Under the EIP Buyback Assistance Scheme, HDB will offer to buy back flats on a case-by-case basis for eligible owners who face “genuine difficulties” selling their homes due to EIP.
PropNex CEO, Ismail Gafoor noted that EIP affected sellers often take at least a year longer to sell their flats, compared to neighbours who are not affected by EIP limits. They may also sell their units at discounts of more than $50,000, he added.
To qualify, flat owners must:
1) have fulfilled the Minimum Occupation Period (MOP) and owned the flat for at least 10 years; and
2) provide proof of “genuine attempts” to sell the flat, and have attempted to do so at a “reasonable asking price” over a continuous period of six months, comparable to the time taken by most other homeowners to sell their flats.
Once a flat owner is assessed to be eligible for buyback assistance, HDB will appoint a professional valuer to determine the market value of the flat. HDB will then determine the buyback price and make a fair offer, which owners have up to three months to decide if they wish to take up the offer, and those who opt not to will not be eligible for buyback assistance for 12 months after the offer lapses.
Source: HDB, The Straits Times