Terms and Conditions - Request for Value
Please read all the Terms and Conditions carefully.
1. A buyer who is financing the purchase of the flat with CPF savings or a housing loan from HDB or bank/financial institution must submit a request to HDB (“Request for Value”) to determine the value of the flat which forms the basis for his CPF usage and/or the reference for a housing loan from HDB or bank/financial institution, unless otherwise advised by a bank/financial institution (“value of the flat”).
2. Only the buyer who has been granted an Option to Purchase by the seller of the flat shall submit a Request for Value.
3. The buyer must, by himself or through his salesperson, submit the Request for Value# to HDB by the next working day after the Option Date as stated in the Option to Purchase granted by the seller.
# Please attach a scanned copy of page 1 of the Option to Purchase with the request.
4. HDB has the sole discretion to decide whether a valuation of the flat is required to determine the value of the flat. If HDB requires a valuation of the flat, HDB will assign any of the private valuation firms on HDB’s Panel of Valuers to conduct the valuation.
5. The buyer by submitting the Request for Value agrees to accept HDB’s decision whether a valuation of the flat is required and the valuation (if any) conducted by HDB’s assigned valuer. The buyer shall not specify any valuer to be assigned by HDB.
6. In granting the Option to Purchase, the seller agrees to the valuation of the flat, if required by HDB. He must, within three (3) working days after the day of HDB’s notification of the assigned valuer, allow the assigned valuer to enter the flat at any time in the day to inspect the flat for the valuation.
7. The processing fee for each Request for Value is $120 (GST inclusive) for the buyer who is granted an Option to Purchase on or after 1 January 2018.
8. After a Request For Value is submitted, the processing fee paid is non-refundable.
9. HDB's acceptance of the buyer’s Request for Value does not constitute an approval for the resale of the flat. Approval from HDB for the resale has to be separately obtained.
10. Once HDB has received the Request for Value, HDB will not accept another Request for Value for the same flat from the same buyer or different buyer until the Option to Purchase (referred to in clause 2) expires. HDB has the absolute discretion to determine when the next Request for Value may be submitted.
11. The buyer can check the status of the Request for Value from the HDB Resale Portal.
12. The value of the flat only applies to the Option to Purchase (referred to in clause 2) and is not valid for use in another resale transaction involving the same buyer under a different Option to Purchase for the same flat or another buyer of the flat, for which a new Request for Value must be submitted.
13. The buyer of the flat as stated in the Option to Purchase, Request for Value and resale application must be the same.
14. The value of the flat will remain valid for a period of 3 months from the day it is made available in the HDB Resale Portal. If the buyer does not submit a resale application within the 3-month validity period, he will have to submit a new Request for Value. In this event, the housing loan amount to be granted by HDB or bank/financial institution and the use of CPF savings for the purchase of the flat will be based on the value of the flat determined via the new Request for Value.
15. If there is a valuation, HDB retains all rights to the valuation and any resulting valuation report.
16. The buyer and seller must comply with the requirements and procedures for the Request for Value as determined by HDB from time to time in accordance with the prevailing policies, rules and regulations.
17. Any reference to working day means Monday to Friday, which is not a public holiday.
18. Non-compliance of any of the Terms and Conditions of Request for Value will render the Request for Value null and void and the processing fee paid will be forfeited.
Words herein importing the singular number or the masculine gender shall include the plural number or the feminine gender where applicable.
The processing fee paid is non-refundable.
CAUTION: IN ADDITION TO OTHER REMEDIES, THE HOUSING & DEVELOPMENT ACT (CHAPTER 129) PROVIDES THAT ANY PERSON WHO MAKES A FALSE STATEMENT IS LIABLE ON CONVICTION TO A FINE NOT EXCEEDING $5,000/- OR TO IMPRISONMENT FOR A TERM NOT EXCEEDING 6 MONTHS, OR BOTH.
Updated 1 January 2018