How Much Will Your First Home Cost?

Buying Your First Home

Cost is probably the biggest question on your mind when it comes to buying your first home. But if you’re planning to purchase an HDB flat, the answer depends on your eligibility, the estate (matured/non-matured), housing grants, and whether you’re taking out an HDB or bank loan.

Here’s how these factors affect your first home purchase:

  • Eligibility: Different flat types have different eligibility requirements to buy them, so it’s a good idea to see if you qualify first. For example, if you want to buy a 3-Room BTO flat in a non-mature estate but you make $6,000 a month, you won’t qualify because your income is too high.
  • Matured/Non-Matured Estates: Matured estates are typically more expensive to purchase because they’re near amenities such as schools, malls, community centers, and bus/MRT stations. Non-matured estates might not have a lot of amenities, but they are usually cheaper. Non-matured estates 3 room units have a household income ceiling cap of $5,000 to qualify.
  • Housing Grants: If you want to buy a flat, especially a 2- or 3-Room flat, you can get up to $60,000 in grant assistance from the government towards buying your first home. The biggest of these grants are the Additional CPF Housing Grant (AHG) and the Special Housing Grant (SHG).
  • HDB or Bank Loan: Each loan option has different upfront costs (minimum down payment)and bank loans involve a minimum 5% cash down payment
  • HDB Loan: You can borrow up to 90% of the value of the home and use your CPF to pay off the 10% down payment. But your loan tenure can’t be longer than 25 years.
  • Bank Loan: You can borrow up to 80% of the value of your home. Pay a minimum 20% downpayment of 5% in cash, and use your CPF to pay off 15% or more for the balance downpayment depending on the loan amount that you want. Your loan tenure cannot be longer than 25 years (capped at age 65). You will have the option to extend your loan tenure to 30 years if you are going a 60% loan or less (capped at age 70).
  • You can check out one of our related articles here

Here’s a look at the eligibility requirements and estimated cost of HDB flats for first-time buyers ONLY:

 

Studio Apartment (30-Year Lease Only)

Eligibility for a Studio Apartment

Citizenship

Single Applicant

Joint Applicant

Citizen

Citizen (if related*)

Citizen or PR (if unrelated)

Age

At least 55

At least 21 (if related*)

At least 35 (if unrelated)

Family Requirement 1 person (Single, Unmarried, Divorced or Widowed)2 persons (Spouse, relative or other)*Related means immediate family only
Income Requirement The gross monthly Income of person(s) listed in the application must not exceed $10,000

Cost (No Loans Offered) 

HDB and the banks won’t provide home loans for studio apartments, which come fully furnished. That means you’ll need to have the cash or CPF to pay for the 5% down payment. The remaining 95% is to be paid by either cash or CPF in full before you can collect your keys. 

You may use your CPF savings in the Ordinary and Retirement Accounts to pay for the purchase of the Studio Apartment if you are aged 55 years and above. This is after you have set aside at least the full cash component of the minimum sum. The Apartment will be pledged for the amount of CPF used, up to the maximum pledge allowed under the Minimum Sum Scheme.

 

  Cost CPF Payment Cash Payment
Purchase Price $85,500 (est.) ($90,000 – $4,500 down payment) $85,500 (CPF)
Down Payment (5%) $4,500 $4,500
Housing Grant N/A
Stamp Duties $900 $900 (CPF/Cash)
Legal Fees $800 (est.) $800
Total $91,700 $86,400 $5,300

 

2-Room Flat Build-to-Order (BTO)

Eligibility for a 2-Room Build-to-Order (BTO) Flat

Citizenship

Minimum 1 Singapore Citizen  

Age

At least 21 (Family Nucleus) or Singles at least 35

Family Nucleus(Family Nucleus must include at least another citizen or PR)

You + Fiancé (under the Fiancé Scheme)

or

You + Unmarried Siblings (under the Orphan Scheme)

or

You + Spouse + Children

or

You + Parents + Siblings

or

You + children under legal custody (if widowed/divorced)

Income Requirement

Mature and Non-Mature Estate

Your gross monthly income must not exceed $5,000

 

Cost (HDB Loan Only)

For this example, a married 30-year with a monthly income of $1,900 is applying for an HDB loan in a non-mature estate.

  Cost Loan CPF Payment Cash Payment
Purchase Price $90,000 (est.)
Maximum Loan $45,000 ($90k – $45k CPF Grant) $45,000
Housing Grant(s) $45,000
Down Payment (10%) $ 9,000 $9,000 (CPF)
Stamp Duties $900 $900 (CPF/Cash)
Legal Fees $800 (est.) $800 (CPF/Cash)
Total $46,700 (Total Outlay) $45,000 $1700$45,000 (CPF Grant)  

*Actual loan will be lower because HDB will wipe out all the funds in your CPF-OA. 

*If your CPF-OA has more than $45,000, you would not be able to get any HDB loan at all.

 

3-Room Flat Build-to-Order (BTO) or Resale

Eligibility for a 3-Room Flat Build-to-Order (BTO) or Resale Flat

Citizenship

Minimum 1 Singapore Citizen (for BTO)

or

2 PRs with a minimum of 3 years residency (for Resale)

Age

At least 21

Family Nucleus(Family Nucleus must include at least another citizen or PR)

You + Fiancé (under the Fiancé Scheme)

or

You + Unmarried Siblings (under the Orphan Scheme)

or

You + Spouse + Children

or

You + Parents + Siblings

or

You + children under legal custody (if widowed/divorced)

Income Requirement

 

Mature Estate/Premium (BTO)

Non-Mature Estate (BTO)

Your gross monthly income must not exceed $10,000 or $15,000 (gross monthly household income) if you are buying the unit with extended family.

Your gross monthly must not exceed $5,000

Mature and Non-Mature (Resale)

No income ceiling

 

Cost (HDB Loan) – for a BTO Flat

For this example, a young married couple in their late 20s with a combined monthly income of $5,000 wants to buy a 3-Room BTO flat in a mature estate with an HDB loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $160,000 (est.)
Maximum Loan $135,000($160,000 – $25,000 grant) $135,000
Housing Grant $25,000
Down Payment (10%) $16,000 $16,000 (CPF Grant)
Stamp Duties $1,600 $1,600 (CPF/Cash)
Legal Fees $800 (est.) $800 (CPF/Cash)
Total $27,400 (Outlay) $135,000 $2400$25,000 (CPF Grant)  

Actual loan will be lower because HDB will wipe out all the funds in your CPF-OA.

 

Cost (Bank Loan) – for a BTO Flat

For this example, a married couple in their late 20s with a combined monthly income of $5,000 wants to buy a 3-Room BTO flat in a mature estate with a bank loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $160,000 (est.)
Maximum Loan $127,000 ($160,000-$25,000 Grant -$7,000 cash downpayment) $127,000
Housing Grant $25,000
Down Payment (20%) $32,000  $25,000 (CPF Grant) $7,000 (5% Cash)
Stamp Duties $1,600 $1,600
Legal Fees $2,300 (est.) $2,300
Total $35,900 (Outlay) $127,000 $3,900 
$25,000 (CPF Grant)
$7,000

 *If you have a bigger or smaller grant, the housing loan amount will be adjusted according.

Cost (HDB Loan) – for a Resale Flat

For this example, a young married couple in their late 20s with a combined monthly income of $4,500 wants to buy a 3-Room Resale flat in a non-mature estate with an HDB loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $260,000 (est.)
HDB Valuation $240,000 (est.)
Maximum Loan $210,000 ($240,000 – $30,000 grant) $210,000  
Housing Grant $30,000
COV $20,000 $20,000
Down Payment (min 10%) $30,000 $30,000 (CPF)
Stamp Duties $3,400 $3,400 (CPF/Cash)
Legal Fees $800 $800 (CPF/Cash)
Total $54,200 (Outlay) $210,000 $4,200
$30,000 (CPF Grant)
$20,000

* Actual loan will be lower because HDB will wipe out all the funds in your CPF-OA.

* If you have a bigger or smaller grant, the housing loan amount will be adjusted according.

 

Cost (Bank Loan) – for a Resale Flat

For this example, a young married couple in their late 20s with a combined monthly income of $4,500 wants to buy a 3-Room Re-sale flat in a non-mature estate with a bank loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $260,000 (est.)
HDB Valuation $240,000 (est.)
Maximum Loan $192,000 (80% of Valuation) $192,000  
 Housing Grant *$30,000
COV $20,000 $20,000
Down Payment (20%) $48,000 $6,000$30,000 (CPF Grant) $12,000 (5% cash)
Stamp Duties $3,400 $3,400 (CPF/Cash)
Legal Fees $2,300 (est.) $2,300 (CPF/Cash)
Agent Commission $2,600 $2,600
Total $46,300 (Outlay) $192,000 $11,700
$30,000 (CPF Grant)
$34,600

 

4/5-Room Build-to-Order (BTO)

Eligibility for a 4/5-Room Build-to-Order (BTO) Flat

Citizenship

Minimum 1 Singapore Citizen

Age

At least 21

Family Nucleus(Family Nucleus must include at least another citizen or PR)

You + Fiancé (under the Fiancé Scheme)

or

You + Unmarried Siblings (under the Orphan Scheme)

or

You + Spouse + Children

or

You + Parents + Siblings

or

You + children under legal custody (if widowed/divorced)

Income Requirement

Mature Estate

Your gross monthly income must not exceed $10,000 or $15,000 (gross monthly household income) if you are living with extended family.

 

Cost (HDB Loan) – 4-Room BTO Flat

For this example, a 30-year old with a family who has a monthly income of $5,000 wants to buy a 4-Room BTO flat with an HDB loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $230,000 (est.)
Maximum Loan $205,000 ($230,000 – $25,000 CPF Grant) $205,000
Housing Grant $25,000
Down Payment (min 10%) $25,000 $25,000 (CPF Grant)
Stamp Duties $2,800 $2,800 (CPF/Cash)
Legal Fees $800 (est.) $800 (CPF/Cash)
Total $28,600 (Outlay) $205,000 $3,600
$25,000 (CPF Grant)

Actual loan will be lower because HDB will wipe out all the funds in your CPF-OA.

 *If you have a bigger or smaller grant, the housing loan amount will be adjusted according.

 

Cost (Bank Loan) – 4-Room BTO Flat

For this example, a 30-year old with a family who has a monthly income of $5,000 wants to buy a 4-Room BTO flat with a bank loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $230,000 (est.)
Maximum Loan $184,000 $184,000
Housing Grant $25,000
Down Payment (20%) $46,000 $9,500$25,000 (CPF Grant) $11,500 (5%  cash)
Stamp Duties $2,800 $2,800 (CPF/Cash)
Legal Fees $2,300 (est.) $2,300 (CPF/Cash)
Total $51,100 (Outlay) $184,000 $14,600
$25,000 (CPF Grant)
$11,500

 

Buying an Executive Condominium (EC)

Eligibility for a 2/3/4/5-Room Executive Condominium (EC)

Citizenship

Single Applicant

Joint Applicant (JES only)

Citizen

Citizen

Age

Single Applicant

At least 21

Joint Applicant

Occupier

Any age as long as Singapore Citizen

At least 21 (Widows/Orphans)

At least 35 (Unmarried Person/Divorcee)

Family Nucleus(Family Nucleus must include at least another citizen or PR)

You + Fiancé (under the Fiancé Scheme)

or

You + Unmarried Siblings (under the Orphan Scheme)

or

You + Another Single Person (under the Joint Singles Scheme)

or

You + Spouse + Children

or

You + Parents + Siblings

or

You + children under legal custody (if widowed/divorced)

Income Requirement

Mature Estate

Your gross monthly household income must not exceed $12,000

 

Cost (Bank Loan Only) EC

For this example, a 30-year old with a family who has a monthly income of $10,000 wants to buy a Executive Condominium (EC) with a bank loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $800,000 (est.)
Maximum Loan $640,000 (80% of purchase price) $640,000  
Down Payment (20%) $160,000 $90,000
$30,000 (CPF Grant)
$40,000 (5% cash)
Housing Grant $30,000
Stamp Duties $18,600 $18,600 (CPF/Cash)
Legal Fees $2,500 (est.)   $2,500 (CPF/Cash)
Total $181,100 (Outlay) $640,000 $111,100
$30,000 (CPF Grant)
$40,000

* If you do not qualify for the 80% loan amount, you will need to top up the difference by cash/cpf.

* SC/SC Grant $30,00 SC/PR Grant $20,000. Grant will be reduced for Household income of $10,001 and above.

 

Buying a Design, Build and Sell Scheme (DBSS) Flat

Eligibility for Design, Build and Sell Scheme (DBSS) 3/4/5-Room Flats

Citizenship

Citizen

Age

At least 21

Family Nucleus(Family Nucleus must include at least another citizen or PR)

You + Fiancé (under the Fiancé Scheme)

or

You + Unmarried Siblings (under the Orphan Scheme)

or

You + Spouse + Children

or

You + Parents + Siblings

or

You + children under legal custody (if widowed/divorced)

Income Requirement

Mature Estate

Your gross monthly household income must not exceed the following limits:

  • $12,000 if you’re purchasing a DBSS flat with your extended family
  • $10,000 if you’re applying for a DBSS flat from Yishun PH1 and Tampines PH2 onwards
  • $8,000 if you’re applying for a DBSS flat in projects launched before Yishun PH1 and Tampines PH2

 

Cost (HDB Loan) 3-Room DBSS Flat

For this example, a 35-year old with a family who has a monthly income of $6,000 wants to buy a 3-Room DBSS flat with an HDB loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $360,000 (est.)
Maximum Loan $324,000 $324,000
Housing Grant $10,000
Down Payment (10%) $36,000   $26,000(CPF)
$10,000 (CPF Grant)
 
Stamp Duties $5,400   $5,400 (CPF/Cash)  
Legal Fees $1,000 (est.)   $1,000 (CPF/Cash)  
Total $42,400 (Outlay) $324,000 $32,400
$10,000 (CPF Grant)
 

Actual loan will be lower because HDB will wipe out all the funds in your CPF-OA.

 

Cost (Bank Loan) 3-Room DBSS Flat

For this example, a 35-year old man with a family who has a monthly income of $6,000 wants to buy a 3-Room DBSS flat with a bank loan.

  Cost Loan CPF Payment Cash Payment
Purchase Price $360,000 (est.)
Maximum Loan $288,000 $288,000
Housing Grant $10,000
Down Payment (20%) $72,000 $44,000 
$10,000 (CPF Grant)
$18,000 (5% cash)
Stamp Duties $5,400 $5,400 (CPF/Cash)
Legal Fees $2,300 (est.) $2,300 (CPF/Cash)
Total $79,700 (Outlay) $288,000 $51,700
$10,000 (CPF Grant)
$18,000

 

Buying a Landed Property

Eligibility for a Landed Property

The eligibility requirements for purchasing a landed property focus primarily on your legal status. For example:

  • Singapore Citizen: you’ll follow the same eligibility criteria of someone purchasing a resale HDB, and there’s no restriction on the landed property you can buy.
  • Singapore PR: you’ll need to ask permission from the Singapore Land Authority (SLA) to buy. But unless you can prove that you contribute “significantly” to the Singapore economy, it might be tough. A 5% ABSD is also applied to your purchase.
  • Non-PR Foreigner: you can only buy landed property on Sentosa. All other landed properties across Singapore are off-limits. You’ll also have to pay a 15% ABSD on your property purchase as well.

 

Cost (Bank Loan Only)

For this example, a couple in their early 30s making a combined monthly income of $40,000 wants to buy a landed property in a mature estate with a bank loan.

  Cost CPF Payment Cash Payment
Purchase Price $2,000,000 (est.)    
Indicative Valuation $1,900,000    
Maximum Loan $1,520,000 (80% of valuation)
 
Down Payment (20%) $380,000 $285,000 (Up to 15% from CPF) $95,000 (5% in cash)
COV $100,000 (Cash Only) $100,000
Stamp Duties $54,600 (3% purchase price – $5,400) $54,600 (CPF/Cash)
Legal Fees $3,000 (est.) $3,000 (CPF/Cash)
Agent Commission $20,000 (1% of purchase price) $20,000
Total $557,600 (Outlay) $342,600 $215,000