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The second step to our ABCs of financial planning is to work out your ‘Budget’ based on available funds.
Use our calculator to work out your budget before looking for a suitable flat. It will provide you with an estimated housing budget by adding up the following:
If you need a housing loan to buy a flat, please check your loan eligibility with HDB or approach the FIs regulated by the Monetary Authority of Singapore. View and compare housing loan packages offered by the participating FIs and understand the key terms and conditions for the housing loan before making an informed financing decision.
Ensure that you have obtained sufficient financing before proceeding to buy a flat. Read on to understand the payments required at the various milestones for your intended flat and plan your purchase using the financial tools below.
Find out more about the upfront payments in cash and CPF for your flat purchase.
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’s lease does not cover the youngest buyer to the age of 95 and beyond.
* For resale flats, this refers to the lower of the resale price or value of the flat.
Be sure to set aside money for the upfront payments required in cash or CPF savings for your intended flat, before committing to buy.
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.
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:
Obtain a holistic view of your estimated budget and financing options using our calculators.
Payment Plan Calculator
For the purchase of a new or resale flat
SERS Financial Plan Calculator
For the purchase of a replacement flat under the Selective En bloc Redevelopment Scheme (SERS)
Work out a customised financial plan for your intended flat purchase.
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.
Understand the different terms and considerations between taking a housing loan from HDB and the financial institutions, and make an informed housing and financing decision.
Find out more about the types of HDB flats available for sale and design features of new flats.
Get started with your flat purchase by finding out about the buying process of a flat from HDB.
Understand and follow the resale procedures to ensure a smooth flat buying journey. Find out more about the process before committing to a flat purchase.