For HDB flat buyers, you may have the options of getting a housing loan from a bank or from HDB. Both options allow you to borrow up to 75% of the price/valuation (whichever is lower). Your first step is to apply for HDB Flat Eligibility (HFE) letter. It will take upto 1 month to be ready and it is valid for 9 months. A HFE letter is required before you can proceed to buy a resale flat or apply for a BTO flat.
As bank loan interest rate has dropped below HDB loan rate of 2.6%, HDB flat buyers who prefer to get a home loan from banks can apply for In Principle Approval to find out how much loan they can qualify while awaiting for HFE letter to be ready.
The Checklist below is applicable for bank loan option.
Know How Much Fund to Set Aside
Set aside sufficient Cash for your purchase.
- At least 5% of purchase price for down-payment.
- Other costs like *buyer stamp duty, *legal fee, valuation fee, fire Insurance etc.
Know how much CPF fund available to use for the flat
- CPF fund in OA account can be used for down-payment.
- Housing Grants (if eligible) will be credited to your CPF OA account and can be used for down-payment.
- *Buyer stamp duty and *legal fee can be paid using CPF.
- Advisable to leave some CPF balance for loan instalment
* Items that can be paid using either CPF or cash.
Sales Proceed from existing property (if applicable)
- How much CPF will be refunded
- How much Cash you will get back
- When these fund can be available
Confirm How Much Bank Loan You can Qualify
Banks can finance up to 75% of price. How do you know how much loan you can qualify?
You may apply for In Principle Approval (IPA) with a bank to find out. This will give you an assurance before going ahead to buy a property.
With the completion of IPA, you will be able to work out the Maximum Price you can afford.
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Work out your Monthly Instalment
- Housing loan instalment can be paid by cash or CPF, or both.
- Work out your monthly repayment that you are ready to commit for next few years.
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