Hello! Just thought I would pop in here today to share the step-by-step process of how we got our BTO flat. Hopefully this is useful for anyone reading it! 🙂
1. Apply through HDB website
We first applied on November 2012 (for Compassvale Mast) and we received the results a month later, December 2012. There were a total of 890 4-room flats and our balloted queue number was 1,938. That means a very slim chance that we would be entitled to select a unit at HDB office. 😦
However on March 2013, we came across under BTO which we were quite keen in – Compassvale Cape. So we tried for a second time.
Note that you have to pay $10 each time you apply.
Results came a month later (April 2013) and our queue number exceeded again! We balloted a number of 1,215 and the total flats were only 841. 😦 But there might still be a chance for us to select our unit because some applicants might ‘drop out’ in the end. So we prayed hard!
2. Invitation Package
In June 2013, we received our invitation package via snail mail and was super excited that we could actually go down to HDB to select our unit!! 😀 Our appointment was in September 2013 and Dennis actually went to stalk the HDB website everyday to see how many units were left.
3. Book a flat + $2,000 Option Fee
Thanks to technology, we managed to see all the units left and began our selection process. On the day of selection, we went down to HDB office earlier to look at the model of the house so as to have a better view of which unit we wanted (i.e. facing main road, facing MRT, facing playground, etc).
We selected our unit, then the officer printed all our documents bearing our names, and full address! Yippee so excited to see our names as home owners! Officer will also tell you the Purchase Price of your flat.
To exercise our option, we need to:
(a) Sign 2 copies of the Agreement for Lease (AFL),
(b) Pay 5% of Purchase Price if obtaining HDB Loan, or 10% of Purchase Price if obtaining Bank Loan,
(c) Pay Legal and Stamp fees.
You also need to tell the officer whether you want to opt in or opt out of the Optional Component Scheme.
Note: decision of OCS is final and irrevocable once you sign on the line!
Optional Component Scheme includes:
- Internal timber doors,
- Sanitary fittings for all bathrooms (includes shower head/ mixer, wash basin, and wash basin tap),
- Floor finishes in living/ dining room, bedrooms, and balcony.
4. Agreement for Lease + Downpayment + Stamp Fees
One month later, October 2013 we were informed we need to go down to HDB Office to sign the Agreement for Lease (AFL).
We were also eligible for Staggered Downpayment Scheme, whereby we only need to pay 5% downpayment at the time of signing the AFL and remaining 5% only when we receive keys to the flat! Probably because we didn’t have enough $$$ in our CPF. :S
So we went ahead to pay (from our CPF account):
- 5% downpayment,
- Stamp fees (about $5k),
- Conveyancing fees (about $200)
We also got back our $2k Option Fee!
Hope this helps and feel free to leave a comment if you have questions! 🙂 Good luck!