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Plan your finances and work out your budget before you search for a suitable home.
To work out a financial plan, consider the following:
You may use our calculators to estimate your finances and the amount of housing loan you may need for your flat purchase. Read financial planning for flat purchase for more tips on financing a flat purchase.
You will need to make payments at various stages of the transaction. When planning your finances, you should therefore account for the amount of cash required and the amount that you can use from your CPF savings.
You must use cash at the following stages:
You must pay the balance purchase price of the flat before or during the resale completion appointment, after factoring in:
Read more about the resale completion appointment.
The savings in your CPF Ordinary Account (OA) can be used for:
You may use your CPF savings to pay for the initial payment.
If you are taking a housing loan from a financial institution (FI), at least 5% of the initial payment have to be in cash.
Flat buyers taking a housing loan from HDB have the option of retaining up to $20,000 of the available CPF savings in each buyer's OA. The remaining balance in the CPF OA must be used to pay for the flat purchase, before they can take an HDB housing loan. If you need the CPF refund from the sale of your current property to finance the resale flat purchase, please ensure the amount has already been credited to your CPF OA, before you submit the resale application.
You should also take note of the following conditions for using your CPF savings:
For information on the use of CPF savings, you may use the CPF Board's online calculator. For further enquiries on the use of CPF savings, please visit CPF Board’s website.
To finance your flat purchase, you may choose to get a housing loan from HDB or a financial institution (FI) regulated by the Monetary Authority of Singapore.
As the purchase of a flat is a long-term commitment and payment of the monthly instalments can stretch up to 25 years or more, it is important to exercise prudence so you can continue to pay the monthly payments.
If you wish to take a housing loan from HDB, you have to first obtain an HDB Loan Eligibility (HLE) letter. The HLE letter will inform you of the loan amount you can receive, based on your financial situation. Knowing the available housing loan amount will help you to estimate your budget. You should take note of the following:
You will need a valid HLE letter at all of the following stages:
Those taking an HDB housing loan will have the option of retaining up to $20,000 CPF savings in each buyer's OA. The rest of the available CPF OA balance must be used to pay for the flat purchase.
Those taking a housing loan from FIs may check with the FIs for their conditions.
If the lease can cover the youngest buyer to the age of 95 and above, the Loan-to-Value (LTV) limit will be 80%^ of the lower of the resale price and value.
If the remaining lease is unable to do so, the LTV limit will be pro-rated from 80%.
^ For flat applications submitted on or after 30 Sep 2022.
Flat buyers who have submitted a resale application will be provided with a customised financial plan, which will include the applicable LTV limit at point of resale application (if they are taking an HDB housing loan), and the payments required at the various milestones of their flat purchase.
Use the following online calculators to compute the allowable CPF usage and the HDB housing loan:
You can get the details of a flat’s lease using the HDB Map Services.
You may choose to finance your flat purchase with a housing loan from the FIs regulated by Monetary Authority of Singapore (MAS). View and compare the housing loan packages offered by participating FIs.
Check the key terms and considerations in taking up a housing loan from the FIs before making a decision. You may use our calculator to obtain housing loan estimates from the FIs.
Apply early for an In-Principle Approval (IPA) from an FI for a preliminary assessment of your housing loan eligibility before you start searching for a flat, as knowing the available housing loan amount will help you estimate your flat budget. You should also take note of the following:
You may be eligible to receive a housing subsidy to help with the purchase of your resale flat.
Read our eligibility conditions to find out if you are eligible for any CPF housing grants, which are housing subsidies given by the Government to eligible Singapore Citizen buyers.
The housing grants can be used for the initial payment and to reduce the required housing loan amount.
Plan your finances and understand the different housing loan options.
Read about granting an Option to Purchase to your buyers.
Obtain information on submitting a request for value.
Learn about the details and documents required when buyers submit a resale application.