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.
|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|
HDB or the Housing and Development Board home loans are available for those looking to buy an HDB flat in Singapore. There are two financing options to choose from when looking for a home loan for purchasing an HDB flat – HDB Concessionary Loan (housing loan from HDB) and HDB home loans offered by banks in Singapore.
There are many banks in Singapore that offer HDB home loans to customers. Here are some common features offered by most banks:
Popular Banks in Singapore that offer HDB Home Loans include the following:
|Loan features||HDB Concessionary Loan||HDB Bank Loan|
|Quantum of Financing||Up to 90% of the purchase price or market value.||Up to 80% of the purchase price or market value.|
|Loan tenure||Up to 25 years of 65 years of age.||Up to 30 years of 70 years of age.|
|Down payment||10% of the purchase price or market value using CPF OA savings or cash.||20% of the purchase price or market value using CPF OA savings with a minimum 5% to be paid in cash.|
|Interest rate||0.1% about CPF OA interest rate. Currently the interest rate is 2.6% p.a.||Choices of fixed rates, variable rates and SIBOR rates are available.|
Here are some documents that you should keep handy when applying for an HDB Home Loan:
On 19 February, Finance Minister Heng Swee Keat presented the 2018 Budget in parliament. The key highlights of the Budget for the average Singaporean include tax increases such as an increase in the GST and the introduction of a new e-tax.
21st February 2018
The number of households that have accessed the government’s grant to buy HDB resale flats close to their married children or parents has reached 11,000. Another 1,000 are expected to receive the grant soon.
12 February 2018
The Housing and Development Board will launch 4,381 BTO and ROF flats in February 2018 for first-timer and second-timer families. HDB will build 3,664 BTO flats and 717 ROF flats across mature and non-mature towns.
07 February 2018
From February 2018 onwards all new BTO projects will automatically have the open kitchen concept. HDB announced that this move has been made keeping in mind its cost-effectiveness and ability to make flats look more spacious.
05 February 2018
HDB plans to lower the occupancy cap from nine to six starting 1 May 2018 on residential and commercial properties. The board has also said that prior approvals need to be sought before commencement of tenancy.
02 February 2018
HDB resale transactions rose 6.1% in 2017 as prices slipped due to factors such as increased grants and quicker access to BTO-flats. Experts expect prices to mostly remain flat through 2018.
30 January 2018
HDB has decided to expand its pilot Build-A-Playground initiative to four other towns after the first playground designed and built in collaboration with community residents was completed and opened to the public in Sembawang on 7 January 2018.
09 January 2018
According to a report from SRX Property, resale prices of HDB flats fell 1.8% in December 2017 over the same month in the previous year. This follows a report from the Housing Board that said prices had fallen 1.5% for the whole of 2017.
04 January 2018
Singapore Government has spent S$1.93 billion between 2007 and March 2017 on renovations of HDB flats built until 1986 as a part of its home improvement programme. The programme has improved public safety standards and living conditions.
02 January 2018
With the cases of fallen windows touching 50 till November 2017, the authorities have issued caution to homeowners urging them to be careful with regard to maintenance aspects of their windows. Most cases involve sliding and casement windows.
29 December 2017
Around 17,000 BTO HDB flats are expected to be launched by 2018 in upcoming towns like Tengah, Sembawang, and Yishun. Meanwhile, ECA International named Singapore as one of the most expensive cities in the world for expats.
20 December 2017
Ministry of National Development and HDB are launching 17,000 BTO flats by 2018, some with a shorter wait period of 2.5 years. The Singapore government has taken this initiative to regulate the supply of BTO flats as the demand is high among buyers.
18 December 2017