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You must pay the balance purchase price and resale levy (if applicable) in full before you can collect the keys.
You can pay the balance of the flat purchase price by cash, CPF savings, housing loan (if eligible), or a combination.
If you are taking an HDB housing loan for the flat purchase and selling your existing flat at the same time, you may request for a Contra Payment Facility, which provides you with an additional loan on top of your housing loan, after all your available CPF OA savings balance is used for the flat purchase.
If you are not taking a housing loan, you may still request for a temporary loan to pay for your flat purchase and thereafter, redeem the temporary loan by using the net proceeds from the sale of your existing flat. The request can be made when you submit a resale application to sell your existing flat.
You must pay the balance purchase price and sales premium/ resale levy in full before you can collect the keys to your booked flat, as housing loan is not allowed for the purchase of short-lease 2-room Flexi flats.
However, if you are selling your existing flat at the same time, you may request for a temporary loan to pay for your flat purchase and thereafter, redeem the temporary loan by using the net proceeds from the sale of your existing flat. The request can be made when you submit the resale application to sell your existing flat.
Second-timer applicants are required to pay a resale levy for the purchase of a second subsidised flat, before they can collect the keys to the flat.
The resale levy payable is based on when the first subsidised flat was sold and will also be made known to you when you book your second subsidised flat. The levy applies regardless of ownership type (joint-tenancy or tenancy-in-common) or shared interest in the flat. The levy can only be paid using cash or your flat sale proceeds, and cannot be paid through an HDB housing loan or CPF savings.
Resale levy to be deducted from the net proceeds upon the sale of the first subsidised flat
Any shortfall to be paid in cash
When you collect the keys to the new flat, you have to pay a survey fee. You may also need to pay the registration fees and stamp duty on the Deed of Assignment.
There are 2 types of registration fees:
The survey fee payable is based on the flat type you are buying. Please note that the survey fee is subject to GST.
The stamp duty for the Deed of Assignment is payable if you are taking a housing loan. It is calculated at 0.4% of the loan amount, subject to a maximum of $500.
The HPS is a mortgage-reducing insurance scheme offered by the CPF Board. You have to be insured under HPS if you want to use your CPF Ordinary Account savings to pay your monthly loan instalments.
In the event of permanent disability or death before the insured person turns 65, the CPF Board will pay the outstanding housing loan amount, based on the amount insured under HPS.
The premium is paid annually using your CPF OA savings or cash. The premium amount depends on factors such as your declared percentage of coverage, loan amount, age, and gender.
For more information on HPS, you may visit the CPF Board website. The CPF Board website also has a Home Protection Scheme Premium Calculator you may use to estimate the HPS premium amount.
If you are taking a housing loan from HDB, you have to buy a fire insurance policy from our appointed insurer.
On the day of your appointment to collect the keys, please produce a valid Certificate of Insurance on the flat issued by our appointed insurer, FWD Singapore Pte Ltd (FWD).
The HDB fire insurance only covers building structures, fixtures and fittings provided by HDB. It does not include home contents such as furniture, renovations, and personal belongings. For more details about the HDB Fire Insurance, you may call FWD’s enquiry line at 6820-8888, or visit the FWD's website.
You are encouraged to buy additional home insurance from any insurer if you wish to go further to extend protection over your home contents that are not covered under the HDB fire insurance.
For those who are not taking a housing loan, you are also encouraged to buy a fire and home insurance for your flat. You may do so from any insurer.
The Contra Payment Facility provides you with an additional loan on top of your housing loan, after all your available CPF OA balance is used for the flat purchase. It makes up the shortfall in funds to complete your flat purchase, if you need the net proceeds from the sale of your existing flat to cover the shortfall.
When you buy a flat from HDB and sell your existing flat, the Contra Facility can help you to:
You will have to redeem this additional loan with the net proceeds from the sale of your existing flat. Interest will be charged for this additional loan based on the interest rate charged for your HDB housing loan.
To qualify for the Contra Facility, you must have:
You must be:
To help you in your planning, please take note of these conditions for the Contra Facility:
The TLS helps flat buyers who intend to use the net proceeds from the sale of their existing flat to pay for their flat purchase, without taking a housing loan. You may apply for a temporary loan to complete the flat purchase first, while the sale of your existing flat is underway.
The temporary loan is a mortgage of the new flat and will be redeemed subsequently, with the net proceeds from the sale of your existing flat.
To qualify for the TLS, you must have:
After your resale application and temporary loan have been approved, you will be invited to collect the keys to your booked flat. The temporary loan will be offered at the prevailing non-concessionary interest rate (pegged to the average non-promotional interest rate for HDB flats offered by the 3 local FIs+). If the temporary loan amount (capped at the net proceeds from the sale of your existing flat) is not enough to complete your flat purchase, you must top-up the shortfall in cash within the time period HDB provides so that you can collect the keys to the booked flat.
+ The 3 local FIs are DBS Bank Limited, Overseas-Chinese Banking Corporation Limited, and United Overseas Bank Limited.
If you wish to apply for a temporary loan, please submit the request when you apply to sell your existing flat.
You need a POA if you are unable to sign the Agreement for Lease or collect the keys personally.
A Power of Attorney (POA) is a legal document that allows a person ('donor') to appoint another person ('attorney') to act on his behalf and in his name on matters specified in the POA.
If you are unable to collect the keys to the booked flat personally, you have to appoint a POA.
Learn about the conditions that flat buyers have to follow after moving into their flat.