• HDB Home Loan


    The Housing & Development Board (HBD) is the public housing authority in Singapore that develops housing towns to provide quality living environments and homes. HDB is a statutory board under the Ministry of National Development. Its purpose is to build communities that maintain harmony amongst different races and families and individuals. It aims at making cohesive communities while also keeping up with changing circumstances.

    You’re probably eligible for an HDB Home Loan if you are

    HDB Home Loan Minimum Age

    Atleast 25 years

     HDB Home Loan Maximum Age

    Less than 65 Years

    HDB Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    HDB Home Loan Minimum Income

    Earn more than the minimum
    income required

    Your HDB Home Loan amount eligibility is based on these factors

    HDB Home Loan Minimum Salary

    Minimum income required S$12,000

    HDB Home Loan Maximum Loan to property value

    Depend on the buyers’ age and monthly income

    HDB Home Loan EMI

    EMIs of other loans lower your eligibility

    Increase your eligible HDB Home Loan amount by these steps

    HDB Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant, and her income will add to your eligibility

    HDB Home Loan Maximum Tenure

    Choose longer tenure loan up to 25 years

    HDB Home Loan Add parents as Co-applicant

    Make sure at least one of the parents must be a Singapore Citizen or Singapore Permanent Resident

    Documentation needed to apply for an HDB Home Loan

    • 1. Latest 3 months payslips or recent letter from employer certifying job designation (Employed)
    • 2. Valid license of business / trade; and Latest 12 months’ bank statements/passbook (Self-Employed)
    • 3. Valid Student Pass, if they are currently a full-time student (Unemployed between 18 to 62 years old)
    • 4. Latest 3 months payslips of pension received & Latest 12 months bank statements/passbook
    • 5. For Commission-Based and Regular Part Time Worker - Latest 12 months' commission statements/payslips

    HDB Home Loan DetailsUpdated on 23 Sep 2017

    HDB Home Loan Details
    Min Loan Amount S$10,000
    Max Loan Tenure 25 to 30 years
    nterest Rates Revised from time to time
    Monthly EMI Capped at 30% of the gross monthly income

    About HDB Home Loan

    HDB provides home loans to help people procure houses of their own with lesser burden. It is also oriented towards the elderly and those who may be facing financial difficulties. Those looking for a housing loan can secure one at concessionary rates of interest if you are eligible. You need to satisfy HDB’s credit assessment and the mortgage loan criteria. You also need to acquire a HLE which is a HDB Loan Eligibility Letter before you commit to purchase of transfer of a flat. You can use e-Service to apply for this letter. The letter will provide information on your eligibility, the loan quantum and the monthly instalments. This is necessary to ensure you can pay the loan back and manage other expenses without too much financial strains.

    Why choose HDB Housing Loan?

    HDB aims at constantly providing cost effectiveness and maintain standards of quality through research and development. HDB ensures their towns are recreational and commercial with all social facilities and amenities. The interest rates are lower than usual home loans and you can use your CPF savings and/or cash to repay the loan in monthly instalments. HDB is committed to help you plan your finances so that you do not have to experience any unbearable financial burdens while you strive to acquire your own flat.

    Features and Benefits of HDB Home Loan

    • Concessionary interest rates
    • Loan amount available for purchase of new flat is 90% of the purchase price
    • Loan amount for resale flats is 90% of the resale price or 90% of the market value, whichever is lower
    • Loan amount is determined based on your financial situation
    • HDB Loan Eligibility Letter is a must which is valid for 6 months from date of issue
    • Monthly instalments are capped at 30% of the gross monthly income
    • You must take out a fire insurance policy and a home protection scheme

    HDB Home Loan – Eligibility

    To be eligible for a HDB home loan, you need to meet the criteria below:

    • At least one buyer should be a Singaporean citizen
    • You should not have taken two or more concessionary HDB loans before
    • If you have taken one HDB loan, the last owned property should not be a private residential property.
    • You should not be an owner of any private residential property
    • You also should not have disposed of any private property 30 days before applying for the HDB Loan Eligibility.
    • You do not own more than one hawker or market stalls
    • Or you do not own more than one industrial or commercial property
    • If you do own one, you should not have any other source of income
    • The average gross monthly income should not be above
      • S$10000 for families
      • S$15000 for extended families
      • S$5000 for a single buyer

    HDB Home Loan - Documents Required

    • HDB Loan Eligibility letter
    • Applicants’ and spouse occupiers’ SingPass
    • Income documents
      • For the employed with monthly CPF contribution, you need the latest 3 months’ payslips. If this is not possible, a recent letter from your employer certifying commencement date, job designation, and salaries for the last 3 months will suffice. You also need the last 15 months' CPF contribution history.
      • For the employed without monthly CPF contribution, in addition to the above, you need to provide a Credit bureau report and the last 12 months’ bank statements/passbook.
      • For self-employed, you need to have the following:
        1. Valid license of business or a valid Accounting & Corporate Regulatory Authority Computer Information (Business Profile)
        2. Latest Notice of Assessment from IRAS or Certified Annual Statement of Accounts from an audit firm
        3. Last 12 months’ bank statements/passbook.
        4. Credit bureau report

    Additional documents required from Commission-Based and Regular Part Time Worker, Unemployed applicants between 18 to 62 years old, Odd Job workers, and Pensioners, can be found on the HDB official website.

    HDB Home Loan Interest Rates

    The interest rates are revised quarterly in January, April, July and October every year. This is done in line with the CPF interest rate revisions. The concessionary rate of interest is 0.1% point above CPF Ordinary Account Interest Rate. It is computed on a monthly rest basis. It may also be computed on any other basis as HDB may decide.

    Explore HDB Home Loans Offered Top Banks in Singapore

    FAQs – HDB Home Loan

    1. Can I estimate the final or NET loan amount on my own?
    2. Yes, once you know you’re eligible, you can use the online services in Sales Financial Plan and Resale Financial Plan available on the official HDB planning. You can find these options under “financial tools”.

    3. I am working overseas, can I avail of the HDB Home Loan?
    4. Yes, you can as long as you fulfil the eligibility conditions. In addition, you need to submit additional income proof such as employment pass, work permit, evidence of trade business, overseas income tax returns, where applicable

    5. My income documents are not in English, is that acceptable?
    6. The accepted languages are English, Mandarin, Malay or Tamil. If the documents to be submitted are in languages other than those mentioned, an official translation in English of these documents is required.

    7. What are my options if I am not eligible for a HDB home loan?
    8. You will have to take a loan from a bank/financial institution that is licensed by the Monetary Authority of Singapore to provide housing loans. You can consult any bank and based on your current income, they will help you determine the amount of loan which you can get.

    9. Which are the banks that are authorised to give home loans?
    10. A list of all the authorized banks can be found in the Monetary Authority of Singapore (MAS) website.

    Home Loans Related Articles

    News About HBD Home Loan

    • 860,000 HDB households to get GST Voucher this month

      Around 860,000 HDB households of Singapore can soon enjoy the GST Voucher – Utilities-Save (U-Save) rebate this month. Every household will receive different amounts of up to S$65 according to the category of their HDB flat.

      The GST Voucher is one of the 3 parts of the permanent GST Voucher scheme. The U-rebate will reduce the general household expenses. It will also help residents balance their utility bills smoothly.

      With the GST voucher, a resident of an HDB flats with 1 or 2 rooms can reduce their utility bills of 3 to 4 months. An individual living in an HDB flat with 3 or 4 rooms can minimise bills of 1 to 2 months with the voucher.

      This rebate voucher cannot be used by individuals who own more than one house. The voucher is offered every January, April, July and October.

      03rd January 2017

    • Resale Prices of HDB Flats Fall

      The resale prices and the overall volume of transactions of the flats developed by the Housing Development Board (HDB) has dropped in 2016. According to property experts, this dip in prices is most likely seasonal and the prices of HDB flats and their demand will increase in due course of time. The overall prices of mature as well as non-mature estates fell by 0.5 percent in January, 2016 from December, 2015 as per the data released by SRX Property recently. This can be the ideal time for people to apply for an HDB home loan and purchase an HDB flat of their choice.

      05th February 2016

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