HDB Resale: How to Buy Your HDB Flat in Singapore without an Agent

For HDB home-seekers, check out how you can buy your HDB Flat in Singapore without an agent and save on agent fee. 

The transaction is usually faster than buying a BTO Flat. HDB Flats more than 5 years old are place for sale.  You can choose any location of your preference and the price is based on market value.  The price is agreed between you and the seller.

Only Singaporean or Singapore PR can purchase resale flat from the open market.  Foreigners are not allowed to purchase resale HDB flat.

Read the step-by-step guide to find out how you can buy an HDB resale flat on your own!

How to Buy HDB Resale Flat Without an Agent

  1. Register Your Intention to Buy
  2. Plan Your Finances
  3. Select Your Home
  4. Receive the HDB OTP (Option to Purchase) From The Seller and Exercise it
  5. Submit the Resale Application to HDB portal using your Singpass
  6. Congrats! Time to Attend Your HDB Resale Completion Appointments To Collect The Keys to Your New Home.

Pre-purchase checks for home purchasers

Before you go ahead, you should double-check whether you are eligible to buy a resale flat here for specific eligibility schemes unique to you.

Generally, there are two considerations for you to consider before buying your HDB resale flat.  They are:

Income ceiling

There are no income ceilings for the purchase of HDB resale flats! However, it might affect the housing grants that you can apply for.

Ownership of other properties

By purchasing a resale flat, you should not have any other HDB flats, private or overseas property.

If you do own one, dispose of them within 6 months of your resale flat purchase transaction.

 Now, you’re ready to start your home-buying journey:

1. Register Your Intention to Buy

Log in to the HDB Resale Portal via your Singpass to register your “intent to buy” an HDB Resale Flat. 

There is no fee involved for this registration, and you will receive an instant evaluation on your eligibility to buy a resale flat.

Also, you can view all the housing grants you can apply for and whether you can take an HDB housing loan.

2. Plan Your Finances

In determining the suitable flat choices within your budget, here are some financial planning considerations to make it easier for your search.

  • Cash and CPF savings
  • Housing Loan
  • CPF Housing Grant Scheme
  • Payments involved

Use these HDB financial tools to get a gauge of your current financial position and how much you can borrow.  

How much must you pay upfront as down payment?

You are to pay a minimum of 10% of the selling price as down payment in cash and/or CPF, when taking a HDB Loan. 

There is a income limit of $6,000 for singles and $12,000 for joint buyers, when applying for the HDB loan for your purchase.

If you are taking a bank loan instead, you are to pay a minimum of 25% of the market value of the HDB flat, of which a minimum of 5% must be in cash.  The rest can be paid in cash and/or CPF.  You can only borrow up to a maximum of 75% of the market value of the HDB flat from the bank.

It is also important for you to note that HDB loans mortgage repayment is capped at 25 years or when you reach 65 years old, whichever is shorter.  Bank loans for mortgage repayment are capped at 25-30 years.

Check to see if you qualify for a family grant here. Most Singaporeans are eligible for at least $50,000 of Family Grant if they’re applying as a couple, or $25,000 of Singles.

The rest of the outstanding amount will be paid via your monthly loan instalment, with the interest.

You may get an estimated loan amount from HDB at the Enquiry on Loan Estimate e-service.

Cash and CPF savings

Cash payment must be made for:

  • The deposit to the seller at OTP .
  • The minimum of 5% cash payment when you take bank loan.
  • When you have insufficient CPF amount to pay for the down payment of 10% for HDB loan and 25% for bank loan.
  • Cash proceeds for the last flat if you are taking a second HDB loan.

Part of the cash proceeds from the disposal of your existing or previous home will be set aside if you are getting a second HDB loan. This amount determines the loan amount for your second loan.

CPF Ordinary Account can be used to pay for:

  • The 10% deposit of your HDB payment, if you are using HDB loan and the remaining 20% of the 25% deposit (a minimum of 5% must be paid in cash) if you are taking the bank housing loan.
  • Monthly instalment payment for your loan

The CPF withdrawal limit may only allow you to use a certain amount of your CPF savings for the flat purchase. Check here for limitations regarding flats with less than 60 years lease. 

Check Out Your Housing Loan

You can take your housing loan with HDB or a bank in Singapore.

If you are taking the HDB housing loan, you must first apply for the HDB Loan Eligibility (HLE) letter and received a valid HLE letter so seller can grant you the OTP.

If you are taking bank housing loan, you must first obtain a Letter of Offer (LO) from the bank, before you exercise the Option to Purchase.

CPF Housing Grant Scheme

You can use the CPF Grants for the initial payment of your flat and for reducing the housing loan amount. Check the different types of CPF housing grants here.

Payments for HDB House Purchase.

These are the payment you would need to put aside for your HDB home purchase.

  • Deposit to the seller (up to a max of S$5,000)
  • Initial payment less the above deposit. (Minimum of 10% if you take HDB housing loan and minimum of 25% if you take bank housing loan)
  • Your monthly instalment payment for the settlement of the housing loan.
  • Other related fee like Insurance, legal and administrations fee (check here for more details)

3. Select Your Home

Check out various online platforms that give you the options of HDB flat for sale for your purchase.

Check out the listings of HDB flats for sale by owners and property agents in DGuruproperties website.

Check the HDB Proximity Housing Grant (PHG) to see if you are eligible for the grants.  After narrowing down your choices, you should also check on the Ethnic Integration Policy (EIP) and Singapore Permanent Resident (SPR) Quota of the location on the HDB website to ensure you qualify for the purchase.

4. Receive the HDB Option to Purchase (OTP) from the seller and exercise it

Once you have reached a consensus with the seller regarding the sale price, they will then offer you an Option to Purchase.

On signing of the Option to Purchase, you will pay the seller the Option Fee or deposit stated, to reserve the flat.

Option fee is capped at S$5,000.

You are given 21 days to exercise the OTP by submitting your documents to HDB.  The expiry date is on the 21st day of the OTP, up to 4pm.

Once 21 days have lapsed, the seller can offer the flat to anyone else, and you would lose your deposit and the chance to purchase the flat. 

5. Submit Resale Application to HDB

Your seller and you will have to submit your respective portions of the resale application separately, within 7 days of either submission.

6. Congrats! Time to Attend Your HDB Resale Completion Appointments To Collect The Keys to Your New Home.

When the HDB appointment is confirmed. Attend the HDB Appointment with the seller and get the keys to your new home!

480 Lor 6 Toa Payoh
Singapore 310480
Mon-Fri: 8.30AM – 5PM
Sat: 8.30AM – 1PM
Sun: Closed 

Purchasing your resale HDB flat in Singapore, made easy here

Congratulations, you are now a proud owner of your new home.

Buying your flat via the HDB Resale Portal is very much easier for buyer.

This easy step to step guide will help your purchase your own, HDB resale flat, without any hassle nor agent.

Enjoy your selection and purchasing of your dream home with HDB resale flat made easy here.