When you apply for a housing loan from a bank, it usually requires a valuation report of your property. Valuations are done by professional property valuers, and valuation fees may vary. Some banks may absorb the fee for their customers.

If you are using your CPF to buy a resale HDB flat, you will need to submit a valuation report by a private valuer assigned by HDB together with your resale application to HDB. This rule applies to resale flat applications and flat transfer applications submitted to HDB on or after 1 April 2005 made from 1 April 2005.

The “value” of your property is one of the factors used by banks to determine the housing loan amount. Factors taken into consideration in assessing the property include location, size, condition of building, availability of facilities, etc.