Written by: Benjienen Toledo
A buyer who is financing the purchase of the flat with CPF savings or a housing loan from HDB or bank/ financial institution must submit a request to HDB (“Request for Value”) or commonly referred to as home valuation to determine the value of the flat.
HDB’s acceptance of the buyer’s Request for Value does not constitute approval for the resale of the flat. Approval from HDB for the resale has to be separately obtained.
Why is it significant to determine the flat value?
Determining the value of the flat forms the basis for a Buyer’s CPF usage and/ or the reference for a housing loan from HDB or bank/financial institution unless otherwise advised by a bank/financial institution (“value of the flat”).
Who can submit a Request for Value?
Only the buyer who has been granted an Option to Purchase by the seller of the flat shall submit a Request for Value.
When should you submit a Request for Value?
The buyer must, by himself or through his salesperson, submit the Request for Value with an attach a scanned copy of page 1 of the Option to Purchase with the request, to the HDB by the next working day after the Option Date as stated in the Option to Purchase granted by the seller.
Can the Buyer choose the valuer of the flat?
HDB has the sole discretion to decide whether a valuation of the flat is required to determine the value of the flat. If HDB requires a valuation of the flat, HDB will assign any of the private valuation firms on HDB’s Panel of Valuers to conduct the valuation.
The buyer by submitting the Request for Value agrees to accept HDB’s decision whether a valuation of the flat is required and the valuation (if any) conducted by HDB’s assigned valuer. The buyer shall not specify any valuer to be appointed by HDB.
How is the Seller involved in this process?
In granting the Option to Purchase, the Seller agrees to the valuation of the flat, if required by HDB. The Seller, within three (3) working days after the day of HDB’s notification of the assigned valuer, allows the assigned valuer to enter the flat at any time in the day to inspect the flat for the valuation.
How much should the Buyer pay?
The processing fee for each Request for Value is $120 (GST inclusive) for the buyer who is granted an Option to Purchase on or after 1 January 2018. After a Request For Value is submitted, the processing fee paid is non-refundable.
Can a Buyer submit a Request for Value twice?
Once HDB has received the Request for Value, HDB will not accept another Request for Value for the same flat from the same buyer or different buyer until the Option to Purchase (referred to in clause 2) expires. HDB has the absolute discretion to determine when the next Request for Value may be submitted.
Can a Buyer use the value of the flat in another resale transaction?
The value of the flat only applies to the Option to Purchase and is not valid for use in another resale transaction involving the same buyer under a different Option to Purchase for the same flat or another buyer of the flat, for which a new Request for Value must be submitted.
The buyer of the flat as stated in the Option to Purchase, Request for Value and resale application must be the same.
What is the validity period of the value of the flat?
The value of the flat will remain valid for 3 months from the day it is made available in the HDB Resale Portal. If the buyer does not submit a resale application within the 3-month validity period, he will have to submit a new Request for Value. In this event, the housing loan amount to be granted by HDB or bank/financial institution and the use of CPF savings for the purchase of the flat will be based on the value of the flat determined via the new Request for Value.
If there is a valuation, HDB retains all rights to the valuation and any resulting valuation report.
How to Request for Value of the flat?
- Request for Value can be submitted by the Buyer or the salesperson they have engaged.
- Use the HDB e-Service to log in using your NRIC no. and SingPass before they can proceed with the submission.
- The buyers can check the status of the Request for Value via HDB Resale Portal. HDB’s letter that informs the buyer of the value will remain available for viewing and download until 1 month after the resale completion.
Here is the required information to submit Request for Value:
- Address of the flat
- OTP Serial Number, Option Grant Date, Purchase Price, Option Fee
- Scanned copy of page 1 of the OTP (Need to attach a scanned copy of page 1 of the OTP in the Request for Value. File attachment has to be lesser than 5.0 MB and in PDF, JPG, GIF, TIF or PNG file format). The filename must not exceed 90 characters.
- Flat seller’s name, NRIC no., contact numbers and email address
- All buyers’ names and NRIC no.
- Contact details of 1 buyer
- Requestor’s contact numbers and email address
Here is the complete Terms and Conditions of Request for Value.
Ready to take action? Submit Request for Value now.
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