Lesson 16. Life Mastery Academy Pte Ltd. All Rights Reserved

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1 Lesson 16

2 Unit 4 Property Transactions, Laws and Practices 4.5 Sale of HDB flats Ascertain the seller s eligibility to sell HDB flat/dbss flat/ec in the open market. Check whether the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota, if applicable, have been met. Execute the resale checklist for buyer or seller, and observe the procedure for entering into a binding contract using the OTP, including the cooling-off period for seller, the prescribed option fee and deposit, and the option period. Submit the resale application for the buyer or seller, observing the requirements on timeframe and information to be provided; and assist client from the first appointment to resale completion. Execute the above agency work using HDB e-services across available media platforms. Understand S51 of H&D Act against pledging an HDB flat as security or collateral for any debt. Keep abreast of policy and procedural changes relating to buying and selling of HDB flats.

3 4.5.5 Ascertain Seller/s Eligibility to Sell Unit 4 Page 86

4 4.5.5 Ascertain Seller/s Eligibility to Sell 1. Verify rightful seller through IRAS Valuation List or INLIS. 2. Check that Minimum Occupation Period (MOP) is fulfilled by seller. This is calculated from the date whereby keys to the flat are collected. MOP is also dependent on the purchase mode, flat type and date of flat application. E-service available at HDB site. (Refer to next slide for MOP)

5 Minimum Occupation Period Purchase Mode Flat bought from the HDB DBSS flat bought from a developer Flat bought under the Selective En bloc Redevelopment Scheme (SERS) MOP 5 years 5 years 5 years; or 7 years from the date of selection of the replacement flat, whichever is earlier. Flat bought under the SERS with portable SERS rehousing 5 years benefits Resale Flat bought from the open market with the CPF 5 years Housing Grant Resale Flat bought from the open market without the CPF Housing Grant: 1-room flat No MOP 2-room or bigger flat on or after 30 Aug 10 5 years with date of flat between 5 Mar - 29 Aug 10 3 years application: before 5 Mar 10 2½ years if you took an HDB loan; or 1 year if you did not take an HDB loan

6 4.5.5 Ascertain Seller/s Eligibility to Sell 3. Ethnicity eligibility (as covered earlier) 4. Special cases a. Bankruptcy Under the Housing & Development Act, so long as one of the flat owners of the HDB flat is a Singapore citizen, the HDB flat (of any type) will not vest in the Official Assignee ("OA") in the event of bankruptcy of any or all of the flat owners; i.e. the flat owners would not be compelled to dispose of their flat. However, notwithstanding the above, if the purchase of the flat has been financed with a mortgage loan from a bank or the HDB, then the flat may be sold by the bank through a mortgagee sale, or compulsorily acquired by the HDB in the event the owners default in the mortgage repayment and run up mortgage arrears. The Official Assignee's consent is not required if a bankrupt flat owner wishes to sell his/her HDB flat which does not vest in the Official Assignee. This applies to bankrupt flat owners who belong to Singapore citizen households. For bankrupt flat owners of Singapore Permanent Resident Households ("SPR households"), it is a requirement that they get the Official Assignee's consent before they can sell their flat. The letter of consent must be obtained from the OA before the owners grant an Option to Purchase to the prospective buyers.

7 4.5.5 Ascertain Seller/s Eligibility to Sell 4. Special cases (Cont d) b. Divorce If the divorce occurs after the requisite minimum occupation period has been fulfilled, the flat owner may be allowed to sell the flat provided he/she meets all eligibility conditions for resale. The seller must produce the following documents: Deed of Separation; or Decree Nisi and Certificate of Making the Decree Nisi Absolute/Divorce Certificate; and Court Order (if any) An official English translation of the above documents by a sworn interpreter of the Supreme Court or Subordinate Courts is required if the documents are not in any of the four official languages.

8 4.5.5 Ascertain Seller/s Eligibility to Sell 4. Special cases (Cont d) b. Divorce (Cont d) Under the HDB's prevailing policy for divorce (not due to nonconsummation of marriage or annulment or break-up of Fiancé / Fiancée relationship), a divorced party who has the custody of the child (including care and control) is allowed to retain the flat subject to the eligibility conditions. If there are no children from the marriage, the divorced party (flat owner) may retain the flat under the Single Singapore Citizen (SSC) Scheme, provided: he / she is a Singapore citizen he / she is at least 35 years old the matrimonial flat must be a resale flat purchased from the open market without the CPF Housing Grant for Family.

9 4.5.5 Ascertain Seller/s Eligibility to Sell 4. Special cases (Cont d) b. Divorce (Cont d) If the matrimonial flat is bought directly from HDB (including resale flats bought with the CPF Housing Grant for Family), the 5-year minimum occupation period (MOP) must be satisfied before the divorced party is allowed to take over the flat under the SSC Scheme. Alternatively, the divorced party may include another person to retain the flat, subject to the prevailing eligibility criteria and eligibility scheme regardless of the occupation period. If the divorced owners wish to resell their flat in the open market, they must have completed the MOP for the flat, as at the date of divorce completion. If the divorce is within the MOP and none of the owners is eligible to retain the flat, the owners may have to return the flat to HDB, subject to HDB's approval. The compensation for the return of flat will be determined by HDB

10 4.5.5 Ascertain Seller/s Eligibility to Sell 4. Special cases (Cont d) c. Deceased The Administrator/Executor must produce the following documents: Death Certificate (original and 3 photocopies); Grant of Letters of Administration/Probate (if applicable); The Last Will/Inheritance Certificate (if applicable); Court Order to sanction the sale (if applicable)

11 4.5.6 Resale Checklist Unit 4 Page 88 Introduced to provide RES with a standard list of important items to highlight to their clients before they commit to buy or sell their flat. To assist sellers and buyers in making prudent decisions, HDB has enhanced the Resale Checklist for the sale and purchase of resale HDB flats as well as the submission procedures. Starting from 1 November 2010, all resale flat buyers (previously, only sellers are required) have to go through the Resale Checklist. All RES engaged by the buyers will have to go through the Resale Checklist for Housing Agent engaged by Buyers with the buyers. The checklist: Comprises of the list of important items for HDB transaction Helps prevent resale transaction from cancellation or delay by ensuring that all necessary documents are available for checking and processing

12 Resale Checklist for Buyers For buyers who have not engaged the services of a RES Step 1 Log In Step 2 Provide Personal Particulars Step 3 Complete Checklist Step 4 Review Data and Submit Checklist Buyer is to log in to Resale Checklist for Sellers/Buyers e-service using SingPass and click on the Submit New Checklist button. Particulars of all the buyers and address must be provided Buyer must go through each and every item in the checklist with all co-buyers (if any). Buyer is to review information entered before clicking on the Submit button to submit the checklist to the HDB. An acknowledgement page with a checklist serial number will be displayed upon successful submission of the checklist. The acknowledgement page will also be sent to address provided in step 2.

13 Resale Checklist for Buyers For buyers who have engaged the services of a RES Step 1 Salesperson Log In Step 2 Provide Personal Particulars Completion of Resale Checklist by Salesperson RES is required to go through and complete the checklist with buyer/s. The salesperson logs in to the Resale Checklist for Sellers/Buyers e- Service using his SingPass and clicks on the Submit New Checklist button. The salesperson provides his personal particulars, the particulars of all the buyers and the address of one of the buyers (endorser). Step 3 Complete Checklist Step 4 Review Data and Submit Checklist for Buyer Endorsement The salesperson goes through each and every item in the checklist with all the buyers. The salesperson may review the information entered before he clicks on the Submit button to enable one of the buyers to endorse the checklist. An acknowledgement page with a checklist serial number will be displayed upon successful submission of the checklist. The acknowledgement page will also be sent to the buyer s address.

14 Resale Checklist for Buyers For buyers who have engaged the services of a RES Endorsement of Resale Checklist by Buyer (Must be done by one of the buyers by the next day from the date the salesperson completes the checklist) Step 5 Buyer Log In Step 6 Review Data and Submit Checklist The buyer, who is endorsing the checklist, is required to log in to the Resale Checklist for Sellers/Buyers e-service using SingPass and click on the Retrieve Completed Checklist button with the serial number of the checklist that the salesperson had completed (step 4). Buyer is required to review the information in the resale checklist completed by the salesperson, confirm that the salesperson has gone through the checklist all your buyer/s before clicking on the Submit button to submit the checklist to the HDB. An acknowledgement page with the same checklist serial number will be displayed upon successful submission of the checklist. The acknowledgement page will also be sent to buyer s address.

15 Important Notes for Buyers and RES: Buyers can only exercise the Option to Purchase after completing and submitting the checklist to the HDB. The checklist serial number is required when submitting the resale application. If buyer/s is not able to submit the resale application within six months after the date the checklist is completed, a resubmission of a new checklist is required. This is to ensure that buyers are aware of the latest policies on buying an HDB flat. All buyers and their salesperson, if any, are required to sign on the completed checklist during the First Appointment. The completed checklist will be printed by the HDB for signing.

16 Resale Checklist for Sellers For sellers who have not engaged the services of a RES Step 1 Log In Step 2 Provide Personal Particulars Step 3 Complete Checklist All the sellers are required to go through the checklist. One of the sellers must log in to Resale Checklist for Sellers/Buyers e-service using SingPass and click on the Submit New Checklist button. Particulars of all the sellers, and address must be provided Review each and every item in the checklist with all co-sellers (if any). Address of your next housing must be provided. If seller/s is planning to buy another HDB flat, seller is required to work out the estimated Sale Proceeds from selling current flat and the estimated financial plan for the next flat purchase. Seller may use the following e-services to do the calculations:- Sale Proceeds Calculator(e-Service) (Proceeds from the sale of your flat) Sales Financial Plan(e-Service) (To buy a flat from the HDB) DBSS Financial Plan(e-Service) (To buy a DBSS flatt) Step 4 Review Data and Submit Checklist Resale Financial Plan(e-Service) (To buy a resale flat) Seller may review information entered before clicking on the Submit button to submit the checklist to the HDB. An acknowledgement page with a checklist serial number will be displayed upon successful submission of the checklist. The acknowledgement page will also be sent to indicated address.

17 Resale Checklist for Sellers For buyers who have engaged the services of a RES Step 1 Salesperson Log In Completion of Resale Checklist by Salesperson If seller has engaged the services of a RES, RES required to go through and complete the checklist with all sellers (if any). Step 2 Provide Personal Particulars Step 3 Complete Checklist The salesperson logs in to the Resale Checklist for Sellers/Buyers e-service using his SingPass and clicks on the Submit New Checklist button. The salesperson provides his particulars, the particulars of all the sellers and the address of one of the sellers (endorser). The salesperson goes through each and every item in the checklist with all the sellers. RES need to provide the address of Seller s next housing. If seller/s is planning to buy another HDB flat, the salesperson will also have to work out the estimated Sale Proceeds from selling current flat and the estimated financial plan for next flat purchase. The salesperson may use the following e-services to do the calculations:- Sale Proceeds Calculator(e-Service) (Proceeds from the sale of your flat) Sales Financial Plan(e-Service) (To buy a flat from the HDB) DBSS Financial Plan(e-Service) (To buy a DBSS flatt) Step 4 Review Data and Submit Checklist for Seller Endorsement Resale Financial Plan(e-Service) (To buy a resale flat) The salesperson may review the information entered before he clicks on the Submit button to enable one of the sellers to endorse the checklist. An acknowledgement page with a checklist serial number will be displayed upon successful submission of the checklist. The acknowledgement page will also be sent to the seller s (endorser) address.

18 Resale Checklist for Sellers For buyers who have engaged the services of a RES (Cont d) Endorsement of Resale Checklist by Seller (Must be done by one of the sellers by the next day from the date the salesperson completes the checklist) Step 5 Seller Log In Step 6 Review Data and Submit Checklist Endorsing seller is to log in to the Resale Checklist for Sellers/Buyers e-service using SingPass and click on the Retrieve Completed Checklist button. Serial number of the checklist that the salesperson had completed is required (Step 4). Seller may review the information in the resale checklist completed by the salesperson, confirm that the salesperson has gone through the checklist with all sellers before clicking on the Submit button to submit the checklist to the HDB. An acknowledgement page with the same checklist serial number will be displayed upon successful submission of the checklist. The acknowledgement page will also be sent to endorser address.

19 Important Notes for Sellers and RES Sellers can only grant the Option to Purchase at least 7 days after completing and submitting the checklist to the HDB. The checklist serial number is required when submitting the resale application. If you are not able to submit your resale application within 6 months after the date the checklist is completed, you will need to resubmit a new checklist. This is to ensure that sellers are aware of the latest policies on selling an HDB flat. All sellers and their salesperson, if any, are required to sign on the completed checklist during the First Appointment. The completed checklist will be printed by the HDB for your signing.

20 The steps to access Resale Checklist, Sales Proceed Calculator and Financial Plan Calculator is provided in your manual. For your future practical work, do run through them. Unit 4 Page 96

21 4.5.6 HDB s prescribed option to purchase Unit 4 Page 99 Resale transaction for HDB flats is not a Sale By Private Treaty. RES must note the following important points when filling up the HDB Prescribed OTP: If it important to fill in all necessary information accurately Any missing/inaccurate information will result in HDB resale application to be rejected Each Prescribed OTP comes with a unique serial number

22 Procedure to enter into a contract using the OTP Step 1: Buyer and Seller to negotiate and agree on the resale price (either directly or through RES). The process of negotiating on resale price is summarised in the next diagram. When entering the OTP, True resale price of the flat must be declared to HDB Salespersons must also declare all relevant information relating to the resale transaction in the Salesperson Statutory Declaration. The penalty for false declaration includes a fine and/or up to 3 years' imprisonment. Seller, Buyer and RES must not enter into any: supplementary/ other agreements (i.e. Cashback, Rent Free period) or arrangements that may cause the true resale price as declared to be inflated or understated. The penalty for false information includes a fine of up to $5,000 and/or up to 6 months imprisonment.

23 Valuation Request (Past and Present)

24 Procedure to enter into a contract using the OTP Step 2: Seller grant the OTP to the buyers at least 7 days after going through Resale Checklist. In the OTP, the following must be accurately filled: Option Date Flat Address Purchase Price (resale price of the flat) Option Fee (between $1 to $1,000) Option Expiry Date (21 calendar days from the Option Date [including Saturday, Sunday and public holidays]. e.g. if seller grants Option to you on 1 Feb, the Option will expire on 15 Feb at 4pm) Names and NRIC numbers of all the sellers and buyers All owners and co-owners of flat must sign on the OTP A witness must sign on the OTP (RES or any person who is a Singapore Citizen or Singapore Permanent Resident aged 21 years or above and not involved in the resale transaction) OTP must be signed by seller/s in exchange for an Option Fee from the buyers. The Option Fee could be a sum between $1 to a maximum of $1,000, to be negotiated between seller and the buyers.

25 Procedure to enter into a contract using the OTP Step 3a : Buyers exercise the OTP (21 days) if they wish to proceed with the purchase Following information must be accurately filled in the OTP to effect the exercise. Option Exercise Fee Number of days from the date of exercising the Option that sellers and the buyers have agreed to submit the resale application to the HDB All buyers must sign on the "ACCEPTANCE" section in the OTP A witness must sign on the OTP (their salesperson or any person who is a Singapore Citizen or Singapore Permanent Resident aged 21 years or above and not involved in the resale transaction) When the buyers exercise the Option to Purchase, the buyers will need to pay a deposit to seller, which including the Option Fee must not exceed $5,000 in total. The amount of deposit is negotiated between the you and buyers.

26 Procedure to enter into a contract using the OTP Step 3b: Let the Option to Purchase lapse if the buyers do not wish to proceed with the purchase. The buyers will forfeit the Option Fee and seller may keep the Option Fee. Step 4: Submit the resale application within 7 days between Seller and Buyer (vice versa).both portions must be submitted within the previously agreed number in the OTP.

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28 Important Note Usual OTP rights/liabilities apply. Sellers and buyers (or RES) will have to submit the respective portions of the resale application separately. A resale application is deemed complete only when the HDB receives both portions of the resale application. Sellers and buyers (or RES) may also use different translated version of the OTP should the situation requires. Prescribed OTP also comes in Chinese, Malay and Tamil.

29 4.5.7 Resale Application Process Decide Sell/Buy with/without Agent Check Eligibility to Sell/Buy Go through Resale Checklist Buyer Exercise Option within 21 days Only Grant Option To Purchase to Buyer 7 days after Checklist Submit Resale Checklist Submission of Resale Application 1 st Appointment Legal Completion

30 How To Submit Resale Application 1) E-Resale This is an online application for buyers/sellers who conduct their own resale transaction without engaging the services of a housing agent. 2) HDB-ResaleNet System For housing agents from licensed agencies which have subscribed to the system to submit resale applications electronically on behalf of their buyers/sellers

31 When To Submit Resale Application 1. Seven calendar days' time frame for the second party to submit his portion of the application 2. As agreed upon and stated in the Option to Purchase. This is a contractual agreement between the buyer and the seller. The time frame can be extended with mutual consent.

32 Booking of First Appointment The second party who submits his portion of the resale application can book the First Appointment. The appointment date must be mutually agreed to by both parties. RES may guide buyer/seller on using HDB s e-service Enquiry on Available Dates for Resale, and arrange for a suitable and agreed date. Should there be a requirement to change first appointment date, it can be done via buyers or sellers MyHDBPage. Note that both parties must have joint consent to change dates.

33 After Submission of Resale Application 1st Appointment HDB will schedule a First Appointment date to process the resale transaction and will send a letter to both the buyer and the seller informing them of the date and time of their First Appointment to process their resale transaction. NOTE: if either the buyer or the seller does not turn up for the First Appointment as scheduled, the resale transaction will be cancelled. If your client is applying for any of the following grants, the parents/married children must also be present during the first appointment. CPF Housing Grant for Family (Living Near Parents/Married Child) CPF Housing Grant For Singles (Living Near Parents)

34 Purpose of the First Appointment For a flat buyer, the appointment is meant to: Discuss Administrative Matters Verify buyer s eligibility Explain the resale procedures to both buyers and sellers Obtain sellers/buyers authorization for HDB to act for them in the conveyancing (buyers/sellers may engage their own solicitor to act for them) Confirm on the Manner of Holding that the buyers wishes to choose (for applications with more than a buyer) Fix the Completion Date

35 Purpose of the First Appointment (Cont d) Finalize Buyers Resale Financial Plan If your client is obtaining an HDB loan, resale officers will verify eligibility for an HDB loan and determine the amount of mortgage loan granted If obtaining a bank loan, resale officers will confirm the amount of mortgage loan to be obtained from the bank Process application to withdraw your CPF savings for the purchase. Only applicable if buyer is represented by HDB HDB will set aside from his CPF Ordinary Account for the payment of the stamp and legal fees (about 1%- 3% of the selling price of the flat) and the Home Protection Insurance (if any). Thereafter, the balance in the CPF Ordinary Account will be fully utilized towards payment of the purchase price, subject to a ceiling set by the market valuation i.e. CPF can only be used up to the market valuation or purchase price whichever is the lower. Determine the amount of cash that need to paid within 10 days from the date of the first appointment, if any Cash payment is required when the purchase price is above the market valuation or when the loan granted (with credit assessment) and the CPF usable for the purchase are insufficient to cover the purchase price. If the cash payment required is more than 10% of the purchase price, only required to pay 10% within 10 days from the First Appointment date. The balance must be paid on the resale completion. If the cash payment required is less than 10%, this amount must be paid within the 10 days period. The balance cash payment to be paid on resale completion must be in cash or cashier's order. Calculate the amount of stamp and conveyancing fees you have to pay Use of GIRO for monthly installment

36 Reminders By RES Sellers Spousal Consent Form signed by the seller's Spouse who is the occupier of the flat; Identity Card or Passport, if Identity Card is not available; Duplicate Lease (in cases where the sellers have fully settled their mortgage loan) For cases where SPR seller (s) who is/are bankrupt, consent letter from Official Assignee (OA) must be obtained for the resale. Buyers Identity Card or Passport, if Identity Card is not available; Marriage Certificate (if applicable); Latest ORGINAL computerised payslip; HDB Loan Eligibility Letter/Letter of Offer from Bank Child s Birth Certificates (if applicable); Lasting Power of Attorney (LPA), if applicable Parents/married child who are listed in the application form need to be present, when buyers are applying for living near parents /married child s residence family grant For cases where buyer(s) is/are Bankrupt, consent letter from Official Assignee (OA) must be obtained if the buyer is (approved to) buying > 5-room flat. i.e. Executive Flat, Multi-Generation Flat, HUDC flat A Petition for Letter of Administration with the Estate Schedule (if buyer has inherited an interest in an HDB Flat, with prior approval)

37 After 1st Appointment A letter of approval from HDB would be received within two weeks from the date of first appointment. Buyer need to fork out cash when: When the buyer is taking a Bank loan; When the purchase price is > the market valuation price; (also known as COV) When the loan granted (with credit assessment) and the CPF usable for the purchase is insufficient to cover the purchase price. If buyer is taking HDB loan, you should advise your buyer to settle the cash payment within 10 days after the 1st appointment date, subject to maximum of 10% of the purchase price less Deposit paid earlier.

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39 Example of Cash Payable Purchase price = $470,000 Market valuation = $400,000 >>>> COV = $70,000 Buyer needs to pay within 10 days after the 1st appointment date: (10% of purchase price) Less deposit paid = ($47,000) ($5,000) = $42,000 Balance = $23,000 must be paid 14 days before completion date (cash or Cashier s Order. If payment by cheque, it must be cleared before the completion date.

40 Before Legal Completion Seller s Rights and Obligations Seller is to rectify any unauthorised works or apply for approval for those unauthorised fixture Seller must inform the HDB Branch Office to inspect and confirm such rectification, without which unable to fix the legal completion date Seller must terminate the GIRO account for all payments Seller must fully settle the Conservancy and Service Charges (CC&SC) Seller to pay up full property tax up to the effective date of resale. Seller to vacate the flat and remove all moveable items that the buyer does not want Seller is to invite buyer to inspect flat before the completion date. Seller is required to bring all the keys of the resale flat to the 2nd appointment and hand over to the buyer via the HDB Resale Officer Buyer s Rights and Obligations Upon confirmation from Seller, Buyer can visit and inspect the resale flat in Vacant Possession. Buyer must purchase a Fire Insurance from HDB's appointed insurer and produce it on the day of completion, if taking the HDB loan Buyer must have ready the receipt of the cash balance payment. If it is a cheque payment, then ensure that the cheque is cleared before legal completion date. HDB Resale Office Verify with Supreme Court that there is no current bankruptcy notice/proceeding against the seller Upon confirmation, HDB resale office will proceed with the legal completion

41 Completion Appointment (2 nd Appointment) Purpose of the 2 nd Appointment is for the HDB to witness: The signing of the transfer document by the seller of the resale flat The signing of the mortgage document/agreement by the buyer (if buyer is taking an HDB loan) The handing over of the keys from the seller to the buyer (or to the buyer's lawyer if the buyer took a bank loan and engaged the bank's lawyer to act for the purchase) after: The buyer confirms that the flat has been vacated and the conditions are acceptable (buyer should arrange for a final inspection of the flat with the seller before the date of completion) The sellers have to pay the service and conservancy charges up to the day of resale completion. As for property tax, they are required to pay up to the end of the year.

42 Cancellation Of Resale Application Under the following circumstances, the resale application will be cancelled if: The resale is abortive for any reason whatsoever; or The buyer and the seller withdraw their application by giving notice in writing to the HDB; or The buyer does not have sufficient CPF savings or cash to finance the purchase of the resale flat; or The information given in the resale application by the seller/buyer is incorrect or the buyer/seller has suppressed any information required; or the buyer/seller is not eligible to retain his application under the HDB's policies.

43 4.5.8 HDB As Security/Collateral Unit 4 Page 107 Under Section 51 of the HDB Act, HDB flats are not allowed to be pledged as security or collateral for any debts security or collateral for any debt, obligation or claim unless it is created or granted in favour of: HDB Approved Financial Institution Any person or person belonging to a class of persons prescribed by the minister

44 Any Questions? Reminder to Trainees For Lesson 18, please bring your notes on Unit 2.8 Mortgage as it will be covered together with Property Finance

45 Recap Unit 4 Property Transactions, Laws and Practices 4.5 Sale of HDB flats Ascertain the seller s eligibility to sell HDB flat/dbss flat/ec in the open market. Check whether the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota, if applicable, have been met. Execute the resale checklist for buyer or seller, and observe the procedure for entering into a binding contract using the OTP, including the cooling-off period for seller, the prescribed option fee and deposit, and the option period. Submit the resale application for the buyer or seller, observing the requirements on timeframe and information to be provided; and assist client from the first appointment to resale completion. Execute the above agency work using HDB e-services across available media platforms. Understand S51 of H&D Act against pledging an HDB flat as security or collateral for any debt. Keep abreast of policy and procedural changes relating to buying and selling of HDB flats.

46 Lesson 16