<p>A housing loan from HDB or FI can only be used towards the purchase price of the flat* (up to the prevailing loan-to-value limits). The HDB housing loan amount will be pro-rated from the prevailing loan-to-value limits if the flat&rsquo;s lease does not cover the youngest applicant to the age of 95 and beyond.</p>
<p class="RTE_FootnoteLabel">* For resale flats, this refers to the lower of the resale price or value of the flat.</p>
<p>Be sure to set aside money for the upfront payments required in cash or CPF savings for your intended flat, before committing to buy.</p>
<table style="width: 100%;">
    <tbody>
        <tr>
            <td style="width: 20%;"><strong>New Flat</strong></td>
            <td style="width: 80%;">
            <p><a href="/buying-a-flat/bto-sbf-and-open-booking-of-flats/process-for-buying-a-new-flat/booking-of-flat?anchor=option-fee" target="_self">Booking fee</a>, <a href="/buying-a-flat/bto-sbf-and-open-booking-of-flats/process-for-buying-a-new-flat/sign-agreement-for-lease?anchor=downpayment" target="_self">downpayment</a> and related costs.</p>
            <p>Read more on the <a href="/buying-a-flat/bto-sbf-and-open-booking-of-flats/process-for-buying-a-new-flat/overview/plan-finances" target="_self">payments</a> that you need to make at various stages of your flat purchase from HDB.</p>
            </td>
        </tr>
        <tr>
            <td><strong>Resale Flat</strong></td>
            <td>
            <ul>
                <li><a href="/buying-a-flat/resale-flats/process-for-buying-a-resale-flat/resale-flat-application/approval-of-application?anchor=legal-fees-initial-payment" target="_self">Initial payment and related costs</a></li>
                <li>Lump sum payment in cash, where applicable:
                <ul>
                    <li>Deposit to flat seller</li>
                    <li>Property agent&rsquo;s fees</li>
                    <li>Cash payment for the difference between resale price and flat&rsquo;s value</li>
                </ul>
                </li>
            </ul>
            <p>Read more on the <a href="/buying-a-flat/resale-flats/process-for-buying-a-resale-flat/resale-flat-planning/mode-of-financing" target="_self">payments</a> that you need to make at various stages of your resale flat purchase.</p>
            </td>
        </tr>
    </tbody>
</table>
<h2>Use of CPF savings</h2>
<p>You may use your available CPF Ordinary Account savings to pay the downpayment or initial payment. If your CPF savings are not enough, you will have to pay the balance amount in cash.</p>
<p>Use CPF Board's <a rel="noopener noreferrer" href="https://www.cpf.gov.sg/member/tools-and-services/calculators/cpf-housing-usage" target="_blank">housing usage calculator</a> to estimate the amount of CPF savings you can use for your flat purchase, and their <a rel="noopener noreferrer" href="https://www.cpf.gov.sg/member/tools-and-services/planners/home-purchase" target="_blank">home purchase planner</a> <span style="background-color: #ffffff; text-align: justify; color: #383838;">to understand how the use of CPF savings for a flat purchase impacts your retirement payouts. For more information on the use of CPF savings, please</span>&nbsp;visit <a rel="noopener noreferrer" href="https://www.cpf.gov.sg/member" target="_blank">CPF Board&rsquo;s website</a>.</p>
<h2>Other payments</h2>
<p>You may also wish to consider other ad-hoc big-ticket purchases and lump sum payments in cash that may affect your flat budget such as:</p>
<ul>
    <li>Renovation, furnishing and moving expenses</li>
    <li>Wedding expenses, if applicable</li>
</ul>

Understand the payments required

<table style="width: 100%;">
    <tbody>
        <tr>
            <td style="width: 25%;"><strong><a rel="noopener noreferrer" href="https://homes.hdb.gov.sg/home/calculator/budget" target="_blank">Calculate housing budget</a></strong></td>
            <td style="width: 75%;">Work out an estimated housing budget with housing loan information provided by HDB and the participating FI.</td>
        </tr>
        <tr>
            <td>
            <p><strong><a rel="noopener noreferrer" href="https://homes.hdb.gov.sg/home/calculator/payment-plan" target="_blank">Create a payment plan</a></strong></p>
            <p>For the purchase of a new or resale flat<span style="background-color: inherit;">&nbsp;</span></p>
            </td>
            <td>
            <p>Work out a customised financial plan for your intended flat purchase.</p>
            <p>Understand the payments required at the various milestones of your flat buying journey and check if your budget is sufficient to complete the flat purchase.</p>
            </td>
        </tr>
        <tr>
            <td><strong><a rel="noopener noreferrer" href="https://homes.hdb.gov.sg/home/calculator/sale-proceeds" target="_blank">Calculate sale proceeds</a></strong></td>
            <td>Work out the estimated cash proceeds you may receive from the sale of your current flat and how much you need to set aside for your next flat purchase.</td>
        </tr>
    </tbody>
</table>

Budget for a Flat

Next steps

Housing Loan

Application for an HDB Flat Eligibility (HFE) Letter

Finding a New Flat