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
  • To work out an estimated assessment for an HDB housing loan, please use our Enquiry on Loan Estimate service.
  • You will need to have a valid HDB Loan Eligibility (HLE) letter when you book a flat from HDB, or obtain an Option to Purchase from a resale flat seller. 
  • An HLE letter is valid for six months. You can apply for a HLE here.
FI Housing Loan
  • To check your eligibility, please approach the FIs regulated by the Monetary Authority of Singapore (MAS) and submit the required housing loan application.
  • You will need to provide a Letter of Offer from the FI before you sign the Agreement for Lease for the purchase of a flat from HDB, or exercise the Option to buy a resale flat.
  • For more details, please refer to Housing Loan from Banks.

Be sure to also set aside for the related costs when buying a new flat or resale flat .

Managing your cash savings

When buying a flat, you may need to pay part/ all of the following using cash:

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.