• Home Loan BYTES FROM OUR KITCHEN

    Apply 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

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    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

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    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

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    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 Nov 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

    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.

    Features of Housing Loan from HDB:

    • HDB loans are offered up to 90% of the purchase price or the market value of the home.
    • Down payment of 10% of the market value or purchase price of the house, depending on whichever of the two is lower.
    • The interest rates are pegged to CPF Ordinary Account (OA) rates. The home loan interest is always 0.1% above the CPF OA interest rate. The current interest rate on the HDB Concessionary Loan is 2.6% p.a.
    • The maximum repayment period offered under this home loan is 25 years or up to the age of 65 years of the home owner, depending on whichever of the two occurs earlier.

    Eligibility Criteria to Apply for this Loan:

    • To qualify for an HDB loan offered by the Housing and Development Board, at least 1 of the buyers must be a Singaporean citizen.
    • You must not have taken 2 or more housing loans from HDB previously.
    • You must have taken 1 housing loan from HDB and the previous property owned should not be a private residential property such as an HUDC flat, a property you acquired as a gift, a property you inherited under the Intestate Succession Act as a beneficiary, a property that you owned/disposed/acquired through a nominee or any private property.
    • The minimum household income for families is S$12,000.
    • The minimum household income for extended families is S$18,000.
    • Minimum income of S$6,000 for singles who are buying a 5-room or a smaller resale flat or buying a new 2-room flat in a non-mature estate under the SSC Scheme (Single Singapore Citizen).
    • Other eligibility criteria may be applicable.

    HDB Home Loans Offered by Banks

    There are many banks in Singapore that offer HDB home loans to customers. Here are some common features offered by most banks:

    • Quantum of Financing (QOF) offered up to 80%.
    • Loan tenures offered up to 30 years or until 70 years of age, depending on whichever of the two occurs earlier.
    • Various interest rate packages including fixed rates, variable rates and SIBOR rates are available.
    • Down payment of 20% of the market value or purchase price of the house, depending on whichever of the two is lower. At least 5% of the down payment must be made in cash.
    • The minimum age to qualify for an HDB Home Loan is 21 years. Income criteria vary depending on the bank offering the loan.

    Popular Banks in Singapore that offer HDB Home Loans include the following:

    • HSBC
    • DBS
    • POSB
    • OCBC
    • Standard Chartered Bank
    • UOB
    • Maybank
    • CIMB
    • RHB
    • HLF

    HDB Concessionary Loan VS HDB Bank Loan

    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.

    Documents to be Submitted When Applying for an HDB Home Loan

    Here are some documents that you should keep handy when applying for an HDB Home Loan:

    • NRIC or passport copies of all owners and applicants.
    • In case of a new purchase, the Sale & Purchase document or Option to Purchase document will be required.
    • In case of refinancing, the loan statement from your current bank or financial institution will be required.
    • Tenancy Agreement, if applicable, will be required.
    • CPF Withdrawal Statement for the existing property that needs to be sold or refinanced.
    • Evidence of Sale of your current property will be required, if applicable to you.
    • Income documents include Income Tax NOA (Notice of Assessment) and CPF statements.

    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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