Singapore proptech Ohmyhome launches tri-service HDB Sellers Package

The package aims to ease the transition from selling a home to purchasing a new property.

Proptech marketplace Ohymyhome unveiled its tri-service HDB Sellers Package designed for home sellers who concurrently sell and buy within a short timeframe, an announcement revealed.

The package will comprise of agent services, conveyancing and mortgage advisory as it aims to helphomesellers navigate the process of selling to their home to their next property purchase.

“It has become increasingly common for home sellers to be unaware of certain financial considerations that are necessary as part of the sale, which leads to a miscalculation of the net sale proceeds,” the firm said.

Also read: Will big banks' fully digital home loan solutions threaten incumbent proptech players?

For instance, if a seller previously used the funds in their Central Provident Fund (CPF) account to contribute to the property’s mortgage or down payment, there would be accumulated accrued interests owed to the seller’s CPF account.

“Such factors affect the net sales and the cash received from the sale, and this may hinder the seller’s ability to afford the purchase of a new home,” Ohmyhome explained. “The eligibility factors for Singaporeans to utilise their home loans and CPF funds for their next property, as well as managing the two transaction concurrently further complicates this process.”

The package price for HDB flats priced below $400,000 is at $4,688 nett, whilst for those priced between $400,000 and $600,000, the package price costs $5,688 nett. The package price for HDB flats with a transaction price above $600,000 is $6,688 nett.

The HDB Sellers Package is payable only after the sale has been completed, and the package price does not include HDB resale application administrative fee.

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