Working out your Budget
You can estimate the total budget for your flat purchase by adding up the following:
- Available cash savings
- Available CPF Ordinary Account (OA) savings (each applicant may retain up to $20,000)
- CPF Housing Grant amount
- Housing loan amount
- The amount you can borrow from HDB or Financial Institutions (FIs) is determined by your age, income and financial standing.
|HDB Housing Loan||
|FI Housing Loan||
Managing your cash savings
When buying a flat, you may need to pay part/ all of the following using cash:
- Downpayment and related costs (for new HDB flats)
- Initial payment and related costs (for HDB resale flats)
You can use your available CPF OA savings to pay the downpayment or initial payment. If your CPF savings are not sufficient, you have to pay the balance amount in cash.
Useful tools for budget planning
If you intend to take an HDB housing loan, you can use the following e-Services to work out a financial plan for your flat purchase.