BTO: Here Are The Estates Launching in Nov ’17
With the upcoming BTO selection exercise starting in November, many of us are eagerly scrolling through the different estates and figuring out where would be the best place to settle down. Get started by checking the estates launching this coming November!
Estates For Upcoming Sales Launch
The upcoming sales launch has 2 non-mature towns (Sengkang and Punggol) and 2 mature towns (Tampines and Geylang). Couples looking for an estate closer to town, you would be interested to check out Geylang and Tampines but with MRT services located all around Singapore, getting to town from Sengkang or Punggol would be no problem either!
TIP: Sign up for the HDB eAlert service which will alert you through SMS or email once the sale launch is open. It’s completely free too!
Housing Grants Available
In our previous article on the similar topic of housing, we shared about the priority schemes that first time buyers get to enjoy. Apart from that, there are also CPF grants available which can go up to $110,000 if you are applicable for the Additional Housing Grant (AHG) and the Proximity Grant. Check out the approximate grant you are eligible for below!
How To Apply For BTO
Step 1: Check Eligibility
You have already decided on getting a BTO but before that, be sure to check out if you’re eligible for the type of flat you want. For 3-room flats and bigger, you will have to:
- Be qualified under the Public Scheme, Fiancé/Fiancée Scheme, Orphan Scheme
- Have at least 1 Singaporean applicant
- Be at least 21 years old
- Fall within the income ceiling of the flat of your choice
- Not own property overseas or in Singapore
- Have not bought a new HDB/DBSS or EC before
- Have not received CPF housing grant before
Step 2: Submit Application
During the one week application period, you will be required to submit your application to HDB InfoWEB or visit HDB hub. In order to do so, you will be required to pay an admin fee of $10 through credit card.
Once the application period is over, you can expect to receive your ballot and queue position, you can check your status here.
Step 3: Book A Flat
When it’s your turn in the ballot queue, you will be required to book a flat. Before you do that, be sure to check the flat’s availability. Once you have chosen the flat of your choice, you will be required to pay an option fee depending on the flat type. This is also where you can opt for the Optional Component Scheme (OCS) which adds the convenience of making your home closer to move-in conditions.
Step 4: Sign Agreement For Lease
You can expect to wait for close to 4 months for HDB to inform you to sign the lease agreement. This is where you will be expected to pay for the down payment, stamp fees, and legal fees.
Step 5: Collect Your Keys!
You can expect to collect your keys in 3 years’ time when the flat is completed! To make your whole application process smoother, be sure to bring the required documents along. Below is the compiled list of payments!
Buying a house is a big decision requires a lot of financial planning, check out our community where we discuss the best ways to save, invest and spend money!