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 $6,000 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 75% of the value of your home. Pay a minimum 25% downpayment of 5% in cash, and use your CPF to pay off 20% 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 55% 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:
|
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 |
