A "low interest" loan shouldn't mean you have very little interest in paying it back!

    Apply for a 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.

    HDB Home Loan DetailsUpdated on 19 Mar 2019

    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

    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 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

    • Singapore Budget 2018: What it Means for You

      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

    • About a Quarter of HDB Resale Flat Buyers Get Proximity Grants

      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

    • HDB to Launch 4,381 Flats under BTO and ROF Exercises

      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

    • New HDB Flats to Have Open Kitchens

      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 to Lower Occupancy Cap on Its Properties from 1 May 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 Resales Rise in 2017 as Price Slips

      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

    • BAP Initiative to be extended by HDB

      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

    • HDB Resale Prices Drop despite Rise in Volume

      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

    • S$1.93 Billion Spent on Improvement of Older Flats Since Launch of Home Improvement Programme

      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

    • 50 Cases of Fallen Windows till November, Highest Since 2012

      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

    • Singapore Round-up: Financial Growth of Developing Asian Countries to Remain Stable next Year; HDB to Launch 17,000 BTO Flats in 2018

      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

    • Lawrence Wong Announces Launch of 17,000 Build-To-Order Flats by 2018

      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

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