Is HDB Valuation Compulsory?
After granting your Option To Purchase (OTP) from the seller of the flat. For those considering the purchase of an HDB resale flat while seeking a housing loan either from HDB or a bank or intending to utilize funds from your CPF OA, you’re obligated to procure a valuation from HDB. This necessitates lodging a Request for Value on the same day or at the latest, by the following business day.
What Is The Link For The HDB Resale Portal?
The official link to the HDB Resale Portal is https://services2.hdb.gov.sg/webapp/BB31ERESALE3/BB31SMain
And go down all the way down to the page and look for submit request for value and click on the button.
This is the page for all Housing & Development Board (HDB) flat resales to submit request for value and submit resale application.
How To Apply HDB Valuation Request?
To request an HDB valuation, follow these steps:
- Log in to the HDB e-Service with your SingPass.
- Click on “Submit Valuation Request”.
- Fill out the necessary information, such as flat type, block number, the property address and upload Page 1 of your Option To Purchase.
- Pay the valuation fee via NETS, credit card, direct debit or Paynow (the fee varies depending on the type of flat).
- After successful payment, you will receive a confirmation email and SMS.
Please note that only authorised applicants can request a valuation. These include:
- HDB Flat buyers
- Immediate family members of the flat buyer
- Public Trustee
- Official Assignee
- Your property agent
- Legal firms representing any of above
The result of the valuation is usually available within 7-14 working days after your payment has been received by HDB.
What If My HDB Resale Transaction Is Fully Pay By Cash, Do I Also Have Must Submit The Request For Value?
No, you do not need to request HDB flat valuation. This is because only if you are taking an HDB housing loan from HDB or taking Bank Loan like DBS, OCBC, UOB or others oversea banks. Do give us a call, WhatsApp or drop us an email and we will get your rate within an hour.
HDB Valuation Report Take How Long To Receive?
The duration for obtaining an HDB valuation report can vary. Typically, it takes about 7 to 14 working days from the date of the property inspection. You will receive SMS and email notifications once your HDB valuation is ready! Do take note if approx 10 working days you still have not received any email or SMS, please call the HDB hotline 1800 866 3066 and follow up on your valuation report.
The reason for follow up is that your OTP will be expired in 21 days and if you are taking a bank loan may take another 3 working to process your Letter of Offer (LO). This duration is subject to change based on factors such as the case’s complexity and the valuer’s workload. This is a general timeframe and it’s always best to check with your specific valuer or agency for more accurate information.
What Does The HDB Valuation Report Sample Look Like?
An HDB valuation report, which is a document assessing the market value of a property, typically contains the following details:
- OTP Serial Number
- Buyers Full Name
- Flat Address
- Flat Type of the unit
- Total floor area of the unit
- Lease commencement
- Remaining lease of the flat
- Validity Date of Valuation
- Status: Completed
- Basis of CPF usage and housing loan amount
The actual layout and content may vary slightly depending on the specific circumstances or requirements. Do Take Note: once you have gotten your report, quickly send the report to your banker to process your Letter of Offer (LO). As LO need approximately working 3 days to process before you can exercise your OTP.
What is Cash Over Valuation?
The purchase price or the agreed selling price is higher than the HDB valuation. Below is an example if the purchase price is $550,000 and the request for HDB valuation flat value shows $520,000. So that means the cash over valuation is $30,000.
This $30,000 have to be paid in cash in the cashier’s order on your completion day. You can purchase your cashier’s order only at your saving bank at $5 dollars.
How Much Is The HDB Valuation Report Fee?
The HDB valuation report fee is currently SGD $120 to submit a request for value to check what the value of the flat is worth. This includes GST. Please note that fees may vary and checking the latest rates on the official HDB website is always a good idea.
What is the HDB Valuation Report Validity?
The HDB Valuation Report application is within the 3-month validity period. This means, if you receive a valuation report on January 1, it will be valid until March 31. After that, a new valuation has to be obtained if the property transaction hasn’t been completed.
Can The HDB Valuation Report Be Used Again?
No, once the HDB Valuation Report is used for a transaction (such as an HDB resale flat), it cannot be reused for another transaction. Do Take note, if needed to request for value again on the same Option To Purchase (OTP), you need to wait till this OTP expires then you can submit a request again for the valuation of the flat.
Do take note, the new valuation value may not be the same as the 1st report. Furthermore, please note that the validity of an HDB Valuation Report is generally 3 months from its issued date. If three months have passed since the report was issued, you will need to apply for a new report.
Will Seller Know HDB Valuation Or Figure Out How Much The Property Valuation?
No, the seller will not know the HDB valuation unless you choose to disclose this information. It’s completely at your discretion.
In Singapore, the Housing Development Board (HDB) is responsible for public housing. When a flat is being sold, it’s common to conduct an HDB valuation. This provides an estimated market value of the property.
This information is typically known to the buyer as they usually request and pay for this valuation. The purpose of this valuation is mainly to help potential buyers secure a bank loan or determine how much CPF funds they can use for the purchase.
While there’s no rule that stops you from sharing this information with the seller, it’s typically not done because it could influence negotiations.
Here are a few points to remember:
- The seller does not automatically get access to the HDB valuation.
- The buyer can choose whether or not to disclose this information.
- Keeping this information private can be advantageous during price negotiations.
However, transparency can be beneficial in maintaining good relations between both parties as well. It’s really up to what feels right for your specific situation!