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Payment

There are various payments to make for an HDB housing loan. Find out what they are, and how to make payment for them.

Monthly loan instalment

Upon disbursement of your loan, your monthly instalment payment commences on the first day of the second month. Your monthly instalments are due and payable on the 1st day of subsequent months (for payments not made by CPF or GIRO) until your housing loan is fully redeemed. There are various ways to pay your instalments.

How to pay your monthly loan instalments

Your monthly instalments can be paid by any or a combination of the following:

  • CPF
  • GIRO
  • eNETS Debit (participating banks)
  • ATM/ phone banking/ internet banking (participating banks)
  • AXS payment channels (AXS Station, AXS e-Station, AXS m-Station mobile application)
  • Cash/ NETS/ cheque

Payment modes

CPF

To authorise the monthly deductions from your CPF account to pay for your housing loan instalments, you need to sign the CPF withdrawal form. In most cases, you would already have done so when you first received the keys to your flat at our Sales Section or Resale Section of HDB Hub.

The monthly CPF deduction takes place on the Sunday between the 6th and 12th of the month (both dates inclusive).

The CPF withdrawal form is available at any HDB Branch, or you can request for it to be sent to you by post. The form can also be used to:

  • Vary the CPF contribution rate for payment of the monthly instalment for you and your co-flat owner(s)
  • Make ad hoc payments if there are shortfalls in your monthly deductions

If you are visiting an HDB Branch to submit the CPF withdrawal form, please bring along:

  • Your identity card
  • Latest CPF Statement of Account

GIRO

For loan instalment payments by GIRO, you will need to submit a completed Interbank GIRO (IBG) application form to us. You can get a pre-filled IBG application form from My HDBPage if you are the flat owner. Alternatively, you can:

  1. Sign up online if you have an internet banking account with OCBC or UOB
  2. Request for an application form at our HDB Branches, HDB Hub counters, or call our Branch Service Line on 1800-225-5432 during office hours

If you are not the flat owner, please fill up this IBG application form.

We will inform you of the GIRO commencement date as soon as your GIRO application is approved by your bank.

The monthly mortgage loan instalment will be deducted from your GIRO bank account on the 28th of the month. If the deduction is unsuccessful, we will attempt a second GIRO deduction on the 6th of the following month. We will deduct the amount on the next working day if the date falls on a Saturday, Sunday or public holiday. The GIRO payment will be posted to your mortgage loan account on the last day of the month. You may check your payment via My HDBPage on or after 5th of the following month.

Please maintain sufficient funds in your GIRO bank account. Your bank may impose a penalty charge for every unsuccessful GIRO deduction. HDB may also impose a late payment charge on outstanding payments.

If you wish to change the GIRO deduction amount, you can submit your request online via My HDBPage.

eNETS Debit

Please use our eNETS Debit e-Service to make your payment. You will need to have an internet banking account with any of these participating banks:

  • DBS/ POSB
  • OCBC
  • UOB
  • Citibank
  • Standard Chartered Bank (SCB)

ATM/ phone banking/ internet banking

You can make the mortgage loan instalment payments using the phone banking and internet banking services offered by:

  • DBS/ POSB
  • OCBC
  • UOB

OCBC account holders can also make the payments through its ATMs.

Cash/ NETS/ cheque

Payment of your mortgage loan instalment via cash, NETS or cheque can be made at any HDB Branch.

For cheque payments, please make your crossed cheque payable to ‘Housing & Development Board’. On the reverse of the cheque, please write your:

  • Name
  • Address
  • Telephone number
  • HDB reference number
  • Purpose of payment, i.e. ‘mortgage loan instalment’

If preferred, you can mail the cheque to your managing HDB Branch.

Partial capital repayment

You can make a partial capital repayment of your outstanding HDB loan by giving us 1 month’s advance notice.

The date for the partial capital repayment will be scheduled 1 month from the date we receive your application. There are 2 available options:
  • Make the partial capital repayment and shorten the repayment period while continuing to pay your usual monthly instalment amount.
  • Revise your monthly instalment amount after making your partial capital repayment.
The minimum amount for partial capital repayment is:
  • $500, if your loan commencement date was before 1 April 2012
  • $5,000, with increments in multiples of $1,000, if your loan commencement date was on or after 1 April 2012

Application

e-Application for Partial Capital Repayment of Mortgage Loan

You can use My HDBPage to submit your partial capital repayment application. Upon logging in, look under ‘My Flat > Purchased Flat > Financial Info > Other Related Services’. This option will shorten your repayment period and maintain your current monthly instalment amount following your partial capital repayment.

Application Form for Partial Capital Repayment of Mortgage Loan

Please complete and submit the form at any HDB Branch, or by post to the HDB Branch managing your flat, if you wish to either:

  • Revise your monthly instalment amount following your partial capital repayment, or
  • Shorten your repayment period and maintain your current monthly instalment amount following your partial capital repayment.

The form is also available at any HDB Branch.

Making partial capital repayments will help to reduce your interests. You can estimate the interest savings with our Mortgage Interest Calculator.

Payment modes

Your partial capital repayment can be made using any or a combination of:

  • CPF
  • GIRO (if you are already using GIRO to pay your monthly mortgage instalments)
  • Cheque/ Cashier’s Order
  • Cash/ NETS at HDB Branches
  • NETS via AXS payment channels( AXS Station, AXS e-Station, AXS m-Station (Mobile application))
  • eNETS Debit (participating banks)

Further instructions for payment modes

CPF

You must be the flat owner in order to use CPF savings for mortgage loan payments. To authorise the CPF Board to remit payment to HDB, please complete and submit the CPF withdrawal form.

If you submitted your partial capital repayment application by post, we will post the CPF withdrawal form to your mailing address. Upon receiving the form, please submit it to the your managing HDB Branch within 10 working days so that the CPF Board can remit the funds to us in time for the proposed partial capital repayment date.

CPF withdrawal form

The CPF withdrawal form is available at any HDB Branch, or you can request for it to be sent to you by post.

For us to verify that you have sufficient CPF savings to make the partial capital repayment. You can either:

  • Authorise us to obtain your CPF account information on your behalf (authorisation given by default in the CPF withdrawal form), or
  • Submit your latest CPF Statement  together with the CPF withdrawal form. When doing so, please strike out the authorisation clause under Part IV of the CPF withdrawal form and sign next to that cancellation

If you are visiting an HDB Branch to submit the CPF withdrawal form, please bring along:

  • Your identity card
  • Latest CPF Statement of Account
CPF Board policies to note if you bought a resale or DBSS flat

If you are making a partial capital repayment by CPF for a resale or DBSS flat, do note that your total CPF withdrawals are subject to the Valuation Limit (VL), which is the lower of the purchase price or market valuation of your flat at the point of purchase.

If your total CPF withdrawals have reached the VL, and you are:

  • below 55 years old, you may continue to use your Ordinary Account (OA) savings to repay the housing loan after setting aside the current Basic Retirement Sum in your Special Account (including the amount used for investments) and OA.
  • 55 years old and above, you may continue to use your OA and Retirement Account (RA) savings in excess of the Basic Retirement Sum you need to set aside in cash.  

You may make use of the online CPF Housing Withdrawal Limits Calculator at CPF Board's website to estimate when you will reach your flat's 100% VL and how much more CPF savings you can use above the VL.

To ensure successful deduction of CPF for making partial capital repayment of mortgage loan, you are advised to check with CPF Board that your total CPF withdrawal has not exceeded the VL before submitting your application.

Please note that different limits apply if you purchase a flat which has a remaining lease of less than 60 years. For more information, please contact the CPF Board at 1800-227-1188 or public-housing@cpf.gov.sg.

GIRO

Your partial capital repayment can be made by GIRO if you are already using GIRO for your monthly mortgage instalments.

GIRO deductions are made on the 28th of the month and posted to your mortgage loan account on the last day of the month. Your application form must reach us by the 22nd of the month for the deduction to be made in the same month. Otherwise, the deduction will only be made in the following month, with interest on the payment amount charged up to the end of that month.

If the GIRO deduction is unsuccessful, we will attempt a second GIRO deduction on the 6th (or the next working day) of the following month, subject to your confirmation. If the second deduction is successful and the payment is received by the proposed repayment date, the mortgage interest will be charged up to and inclusive of the date the repayment amount is received.

Cheque/ Cashier’s Order

Please make your crossed cheque or Cashier’s Order payable to ‘Housing & Development Board’. On the reverse of the cheque or Cashier’s Order, please write your:

  • Flat address
  • HDB reference number
  • Purpose of payment, i.e. ‘partial capital repayment’ or ‘lump sum payment’

The cheque or Cashier’s Order must reach the HDB Branch managing your flat before the proposed partial capital repayment date.

NETS via AXS payment channels

If the submission of your e-Application for partial capital repayment through My HDBPage is successful, we will send you a notification. You can then make your NETS payment via any AXS Station, e-Stations, or m-stations

Please ensure that you make your payment by the proposed date of partial capital repayment. Also, do note that you might need to adjust your maximum NETS usage limit with your bank.

eNETS Debit

If the submission of your e-Application for partial capital repayment through My HDBPage is successful, we will send you a notification. You can then use eNETS Debit to make your payment.

You will need to have an internet banking account with any of these participating banks:

  • DBS/ POSB
  • OCBC
  • UOB
  • Citibank
  • Standard Chartered Bank (SCB)

Please ensure that you make your payment by the proposed date of partial capital repayment. Also, do note that you might need to adjust your maximum NETS usage limit with your bank.

Other Important information

  • There is no administrative fee for making partial capital repayment towards the mortgage loan.
  • No interest rebate shall be given if the payment amount received is less than the minimum amount
  • Mortgage interest will be charged up to and inclusive of the date we receive your partial capital repayment
  • Your application shall be subject to the terms and conditions of your Mortgage and Memorandum of Mortgage, as well as HDB’s prevailing policies. HDB fully reserves the right to reject a request at its discretion.
  • CPF Board Home Protection Scheme (HPS)
    • Your HPS premium will be adjusted accordingly with the adjustment of your loan quantum/ repayment period
    • If you are covered under the Single Premium HPS, your existing HPS coverage will be terminated and your CPF Ordinary Account will be credited with the surrender value of the HPS policy, i.e. the unused premium under the cover. At the same time, a new annual premium HPS will be issued to you based on your latest outstanding loan and repayment period. Please contact the CPF Board if you require further clarification about this

Full capital repayment

For full capital repayment to redeem your outstanding mortgage loan, please give us 1 month’s advance notice in writing. The proposed date of redemption will be scheduled 1 month from the date we receive your application.

To apply, simply download our Application Form for Redemption of Mortgage Loan, or visit the HDB Branch managing your flat for a copy. You can then submit or post the completed form to your managing HDB Branch.

Application form instructions

  • Payment in full by cash/ cheque/ GIRO (for existing GIRO users)

Only the mode of payment needs to be indicated. You do not need to fill in the CPF details.

  • Payment in full by CPF

If the flat is co-owned, please indicate (under ‘Amount’) the proportion (in %) of the full capital repayment that each co-owner will be paying.

  • Payment by CPF and cash/ cheque/ GIRO (for existing GIRO users)

Please indicate the amount that will be paid by CPF, as well as the mode of payment (cash/ cheque/ GIRO) for the remaining amount.

  • Fees for total discharge of mortgage

You will need to pay conveyancing and/ or registration fees for the total discharge of mortgage (TDM). You can pay the fees by cash, GIRO, cheque or CPF.

TDM fees

These are the registration and conveyancing fees (inclusive of 7% GST) for the TDM:

  • Registration fee (only for lease-issue cases):

    • o $38.30

  • Conveyancing fee:

    • 1-room               $23.50

    • 2-room               $35.30

    • 3-room               $47.05

    • 4-room               $58.85

    • 5-room               $70.60

    • Executive           $82.35

  • Upon submission

After your application is processed, we will send you the CPF withdrawal form (if applicable), and your Redemption Statement. The Redemption Statement will show the total amount needed to redeem your outstanding mortgage loan. This includes the interest (up to the proposed date of redemption) and the TDM fees.

Estimate your redemption amount

To estimate the redemption amount, you can check your outstanding loan balance on My HDBPage (under ‘My Flat > Purchased Flat > Financial Info’). When you use our My HDBPage e-Service to estimate your redemption amount, it includes interest computed up to the proposed date of redemption, i.e.:

  • Outstanding mortgage loan as at the end of the application month + interest for the beginning of the redemption month up to the proposed redemption date) = Estimated redemption amount
  • As a formula, this works out as:
    • A + [A x (R/12) x (N/M)] = Estimated redemption amount

Where:

A = Outstanding mortgage loan as at the end of the application month

R = Prevailing HDB mortgage loan interest rate (p.a.)

N = Number of days from the beginning of the redemption month up to the proposed redemption date

M = Number of days in the redemption month (month of proposed redemption date)

Example

  • Application date: 15 June
  • Proposed redemption date (for N and M): 14 July
  • Outstanding mortgage loan (A): $105,000 (as at end-June)
  • Prevailing HDB mortgage loan interest rate (R): 2.60% p.a.

Therefore, the estimated redemption amount is:

$105,000 + [$105,000 x (2.60%/12) x (14/31)
= $105,102.74

Paying off your loan early will help to reduce your interests. You can estimate the interest savings with our Mortgage Interest Calculator.

Payment modes

Your full capital repayment and TDM fees can be made using any or a combination of:

  • CPF
  • GIRO (if you are already using GIRO to pay your monthly mortgage instalments)
  • Cheque/ Cashier’s Order

Further instructions for payment modes

CPF

You must be the flat owner in order to use CPF savings for the full capital repayment and/ or TDM fees. To authorise the CPF Board to remit payment to HDB, you will need to complete and submit the CPF withdrawal form that we send to you.

Once you receive the form, please submit it to your managing HDB Branch within 10 working days. This will allow the CPF Board to remit the funds to us by the proposed date of full capital repayment. If the CPF payment is remitted after the proposed date of full capital repayment, your redemption amount will need to be recalculated.

As we will need to verify that you have sufficient CPF savings to for the full capital repayment and/ or TDM fees, You can either:

  • Authorise us to obtain your CPF account information on your behalf (authorisation given by default in the CPF withdrawal form), or
  • Submit your latest CPF Statement together with the CPF withdrawal form. When doing so, please strike out the authorisation clause under Part IV of the CPF withdrawal form and sign next to that cancellation

You can submit the CPF withdrawal form to your managing HDB Branch by post or in person.

If you are submitting the form in person, please bring along:

  • Your identity card
  • Latest CPF Statement of Account
If you are paying monthly instalments by CPF

Your CPF monthly deductions will automatically stop when we receive your application for full capital repayment. If the mortgage redemption is cancelled, you will need to give new monthly CPF deduction instructions using the CPF withdrawal form.

CPF Board policies to note if you bought a resale or DBSS flat

If you are making a full capital repayment by CPF for a resale or DBSS flat, do note that your total CPF withdrawals are subject to the Valuation Limit (VL), which is the lower of the purchase price or market valuation of your flat at the point of purchase.

If your total CPF withdrawals have reached the VL, and you are:

  • below 55 years old, you may continue to use your Ordinary Account (OA) savings to repay the housing loan after setting aside the current Basic Retirement Sum in your Special Account (including the amount used for investiments) and OA.
  • 55 years old and above, you may continue to use you OA and Retirement Account (RA) savings in excess of the Basic Retirement Sum you need to set aside in cash. 

You may make use of the CPF Housing Withdrawal Limits Calculator at CPF Board's website to estimate when you will reach your flat's 100% VL and how much more CPF savings you can use above the VL.

To ensure successful deduction of CPF for making full capital repayment of mortgage loan, you are advised to check with the CPF Board that your total CPF withdrawal has not exceeded the VL before submitting your application form.  

Please note that different limits apply if you purchase a flat which has a remaining lease of less than 60 years. For more information, please contact the CPF Board at 1800-227-1188 or public-housing@cpf.gov.sg.

GIRO

Your full capital repayment can be made by GIRO if you are already using GIRO for your monthly mortgage instalments.

GIRO deductions are made on the 28th of the month and posted to your mortgage loan account on the last day of the month. Your application form must reach us by the 22nd of the month for the deduction to be made in the same month. Otherwise, the deduction will only be made in the following month, with interest on the payment amount charged up to the end of that month. In such instances, your redemption amount may then need to be recalculated.

If the GIRO deduction is unsuccessful, we will attempt a second GIRO deduction on the 6th (or the next working day) of the following month, subject to your confirmation.

Cheque/ Cashier’s Order

Please make your crossed cheque or Cashier’s Order payable to ‘Housing & Development Board’. On the reverse of the cheque or Cashier’s Order, please write your:

  • Flat address
  • HDB reference number
  • Purpose of payment, i.e. ‘full capital repayment’ or ‘TDM fees’

The cheque or Cashier’s Order must reach the HDB Branch managing your flat before the proposed date of full capital repayment.

Other important information

  • Mortgage interest will be charged up to and inclusive of the date we receive the full capital repayment. If the payment is not received by the proposed date of redemption, the amount payable for the full capital repayment will be recalculated to include the additional interest
  • Your application shall be subject to the terms and conditions of your Mortgage and Memorandum of Mortgage, as well as HDB’s prevailing policies. HDB fully reserves the right to reject a request at its discretion

Arrears payment

You can pay the arrears for your loan instalment through CPF, cash or electronic payments methods like GIRO or NETS.

You can pay the arrears for your mortgage loan instalment through any of the followings ways:

  • CPF using My HDBPage, or at any HDB Branch
  • GIRO using My HDBPage
  • eNETS Debit (participating banks)
  • ATM/ phone banking/ internet banking (participating banks)
  • AXS payment channels ( AXS Station, AXS e-Station, AXS m-Station (Mobile application))
  • Cash/ NETS/ cash at the HDB Branch managing your flat

Cheque payment

Please make your crossed cheque payable to 'Housing & Development Board'. On the reverese of the cheque, please write your:

  • Name
  • Address
  • Telephone number
  • HDB reference number
  • Purpose of payment, i.e. ‘mortgage loan arrears’

You can also mail the cheque to the HDB Branch managing your flat. No receipt will be issued for cheque payments by post.

GIRO payment

You can change the GIRO deduction amount for a particular month by submitting your request through MyHDBPage.

Please maintain sufficient funds in your GIRO bank account. Your bank may impose a penalty charge for every unsuccessful GIRO deduction. HDB may also impose a late payment charge.

We make deductions from your GIRO bank account on the 28th of the month. If the deduction is unsuccessful, we will attempt a second GIRO deduction on the 6th (or the next working day) of the following month. The GIRO payment will be posted to your mortgage loan account on the last day of the month. You may check your payment via My HDBPage on or after 5th of the following month.
 

Late payment charges

Instalment payments are due on the 1st of every month. If the instalment payment is not made within the month, a late payment charge will be imposed based on the outstanding instalment as at the end of the month.

Rate calculation for late payment charge

The computation of the late payment charge is based on 2% above the Ministry of Finance's average prime lending rate (PLR). The current late payment rate is 7.5% (average PLR of 5.5% + 2%) per annum. The late payment rate is reviewed annually and fixed on 1 April.

Late payment charges will be imposed on the outstanding instalment as at the end of every month, rounded up to the nearest $0.05.

Order of payment

Any payment received from you will first be used to settle outstanding late payment charges. Any balance is then applied towards the payment of the other outstanding charges.

GIRO payment

If you are paying your loan instalments through GIRO, please ensure there are sufficient funds in your GIRO bank account. The late payment charges and arrears amount, as well as your current month’s instalment, will be deducted on the 28th of the month.

If the deduction is unsuccessful, we will attempt a second GIRO deduction on the 6th (or the next working day) of the following month. The GIRO payment will be posted to your mortgage loan account on the last day of the month. You may check your payment via My HDBPage on or after 5th of the following month. 

If the deductions are unsuccessful, further charges may be imposed by your bank and HDB.