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● If you want to sell or buy a , take note! HDB is set to enhance the flat buying and selling process by introducing a new service on its online HDB Flat Portal. This initiative is designed to foster a more convenient and transparent user marketplace where you can browse and compare new and resale flat options on a single platform To ensure trustworthiness, the service will be accessible exclusively to buyers who possess , genuine sellers and their property agents who have registered an Intent to Sell their flats with HDB. The rollout of the new service on the HDB Flat Portal will occur in two stages, starting with a soft launch today (13 May 2024) and an official launch later this month. Here’s everything you need to know! HDB’s new RFL service will allow flat owners to list their flats independently on the HDB Flat Portal or have their property agent handle the listing. The RFL service will combine listings of available HDB flats with existing resources on the HDB Flat Portal. This includes details on , a comprehensive loan listing service, financial calculators, and information about the HFE letter. By consolidating all this information, the portal will provide a smoother and more integrated experience for both sellers and buyers as: When the RFL service officially launches, flat will need a and buyers must have a to access all its features. This requirement enhances the user experience and ensures transparency, positioning the RFL service as a reliable marketplace for genuine transactions. Listings on the RFL service are verified and unique, improving the service’s accuracy and trustworthiness. In addition, all user interactions on the HDB Flat Portal are secured through Singpass, making the marketplace safer and more efficient for sellers and buyers, with or without agents. Additionally, the RFL service offers a broad selection of HDB flats and various customised tools for users. An automatic feature alerts sellers if their asking price is more than 10% higher than the highest price of similar units sold in the last six months. This helps sellers set more realistic prices, contributing to a healthier and more sustainable property market. With the RFL service, sellers who have a valid Intent to Sell can either: The listing process is simple and straightforward. Key details like the address, flat type, and floor area are filled in automatically from HDB’s records. Sellers simply need to add photos and a description of their flat for marketing. Once the flat is listed, sellers can set up viewing appointments for prospective buyers to book. To prevent duplicate listings, each seller is allowed to post only one listing for a flat. This RFL service was designed to enhance user satisfaction and ensure its overall quality by providing sellers with confidence that potential buyers contacting them through the RFL service are eligible to buy an HDB flat. Although all prospective buyers can view the listings, only those with a valid HFE letter can access the sellers’ contact information or arrange viewings via the HDB Flat Portal. Once a seller has secured a buyer who has exercised the Option to Purchase (OTP), they can then submit their resale application on the HDB Flat Portal. Although any Tom, Dick and Harry buyer can look at flat listings on the RFL service, only those with a valid HFE letter can access sellers’ contact details and set up viewing appointments via the HDB Flat Portal. As a buyer, you can also see information about new and upcoming flat launches and resale flats. They can filter searches by various criteria such as location, flat type, remaining lease, and adherence to the Ethnic Integration Policy (EIP) and Singapore Permanent Resident (SPR) quotas. Buyers can tailor a search profile to their preferences and receive email alerts when listings match their criteria. The platform’s list includes comprehensive details such as flat attributes, floor plans, photos, recent transaction prices of similar flats, local amenities, and current EIP and SPR quotas. This information enriches the user experience by ensuring it’s easy and informative and verifies that all flats listed are legitimately owned by sellers authorised to sell. Prospective buyers can scrutinize the features of different flats, along with preliminary financial plans that include monthly loan payments and necessary cash payments. Buyers holding a valid HFE letter have the added advantage of viewing customized payment plans that consider approved housing grants and eligibility for HDB loans, aiding them in assessing whether the flats are within their financial reach. Once they decide on a purchase, they can formalize their intent by exercising their Option To Purchase and then submit their resale application via the HDB Flat Portal: Pretty neat for those who want to . The RFL service provides a helpful tool for property agents, allowing them to better assist their clients. Agents can use a personalised dashboard on the HDB Flat Portal to manage their clients’ activities efficiently. This dashboard shows an overview of all their clients and their responsibilities for each, helping agents focus on providing extra services like budgeting and advising on future steps. If you plan to sell your flat with the RFL service, re I believe HDB is enhancing the resale flat buying and selling experience with its new Resale Flat Listing (RFL) service, launching in two phases starting with a soft launch today, 13 May 2024. This service integrates new and resale flat listings and financial tools on a single platform, ensuring only buyers with valid HDB Flat Eligibility (HFE) letters and sellers or their agents with registered Intent to Sell can participate, enhancing transparency and convenience. Key features include alerts for sellers if their prices exceed recent transactions by more than 10%, and a personalized dashboard for property agents to manage client activities efficiently. The official launch will occur later this month, aiming to provide a reliable and efficient marketplace for HDB transactions, supporting buyers and sellers in making smarter personal finance decisions.