Working out your Budget

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:

  • Available cash savings
  • Available CPF Ordinary Account (OA) savings (each applicant may retain up to $20,000)
  • Probable CPF Housing Grant amount
    • You may be eligible for CPF Housing Grants for the purchase of a new or resale flat
  • Estimated housing loan amount from HDB or the participating financial institutions (FIs) 
    • The amount you can borrow from HDB or FIs is determined by your age, income, and financial standing.
    • You may also obtain information on the terms and conditions in taking up a housing loan from HDB or FI.
HDB Housing Loan
  • To check your eligibility and estimated housing loan amount, you may apply for an HDB Loan Eligibility (HLE) letter.
  • You will need to have a valid HLE letter when you book a flat from HDB, or obtain an Option to Purchase from a resale flat seller and when you submit a resale flat application. 
  • An HLE letter is valid for six months.
FI Housing Loan
  • To check your eligibility, you can approach the FIs regulated by the Monetary Authority of Singapore.
  • 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 Purchase to buy a resale flat and when you submit a resale application.
  • For more details, please refer to Housing Loan from Financial Institutions.

Understand the payments required

Be sure to also set aside money for related costs when buying a flat, as you may need to pay part or all of the following using cash:

You can use your available CPF Ordinary Account savings to pay the downpayment or initial payment. If your CPF savings are not sufficient, you will have to pay the balance amount in cash.

To obtain a customised financial plan for your intended new or resale flat purchase, do make use of our payment plan calculator. It will guide you on the payments required at the various milestones of your flat buying journey and check if your budget would be sufficient.

If you are buying a replacement flat under the Selective En bloc redevelopment Scheme (SERS), you may use the SERS financial plan calculator.

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