Whether you're buying your first HDB flat, upgrading to a condo, or renting while you save, understanding Singapore's housing options is crucial. This guide covers BTO applications, resale purchases, rental considerations, and the financial planning needed for each stage.
New HDB flats at subsidised prices. Apply during launch exercises.
Existing HDB flats sold by current owners. Move in quickly.
Hybrid between HDB and private. Subject to income ceiling.
Condos and landed properties. No income ceiling restrictions.
Banks limit total monthly debt payments to 55% of gross monthly income. This includes all loans - mortgage, car loan, credit cards, etc.
Example Calculation
Income: $10,000/month
Max debt payments: $5,500/month
Use your CPF Ordinary Account for down payment and monthly mortgage. Understand accrued interest - when you sell, you must refund CPF with interest.
Key Points
• Up to 20% down payment from CPF
• Monthly mortgage payable from CPF OA
Factor in renovation when budgeting. New BTOs need full renovation; resale may need less.
Typical Budget
• HDB: $30,000 - $80,000
• Condo: $50,000 - $150,000+
Beyond purchase price and renovation, budget for these additional costs.
Don't Forget
• BSD (Buyer's Stamp Duty)
• Legal fees ($2,000-$3,000)
• Valuation fee ($300-$500)
Get IPA First: Always get In-Principle Approval from banks before committing to any property. Know your budget limits.
Research the Area: Visit at different times of day. Check nearby amenities, transport, and future developments.
Plan for Family: Consider future family needs when choosing flat size. Upgrading later is costly.
Keep Cash Buffer: After purchase, maintain at least 6 months of expenses as emergency fund.
Get a comprehensive financial assessment to understand your options, affordability, and the impact on your overall financial plan.
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