A Comprehensive Guide for Private Property Owners Planning to Buy an HDB Resale Flat
Singapore’s public housing system, managed by the Housing and Development Board (HDB), is governed by a set of eligibility criteria aimed at ensuring fair access, prioritizing genuine home seekers, and preserving the affordability of HDB flats. One such policy that has generated considerable attention in recent years is the 15-month rule.
Introduced in September 2022, the 15-month wait-out period applies specifically to private residential property owners—or former owners—who wish to buy a non-subsidized HDB resale flat. This rule was implemented to cool the property market, address speculative demand, and ensure that public housing remains affordable and accessible.
In this article, we explore everything you need to know about the 15-month rule in HDB, including its background, purpose, affected groups, exemptions, and how to plan if you’re impacted.
1. Background: Why Was the 15-Month Rule Introduced?
Rising HDB Resale Prices
In the years leading up to 2022, HDB resale flat prices climbed sharply. The HDB Resale Price Index rose by over 20% between 2020 and 2022, driven by factors such as:
- Supply chain delays for BTO (Build-To-Order) flats
- Increased demand due to work-from-home arrangements
- Private property owners “right-sizing” to HDB resale flats
These shifts placed upward pressure on the resale market, potentially pricing out genuine first-time buyers.
Government Intervention
To moderate demand and support a stable housing market, the Singapore government introduced a cooling measure on 30 September 2022, which included:
- Increased interest rates for housing loans
- Tighter loan limits
- And importantly, the 15-month wait-out period for private property owners wanting to buy a resale flat
2. What Exactly is the 15-Month Rule?
The 15-month rule requires that private property owners—or those who have disposed of a private property—must wait 15 months before they can buy a non-subsidized HDB resale flat.
Applies To:
- Individuals who sold private residential properties, whether in Singapore or overseas
- Those who do not qualify for any housing scheme (e.g., seniors, first-timers)
Does Not Apply To:
- First-time applicants
- Buyers who are age 55 and above and are purchasing a 4-room or smaller resale flat to right-size for retirement
- Purchasers of new BTO flats or Sale of Balance Flats (SBF) (these already have a 30-month wait-out rule)
- Existing HDB flat owners
The policy is aimed at discouraging private homeowners from quickly jumping into the resale HDB market, which can add significant price pressure on public housing.
3. Who Is Affected by the 15-Month Rule?
Let’s look at common groups affected:
a) Former Private Property Owners
If you have just sold your private condominium or landed property, you are required to wait 15 months from the date of sale completion before you can purchase a resale HDB flat.
b) Owners of Overseas Properties
Even if your private property was located outside Singapore, such as in Malaysia, Australia, or the UK, the rule still applies. HDB treats foreign residential property ownership in the same way as local private property.
c) Singles and Families Who Have Owned Private Homes
Whether you’re single, married, or buying with family, if you previously owned private property, the 15-month rule still applies unless you meet an exemption criterion.
4. Exemptions to the 15-Month Rule
The government has provided limited exemptions to ensure the rule doesn’t penalize genuine right-sizers or those with pressing housing needs.
✅ Exemption 1: Seniors Aged 55 and Above
Seniors who are 55 years old or older can buy a 4-room or smaller resale flat immediately after selling their private property. This supports retirement right-sizing, especially for empty-nesters looking to live near children or in more accessible homes.
✅ Exemption 2: First-Time HDB Buyers
Those who have never owned HDB or private property are not subject to this rule—even if they once lived in a private home under their family’s name.
✅ Exemption 3: Specific Compassionate Grounds
In exceptional cases (e.g., divorce, financial hardship, medical issues), buyers may appeal to HDB for a waiver of the 15-month rule. These are reviewed on a case-by-case basis and are not guaranteed.
5. Important Considerations Before Selling Your Private Property
If you’re planning to sell your private property and move into an HDB flat, consider the following:
a) Timing Your Sale and Purchase
You cannot submit an HDB resale flat application during the 15-month wait-out period. The 15 months are counted from the date of legal completion of your sale.
If you sell in January 2025, you can only submit a resale application from April 2026 onward.
b) Alternative Housing Arrangements
Plan interim housing carefully. Some options include:
- Renting a private apartment or HDB flat
- Moving in temporarily with family members
- Exploring retirement housing if you’re eligible
c) Financial Planning
If you need the proceeds from your private home to fund your HDB flat purchase:
- You’ll need to wait 15 months before using those funds for a resale flat.
- Monitor resale flat prices to see how they evolve over the wait-out period.
6. Impact of the 15-Month Rule on the Housing Market
The rule has had a measurable effect on demand and sentiment in the resale market.
📉 Cooling Resale Demand
- Immediate dip in demand from private downgraders.
- Resale volume in early 2023 showed signs of moderation.
- More opportunities opened up for first-time buyers, who no longer had to compete with well-funded private home sellers.
🏠 Supporting Market Stability
The rule aligns with broader government efforts to ensure:
- Public housing remains affordable
- Supply and demand stay balanced
- Speculation is discouraged
7. Common FAQs About the 15-Month Rule
Q1: I sold my private property and co-own with a family member. Can they buy a flat?
No, HDB evaluates based on the entire household. All family members listed as owners or occupiers must meet the eligibility criteria.
Q2: Can I buy an Executive Condominium (EC) or private flat during the 15 months?
Yes, the 15-month wait-out period only applies to resale HDB flats. You are free to buy another private property or EC during this time.
Q3: Can I apply for a BTO flat instead?
BTO and SBF flats have a longer 30-month wait-out for former private property owners. The 15-month rule is only for resale flats.
Q4: Is the rule temporary or permanent?
As of now, the 15-month rule is an open-ended cooling measure. It may be adjusted or removed based on housing market conditions.
8. Planning Ahead: Strategies for Affected Buyers
If you’re impacted by the rule, consider these strategies:
- Sell early and begin your wait-out period while planning for interim housing.
- Explore private rental options or short-term leases.
- Purchase a smaller flat (4-room or smaller) if you’re aged 55 and above.
- File an appeal to HDB if there are exceptional circumstances—include medical or legal documentation.
- Consult a real estate advisor or lawyer for detailed planning and compliance.
Conclusion
The 15-month rule in HDB is a targeted policy aimed at ensuring that public housing remains affordable and accessible to genuine home seekers. By requiring former private property owners to wait before entering the resale HDB market, the government seeks to moderate demand, support first-time buyers, and uphold the core mission of public housing in Singapore.
If you’re affected, it’s crucial to understand the eligibility rules, timeframes, and options available to you. With proper planning and awareness, the 15-month rule doesn’t have to derail your housing goals—it just means adapting your timeline and making informed decisions.