, it will depend how heavy your renovation will be. this cost is for whole house overhaul.
Then talk to the owner's flat agent, don't hesitate to bargain, especially if the flat was in the market for quite some time, means you got more bargaining power.
Second Step: once you agreed on the price, the owner's agent will produce an OTP, which you will have to pay the owner of the flat (can't remember if the OTP fees to HDB or owner) to seal the deal.
You will then have to apply online at HDB website a valuation request.
Go to http://www.hdb.gov.sg/fi10/fi10200p.nsf/ListOfEServices?OpenForm then choose e-Resale (for online submission of Resale Applications and Valuation Requests)
you will also need to complete the Resale Checklist for Sellers/Buyers
The owner of the flat will have to fillout their own online form as well, once both parties are done, then the owner of the flat can apply for Enquiry on Available Dates for Resale First Appointment
Both party will meet there with the OTP, bring along your NRIC (and Passport if you have any non-PR/Local who will live with you on the flat you are buying, e.g. non-pr kids ), this time 2nd appointment will also be determined. meaning the date they will be handing over the key to you. not to worry HDB will send you an SMS reminder when the 2nd appointment is near.
After the first appointment, go to your lawyer to discuss the payment how much cash you will need to prepare and when to settle it if incase your CPF fund is not enough. it's all about payment settling here.
Then that's it! it's a simplified guide. in between you might want to ask the owner or HDB for guide if you get lost on the process.
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