We want to further defer our key collection date. Can we do so?
Appointments are scheduled for flat buyers to collect their keys once the new flats that they have booked are completed.
One-month period for key collection
Those who need to change the appointment date should do so within one month from the date of the original appointment. Otherwise, their flat application can be cancelled, and they will forfeit 5% of the purchase price.
HDB will need to look into the circumstances of each request to defer the key collection beyond the one-month period. In most cases, buyers ask to defer the collection because of a change in their financial situation. If further deferment is assessed to be not the ideal solution, we will work with flat buyers to explore other housing solutions.
Case Example 1
Flat buyers, Mr A and Mdm B, appealed to defer collection of the keys to their new flat as they were in the midst of selling their existing flat. They needed the proceeds from the sale of their flat to finance the new flat purchase. As their resale transaction would only complete in about 8 to 10 weeks’ time, they asked to collect the keys to their new flat after the resale completion.
As Mr A and Mdm B were working towards completing their resale transaction, HDB agreed for them to collect the keys to the new flat after they completed their resale transaction. They received the sale proceeds, completed the purchase, and collected the keys to their new flat.
Case Example 2
Flat buyers, Mr X and Mdm Y, were unable to obtain sufficient loan to complete the new flat purchase, as Mdm Y was retrenched recently. They appealed to defer the key collection for 2 months so that Mdm Y could find a new job or raise the funds needed to complete the new flat purchase. HDB granted them a 2-month deferment, but despite this, they were still unable to complete the flat purchase.
As it is not possible to hold onto the flat indefinitely, their flat application was cancelled. In view of their financial circumstances, we exercised flexibility and waived the forfeiture upon cancellation of the application. We also helped them to buy another flat that was within their budget.