Residential
However, do take note that there is a limit on the total amount of CPF savings that can be used for your flat purchase. Once that limit is reached, you will not be able to withdraw more of your CPF savings and will have to pay the balance amount in cash for the flat.
Flat buyers taking an HDB housing loan will have the option of retaining up to $20,000 of the available CPF savings in each buyer's OA. The rest of the available CPF OA balance must be used to pay for the flat purchase before taking up an HDB housing loan.
From 10 May 2019, the total amount of CPF savings that can be used for your flat purchase and/or paying monthly mortgage instalments will depend on the extent the remaining lease of the flat can cover the youngest buyer up to the age of 95. Details on the use of CPF savings and the applicable limits are shown in the Tables below.
For flat applications received on or after 10 May 2019:
The amount of CPF savings that the buyers can use is capped at the lower of the valuation or the price of the flat at the time of purchase.
Use of CPF savings will be pro-rated based on the extent the remaining lease of the flat can cover the youngest buyer up to the age of 95. When the allowed CPF amount is used up, buyers will have to pay the balance flat purchase price and/or monthly mortgage instalments in cash. This will help the buyers to set aside CPF savings for their housing needs during retirement (e.g. buying a replacement property).
For information on the use of CPF savings, you may use the CPF Board's online calculator.
For flat applications received before 10 May 2019:
^The amount of CPF savings that buyers can use is capped at the lower of the valuation or the price of the flat at the time of purchase.
Buyers can use their CPF savings if the remaining lease of the flat can cover the youngest buyer up to the age of 80
Total amount of CPF savings that can be used is capped at the lower of the valuation or the price of the flat at the time of purchase.
^Further withdrawal of CPF savings (up to applicable limits) for the flat purchase may be allowed if the buyers are able to set aside the Basic Retirement Sum in their CPF accounts.
For further enquiries on the use of CPF savings, please visit CPF Board’s website.
Information on the remaining lease of an HDB block is available on the HDB Map Services under "Housing".
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.
To take out a housing loan, you need to meet the eligibility conditions and credit assessment criteria. You must also take note of the following financing requirements:
If you take a housing loan from HDB
You must have a valid HDB Loan Eligibility (HLE) letter when obtaining an Option to Purchase (OTP) from a flat seller and at the time of your application to buy the resale flat.
The HLE letter will inform you of the housing loan amount you can get. Do exercise prudence and take on a loan amount that you can service comfortably over the loan tenure.
If you take a housing loan from an FI
You must obtain a Letter of Offer from the FI before you exercise an OTP.
We provide housing loan to eligible flat buyers. The housing loan amount is subject to credit assessment and the prevailing eligibility conditions.
If you wish to take an HDB housing loan, you need to first apply for and 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.
As a good practice, obtain an HLE letter before you start searching for a flat, as knowing the available housing loan amount will help you to estimate your flat budget.
If you take a housing loan from HDB, do note the following:
You will need to have a valid HLE letter when you book a flat from HDB, or obtain an Option to Purchase (OTP) from a flat seller.
When you take a housing loan from HDB, you can later refinance the loan with another housing loan from a financial institution (FI). However, if you take a housing loan from an FI, you will not be allowed to refinance the loan with an HDB housing loan subsequently.
Those taking an HDB housing loan will have the option of retaining up to $20,000 CPF savings in each buyer's Ordinary Account (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 you are taking a second HDB housing loan, the eligible loan amount will also be reduced by the CPF refund and part of the cash proceeds from the disposal of your last-owned flat.
You may apply for an HDB housing loan up to the following Loan-to-Value (LTV) limit, if the remaining lease of the flat can cover the youngest buyer till the age of 95:
For those who buy a flat with a remaining lease that cannot cover the youngest buyer till the age of 95, the maximum HDB housing loan amount that they may take will be pro-rated from the LTV limit.
Buyers of flats with less than 20 years of remaining lease are not eligible for an HDB housing loan
Use the following online calculators to compute the allowable CPF usage and the HDB housing loan:
Information on the remaining lease of an HDB block is available on the HDB Map Services under “Housing”. For more details, please refer to Housing Loan from HDB.
You can choose to finance your flat purchase with a housing loan from the financial institutions (FIs) regulated by the Monetary Authority of Singapore (MAS).
You can choose to finance your flat with a housing loan from the FIs regulated by MAS. View and compare the housing loan packages offered by participating FIs. Do check the key terms and considerations in taking up a housing loan from HDB and the FIs before making a decision. To apply for a housing loan from the FIs, do approach the FIs directly to check your loan eligibility.
If you take a housing loan from an FI, do note the following:
For more details, please refer to housing loan from financial institutions.
You may find out whether you are eligible for any CPF housing grants, which are housing subsidies given by the Government to eligible Singapore Citizen buyers. The housing grant can be used for the initial payment and to reduce the required housing loan amount.
Find out about the different types of CPF housing grants.
You make the initial payment after acknowledging the resale documents in the HDB Resale Portal. The amount is based on the resale price or market valuation of the flat, whichever is lower, as well as whether you are:
CPF
You can use your CPF OA savings (including CPF Housing Grant if eligible) to make the initial payment up to the full 10%. If your CPF OA amount is insufficient, the balance is to be paid in cash.
If you intend to use more than 10% of the purchase price of the flat from your CPF, you must have this amount available in your CPF account before submitting the resale application. Additionally, do note that flat buyers taking an HDB housing loan will have the option of retaining up to $20,000 CPF savings in each buyer's Ordinary Account (OA). The rest of the available CPF OA balance must be used to pay for the flat purchase.
Online withdrawal of your CPF monies after you confirm your Financial Plan through the HDB Resale Portal
You can use your CPF OA savings (including CPF Housing Grant if eligible) to make the initial payment up to 20%. If your CPF savings is insufficient, the balance is to be paid in cash.
You can use your CPF OA savings (including CPF Housing Grant if eligible) to make the initial payment up to 35%. If your CPF savings is insufficient, the balance is to be paid in cash.
Cashier's Order
Find out more about the streamlined resale process with the HDB Resale Portal.
We have different eligibility schemes under which you can buy an HDB resale flat.
Here are some resources to help you plan your finances before your flat purchase.
