This is part 4 of our 6 part guide to buying a HDB BTO flat. Part 3 tells you all you need to know about the BTO applying process. You can find it here.
In Part 4 of this guide, we will be talking about one of the most exciting, if not the most exciting part of your BTO journey. Collecting your keys and officially becoming homeowners!
After 3 years of waiting, your flat is finally ready for viewing! HDB will SMS you that you may head down to HDB Hub to collect your keys, you will need to book an appointment via their website using your SingPass account. Remember to print the appointment letter and sign the declaration form. Here’s what you need before you head down.
- Working Singpass Account and Mobile Phone/Token
- Your ROM Marriage Cert for those applying under the marriage scheme
- Required Giro forms if you decide to pay by cash or monthly installments.
However, there’s one thing you need to do before heading down for your appointment.
Buy HDB Fire Insurance
For flat owners who bought their BTO using the HDB Housing Loan, you are required to purchase HDB Fire Insurance issued by ETIQA. They are the only approved fire insurance insurer appointed by HDB. Don’t worry too much about the price of the insurance as it only costs $5.50 for a 4-room flat for 5 years.
We would recommend that you apply for fire insurance before your appointment. Although it can be done on the day itself, it’ll save you the time and hassle as there’s quite a lot to do on that day! You will also need to print out the ETIQA Fire Insurance form before you can proceed with the application.
Here’s how you can apply for the ETIQA Fire Insurance,
It is recommended to have your tummy filled or get a small bite before your appointment as it’ll take quite some time.
Here are some key things that’ll happen during the appointment:
Home Protection Scheme (HPS)
HPS is mortgage-reducing insurance, in the event of death, terminal illness or total permanent disability. HPS insures members up to age 65 or until their housing loans are fully paid up, whichever is earlier. If you are age 55 and your housing loans are fully paid up, your HPS ends at age 55.
You can calculate how much you need to pay using this calculator but for your info, the HPS Premium is calculated based on these 4 factors:
- Outstanding housing loan on the flat
- Loan repayment period of the flat
- Type of loan (concessionary or market rate)
- Age and gender of the member
Generally, the higher the loan amount, the higher the premium. On the bright side, you only need to pay 90% of your insured period. For example, if you are age 25 and you have 30 years of insurance till age 65, you only need to pay till you are 61. The premium will be prioritized over your monthly housing instalment to ensure that you will still be insured, meaning that the premium will be deducted first then the housing instalment.
You are required to apply for HPS Premium if you are planning to use your CPF Ordinary Account(OA) to pay your housing loan.
A lot of people have this misconception that HDB is in charge of HPS. However, the fact of the matter is that this is issued by the CPF Board. Hence, questions about HPS should be sent to the CPF board. To apply for HPS you will need to log in to your Singpass. You will also need your mobile phone/token. After this step is complete you will get the confirmation and certificate for HPS in the mail.
Afterwards, the HDB officer will brief you about the warranty for the flat, restrictions on renovations, etc. You will also be given the Resident’s Feedback Form (for use in submitting our list of defects), the application form for interbank GIRO to pay for monthly Service and Conservancy Charges.
After signing these papers go up to the payment counter at level 3 to pay for our 1st Month Service and Conservancy Charges. (Subsequent monthly payments can be made through AXS machine or interbank GIRO.
Only after you have made payment will you be handed your keys!
Utilities (SP Group)
One last thing that you should do before leaving HDB Hub is to also to settle your utilities even though you might not be moving in right away, this is because SP Group is just located at level 2! Just head over there to open your utility account, it’s pretty convenient! However, if the queue is too long, fret not, you can head over to the Singapore Power (SP) Groups site, register for an account and book a slot for the SP technician to come down.
No payment is needed when you open your account, SP Group will only charge you on your first bill onwards, do note that for your first bill, there will be an extra $100 charge as security deposit so don’t be alarmed when that happens. During the process, you’ll be required to schedule a date for an SP Technician to head over to your house to activate the water and electricity supply (you don’t have to be home).
Also, inside your letterbox will have a key which lets you turn on the water supply outside your house, keep the key somewhere safe as your future SP Technician will need it for quality checks.
Viola! You’re finally homeowners and now it’s time to prep for moving in, which we will be guiding you what are the things you should do!
New to IUIGA? Check out our extensive range of home essentials with bathroom accessories, home & decor items, bedding and furniture you’ll want to come home to!
This post is part 4 of The BTO Guide to End All BTO Guides series. You can find the rest of the guide here:
Researching Understanding And Planning Stage:
Click here for Part 5 – First Look: Opening Rituals and Inspections.