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Home Seller (General): Valuation FAQ

1. Why do I need to get a valuation done before I sell my house?

In volatile markets, selling your property based on the latest transacted prices may be inaccurate due to the time lag between the actual transaction and the published transacted prices. Also, most buyers would want to know the valuation or the bank indication of the value of your property to assess their ability to purchase your home.

In the case of HDB properties, the Seller would normally obtain a Valuation before putting the property for sale in the open market. This is because the valuation will help the Seller to determine a fair selling price, whilst at the same time enables a potential Buyer to compute his financial commitment towards the purchase.

2. What are the main factors that affect the value of my property?

The factors are:
a) Tenure
b) Location
c) Quality
d) Proximity to conveniences and facilities such as MRT, market, bus-stops
e) Surrounding features such as beautiful scenery/landscape
a) Current demand for the property

3. How much does it cost to obtain a valuation report?

Generally, a valuation exercise costs from 0.5% to 3% of a property’s value.
The costs of obtaining a Valuation for a HDB property is about $180.50.


Home Buyer (General): Stamp Duty FAQ

1. What is Stamp Duty?

Stamp Duty is a tax levied on documents which record transactions, such as disposition or transfer of interest from one party to another. Therefore, stamp duty is payable by the person who purchases any immovable property.

2. How much Stamp Duty do I have to pay?

Three(3%) percent of the Sale / Purchase price, less $5,400.00. ( for property prices of at least $360,000.00 or above) otherwise to compute by breaking down the Sale / Purchase price:

The formula to calculate is:
First $180,000 (1%)
Next $180,000 (2%)
Thereafter (3% )


Transacted property price S$2,000,000

Property purchase price S$2,000,000
1% on the first S$180,000 = - - - = S$1,800
2% on the next S$180,000 = - - - = S$3,600
3% on the remaining S$1,640,000 = S$49,200
Total stamp duty payable S$54,600

3. When do I have to pay for the stamp duty?

Depends on whether the property bought is completed or still under construction. For completed properties, the stamp duty is payable within 14 days of the completion of the sale if the document is signed in Singapore. If the document is signed outside Singapore, the stamp duty has to be paid within 30 days after the Sale and Purchase Agreement is received in Singapore.

For uncompleted properties, the Stamp Duty is payable within 14 days after the TOP (Temporary Occupation Permit) is issued or when you sell the property, whichever is earlier.

4. Does a seller of a property need to pay stamp duty?

No. Under the Anti-speculation curbs announced by the government on 15 May 1996, the seller of a residential property needs to pay for the stamp duty if the sale of property was made within 3 years after the purchase of the property. This regulation was suspended by the government on 18 November 1999, and has since been repealed.


Home Buyer (General): Property Tax FAQ

1. What is Property Tax?

It is a tax payable by a property owner, based on the annual value of the property. The annual value is calculated from the potential gross rental the property can generate in a year on the basis that the owner is paying for the costs for repairs, insurance, and maintenance (excluding GST).

2. What is the rate of Property Tax?

The property tax rate varies. If you are occupying a residential property, the property tax is only 4% of the annual value of the property. If the property is not owner-occupied, you have to pay the tax rate of 10% of the annual value of the property. In the case of non-residential property and vacant land, the tax rate is 10%, regardless of whether it is owner-occupied or not.

3. What is Annual Value?

Annual Value is the estimated annual rent of your property assuming it is let out. Amount excludes the rent for furniture and fittings and the service charge. The Chief Assessor will determine the Annual Value of the property by analyzing rents of comparable buildings and relevant data. The annual value is determined in the same manner regardless of whether the property is let, owner-occupied or vacant.

4. Does the owner-occupier’s concessionary tax rate apply to companies with ownership of the property?

No. Only individual owners are qualified. Even if the property owned by a company has been used as living quarters for employees, the company is still liable for the property tax rate of 10% per annum of the annual value.

5. If I reside in 3 different properties, can I be granted the owner-occupied rate for all the 3 properties?

No. You can only be granted the owner-occupied rate of 4% for only 1 residential property .

6. If I own a HDB flat and a private apartment, can I choose to have the owner-occupied rate of 4% for the private apartment?

No. If you own both a HDB flat and a private apartment, the owner-occupied rate can only be for your HDB flat. However, if you owner-occupy 2 private properties, you may then choose to have the owner-occupied rate for any of them.

7. I have just purchased a property and found out that the previous owner did not pay for the outstanding property tax prior to the sale. Am I then liable to pay for him?

Unfortunately, the government looks to the property and not the owner for collecting the property tax. Therefore, in this case, you are liable to pay for the property tax bills for the previous owner.

8. How can I find out the amount of property tax for the property I wish to purchase?

The easiest way to find out is to ask the Seller for his current property tax bill.

9. How can I be sure that the Seller has already paid for the property tax?

Your Lawyer can request for the Seller to produce the receipt for property tax or the Confirmation Note issued by the Comptroller of Property Tax.


I am buying a HDB flat . . .

Can private property owners buy HDB flats direct from HDB?

No, a private property owner cannot buy a HDB flat direct from HDB. If he disposes of his private property, he has to wait 30 months before he is eligible to buy a flat direct from HDB. However, HDB may consider granting exemption to exceptional cases based on the merits of each case. Private property owners with full share in the property are not eligible for exemption.

How does a private property owners apply for exemption from the non-ownership of property rule?

If the private property owner wants to purchase a HDB flat direct from HDB and wishes to apply for exemption, he has to take the following steps:

(a) Obtain a property questionnaire and application form from Reception Counter Sales Unit, HDB Centre or any HDB Branch Office.

(b) Complete the questionnaire and application form; and submit them personally at the counter of Sales Unit together with documents as follows:-

(i) Property Acquired Through Inheritance
• Will
• Grant of Probate
• Estate Duty Schedule, or
• Petition for Letters of Administration
• Grant of Letters of Administration
• Estate Duty Schedule

(ii) Property Acquired by Way of Gift
• Deed of Gift
• Transfer Instrument or Notice of Transfer

(iii) Property Acquired by Purchase, Shophouse or Residential Land
• Title Deeds

(iv) Property Outside Singapore
• Title Deeds
• Valuation Report from a Licensed Valuer in that country.

The applicant has to wait up to 2 months to know the outcome of his request and eligibility for exemption.

Can private property owners buy a HDB resale flat from the open market?

Yes, private property owners can buy a resale flat from the open market. However, they must reside in the HDB resale flat & sell their private condo within 6mths

I got the keys to my HDB flat 5 years ago but I was overseas for 1 year in between. Am I eligible to purchase a private property now?

No, HDB excludes any period during which you were not in physical occupation of the property when computing the period of occupation.

I have one month to go before the 5-year occupation period for my HDB flat expires. Is it alright if I pay the Booking Fee now as long as I sign the Sale and Purchase Agreement after the one month has passed?

NO. If you are an owner of an HDB flat bought either direct from the HDB, or from the open market with the help of a housing grant, you are NOT allowed to have any interest in private property before the 5-year occupation period expires. This includes paying the Booking Fee in exchange for the Option.

What are the schemes available to a Purchaser of a HDB flat?

• Public Applicant Scheme
• Single Singapore Citizen Scheme
• Conversion Scheme
• Non-Citizen Family Scheme
• Orphans Scheme
• Fiancé/Fiancée Scheme
• Citizen/SPR Siblings Scheme
• Joint Singles Scheme
• Non-citizens Scheme
• CPF Housing Grant Scheme


What criteria do applicants have to meet to buy a flat direct from HDB?

The application must satisfy all the following conditions:

• The applicant must be a Singapore Citizen.
• The co-applicant/proposed occupiers listed in the application must comprise at least one Singapore Citizen or Singapore Permanent Resident.

(b) AGE - Applicant must be at least 21 years of age.

Applicant and his co-applicant/proposed occupiers must form a family nucleus. A family nucleus can comprise the following:-
• Applicant and his spouse and his children (if any).
• Applicant (single) and his parents and siblings (if any).
• Applicant (widowed) and children.
• Applicant (single) and his fiancée.
• Applicant (single) and his siblings, if parents are deceased.

Each applicant is eligible to purchase one flat only for use as a private dwelling with his family who are the authorised occupiers.

The Applicant can buy a HDB resale flat in any town/estate where the approved proportion for his ethnic group in the neighourhood/block has not been exceeded. The Purchasers and the sellers of the same ethnic group are not affected by the Ethnic Integration Policy.

• The total gross income of all persons listed in the application must not exceed $10,000.00 per month.

No person shall be entitled to purchase a HDB flat if he, his spouse or any other person listed in the application:
• Is the owner of any other flat, house, building or land* or has an estate or interest therein; or
• Has at any time within 30 months before the date of making an application to purchase an HDB flat,
or between the date of the application and the date of completion of the new flat, acquired or disposed of
any flat, house, building or land, or any interest therein.

* includes but not limited to HUDC flats, properties acquired by way of gift/ inheritance, private properties, properties outside Singapore and properties owned/ acquired/ disposed of through nominees.

The HDB may, however, at its sole discretion and depending on the facts, circumstances and merits of each case, exempt persons from this condition upon his application for exemption. An application for exemption is subject to payment of a processing fee of $154.50/ $51-50 (inclusive of GST) as determined by the HDB. The processing fee is non-refundable.

(g) 5-YEAR RESTRICTION If any of the applicants, their spouses or essential occupiers listed in the application is an existing owner or ex-owner of a flat purchased direct from HDB, or under the Sale of Flats to Sitting Tenants Scheme or CPF Housing Grant Scheme, the applicant may apply to purchase a HDB flat only if a period of 5 years has lapsed from the date of purchase of the said flat to the date of registration of the new application.


Can an undischarged bankrupt apply to purchase a HDB flat?

An undischarged bankrupt must obtain the prior written consent of the Official Assignee before he can purchase an HDB flat.

Can persons listed in one application be included in another?

All persons listed in the application must not also be listed in another application to buy or rent HDB flat.

Can any person be barred to apply to purchase a HDB flat?

The applicant and his co-applicant/proposed occupiers must not have infringed any HDB/Government rules, regulations or policies. Any person whose name has been included in any debarment list will not be eligible to purchase or be included as an authorised occupier in an application to purchase an HDB flat.


Revised Resale Levy for HDB flats.

What is the amount of resale levy under the revised policy?

The amount of resale levy is graded according to the flat type of lessees' first subsidised flat. Under the revised policy, lessees whose first subsidised flat is a 2-room flat will pay a resale levy of $15,000. Those whose first subsidised flat is a 3-room, 4-room, 5-room and Executive flat will pay a resale levy of $30,000, $40,000, $45,000 and $50,000 respectively when they purchase a second subsidised flat.

First Subsidised Flat Type New Resale Levy (from 3 March 2006)*
2-room $15,000
3-room $30,000
4-room $40,000
5-room $45,000
Executive Flat $50,000
* - only applicable for those who submit their resale application and book a 2nd subsidised flat on/after 3 March 2006.

What is the revised resale levy payable by Single Grant recipients?

For single citizens who purchased resale flats with the lower CPF Housing Grant for Singles, they need only pay half the levy amount when they subsequently form a family and buy or take over the ownership of a second subsidised flat.


Tips On Loan

What are the loan structures like for HDB Properties?

A: Potential owners can take up the loan from either HDB directly, or from FIs who offer housing loan facilities. Each option has its own policies. For purchasers who are taking a loan directly from HDB, the salient points are as follows:

1. The purchase price can be fully paid by CPF funds, less the initial option deposit.
2. HDB’s current concessionary interest rate (also known as subsidized rate) is at 2.6%. However, it is subject to HDB varying the rate from time to time. It is good to know that HDB does not vary their interest rates as rapidly as the FIs.
3. The downside however, is that each illegible person can only utilize this benefit 2 times in his or her lifetime, be it for a direct purchase from HDB or from the secondary market.

For purchasers who do not qualify for the HDB concessionary rate, or who opt for a loan from the FIs, they are subjected to the following:

Only up to 90% can be financed, so the difference between the purchase price of the property and the loan will have to come from private funds. This portion however, can be a combination of cash and CPF savings, e.g. first 5% has to be in cash, while the balance from CPF. It is a statutory requirement for all purchasers to furnish the initial 5% in cash.
FIs who grant loans have both Fixed Interest Rate and Variable Interest Rate packages. These loans are based on commercial interest rates depending on their cost of funds at that particular time. These rates may or may not be as competitive as compared to HDB’s concessionary rates. Commercial rates may fluctuate frequently, therefore it is prudent for borrowers to keep abreast of the market movement and interest rates at all times.

FIs have their own credit assessment guidelines which may not conform to that of HDB.


How are loans disbursed for Private Property purchases?

A: For Completed Properties, FI’s would follow the normal payment schedule when disbursing funds. By law, all private property purchasers like HDB purchasers must make the initial 5% payment in cash. After having paid the initial 5%, depending on the loan quantum granted (be it 80% or 90%) and as long as there are sufficient funds in their CPF ordinary account, purchasers can make up the difference by drawing on their CPF savings. Prior to completion of the purchase, the conveyancing law firm would call for the final draw down of the balance from the FI and CPF Board which ever applicable.

For Building Under Construction (BUC) properties, FIs today offer financing tagged to the developer’s Progressive Payment Scheme. Progressive Payment Scheme is based on the developer’s predetermined schedule of payment (payments are normally called for in percentages). This schedule is set out based on the different stages of development; as such payments made for the purchase would be spread out through out the course of the development process. Once the developer has completed a certain stage, the developer would call for the required payment. The respective FI would then disburse the loan progressively according to the schedule. The borrower’s monthly repayment would increase gradually based on the loan disburse

The progressive payment schedule for PTE is as follows:

- Booking Fee (Cash) – 5%
Sales & Purchase Agreement (CASH / CPF) – 15%
Foundation – 10%
Reinforced Concrete – 10%
Brick Walls – 5%
Ceiling / Roofing – 5%
Electric Wiring / Plumbing – 5%
Carparks / Roads / Drains – 5%
Temporary Occupation Permit (TOP) – 25%
Certificate of Statutory Completion (CSC) – 15%


What are the common interest rate schemes offered for housing loans?

A: Most FIs provide a combination of the following schemes: SIBOR, SOR, CPF, Fixed, Variable, Combination, Interest servicing, and also Interest matching (0%) interest rates schemes.
For the Progressive payment scheme, there is a time lapse from the purchase to TOP; during this time the market would have moved either way and like wise the interest rate packages offered would change. As such, most FIs provide for a 1 Time Free Conversion prior to TOP. As long as the loan is in force, you would have an option to decide which package would meet your needs best – either to stay with the existing package or to change to the prevailing package at that point of time.

Most FI’s who provide both HDB and Private Property loans may or may not have the same interest rates and packages for both property types.


How do Financial Institutions (FIs) determine whether to approve my loan or not?

A. The foremost criterion is your repayment ability for the loan. This is generally assessed based on the following factors:

1 Monthly income,
2 Monthly CPF contribution,
3 Existing funds in CPF Ordinary Account,
4 Other financial commitments,
5 Employment Profile,
6 Age of borrower,
7 Nationality,
8 Debt servicing ability,
9 Bankruptcy,
10 Credit record,
11 Financial strength of Joint borrower (if any), and
12 Liquidity.

1. Loan Amount: Different FIs have different credit assessment criteria which will determine the maximum loan permissible. This will be determined after the Income documents have been submitted.
2. Credit Record: This can be established through a search with the Credit Bureau (Singapore) Pte Ltd (CBS), which maintains a record of an individual’s credit history with participating FIs. The Quest Line Search, reveals whether you have any legal suits.
3. Debt Servicing Ability: FIs will look at your Debt Servicing Ratio (DSR) - the ratio of affordable repayment based on gross financial commitments.


What should I take note of when taking up a housing loan?

A. You should do your sums with one of the highly experienced Mortgage Advisors to determine if the housing loan would affect you financially in anyway, before committing to a particular loan. This is especially so if you are thinking of taking a large loan with a long repayment period because the bigger the loan and longer the tenure, more interest would be charged over the extended period of time.If you miscalculate, you may end up with no choice but to use only cash to pay for your monthly housing loan installments. As a rule of thumb, your monthly housing loan repayment and other loan repayments should not exceed 35% of your monthly income.The following lists some considerations that may affect your ability to repay your home loan installments:

Change in housing loan interest rates (for variable rate loans, a higher interest rate may result in higher monthly installments).
Change in CPF contribution rates or policies (eg. a reduction in contribution rates may mean less CPF is available for housing).
Change in work status of the borrower/s (eg. stopping work or working part-time to take care of young kids or aged parents).
Company retrenchment due to downturn in economy or unprofitable business.
Accident or illness resulting in inability to work.
Death of the main borrower, and the property is not adequately covered by a mortgage insurance policy.

While a longer repayment period means you will be paying a smaller amount in installments every month, your total interest payment at the end will be much higher.

For example, a normal private property housing loan of $500,000 with an interest rate of 4% pa (the average prevailing interest rate with FIs), 24.9% of the total repayment would be for interest charges should the borrower take a 15-year loan. Should the borrower take a 25-year loan, 36.8% of the repayments would be for interest only!


How does the Loan Process go?

A. The whole process normally follows the order below:

1. Once you have made the decision to buy; you should liaise with one of MoneyMind’s experienced Mortgage Advisors to work out a financing plan based on your income and repayment ability.
2. Our Mortgage Advisors will explain to you the respective housing loan packages available that suits your requirements and match make the best loan for you.
3. Our staff would assist you to fill up a housing loan application form with all relevant documents for loan processing as stipulated by the respective FI.
4. We will take these documents and submit it to the respective FI’s credit department for processing.
5. The credit department will decide on the loan amount and tenure, based on your income, other financial commitments, and repayment abilities.
6. Once approved, a Letter of Offer (LO) will be generated for you. Most FIs will take 3 - 7 days to get this ready.
7. The respective FI’s representative will then explain the terms & conditions of the loan. If you accept the terms and conditions of the loan, he will have to sign the LO, which will be returned to the credit department with all supporting documents.
8. Finally, the FI will issue a Letter of Instruction (LOI) to the appointed law firm on their panel to act for the FI in the particular loan. Most of the time, it will take the credit department 7 – 10 days to process and send out the LOI.


What are the documents that I have to prepare for my housing loan application?

A. The standard documents are as follows:

1. NRIC of all borrowers (photocopies of both the front and back).
2. Option to Purchase (photocopied).
3. Latest income documents,
4. Latest CPF statement showing monthly contributions,

latest CPF account balance,
3 months computerized pay slip,
latest Notice of Tax Assessment (NOA). For self employed, he will need to furnish the above and 2 years NOA instead of 1 year.

5. For refinancing cases, the above also applies with addition of
the latest CPF Property Withdrawal Statement of account, and
last 12 months housing loan repayment statement.

6. If bridging loan is required, he will need to provide in addition,
the latest detailed statement of existing loan account (HDB or existing FI),
proof of confirmed sale of an existing property, and
latest CPF Property Withdrawal Statement of Account.

What should I do now?

- Contact a Mortgage Advisor to meet up with you so that we can understand your needs, commitments and financial goals and work out a detailed financial plan for you.

Buying property does not only entail the initial down payment but also the regular installments. Should you be unable to make the monthly installments due to unforeseen circumstances, your dream home would fast become your biggest nightmare.

With the government’s emphasis on the minimum sum at age 55 (currently at S$99,600 and to be increased to S$120,000 by year 2013), many home owners today are still unsure how it will impact them. With the way things are going, we anticipate that a lot of home owners will be caught in a dilemma in the near future.

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Replies to This Discussion

How much is the Minimum Sum?

Setting aside the Minimum Sum when you reach 55 ensures that you have some regular income from age 65 to live on in your retirement.

The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation.

If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum.

55th birthday on or after Minimum Sum 
(in 2003 dollars) 

Minimum Sum
(after adjustment for inflation)

1 July 2003 $80,000 $80,000
1 July 2004 $84,000 $84,500
1 July 2005 $88,000
1 July 2006 $92,000
1 July 2007 $96,000
1 July 2008 $100,000 $106,000
1 July 2009 $104,000 $117,000
1 July 2010 $108,000
1 July 2011 $112,000
1 July 2012 $116,000
 } To be
1 July 2013 $120,000
 } announced
For more information on Minimum Sum, click here

There are four ways in which you can set aside the Minimum Sum:

1. Cash
2.  Making a top-up to reduce shortfall
3. Pledging your property
4. Receiving top-ups under the CPF Minimum Sum Topping-Up Scheme
1. Cash

You may set aside the Minimum Sum of $131,000 fully in cash. The more cash savings you have for your Minimum Sum, the higher the retirement income you will get from your Draw-Down Age.
2. Making a top-up to reduce shortfall

If you have not set aside your full Minimum Sum, you can voluntarily make a top-up to reduce your shortfall using cash or your CPF savings. You can apply to make a top-up to reduce the shortfall any time after 55.

Pledging your property

You must obtain consent from all co-owners of the property before you can pledge your property in lieu of part of your Minimum Sum. You may pledge your property up to 50% of the Minimum Sum. In the event that the property is sold or otherwise disposed of, you are required to refund the Minimum Sum deficiency, or the principal CPF withdrawn for the property plus the accrued interest*, whichever is lower. The Minimum Sum deficiency is the CPF Minimum Sum applicable to you when you turn age 55 less the balance in your Retirement Account (excluding the interest earned).

* If your principal pledged amount is higher than your CPF principal amount used plus accrued interest, you will be required to refund the Minimum Sum deficiency or the principal pledged amount, whichever is lower.

The amount that you can pledge depends on

  • HDB’s quarterly average median resale prices for HDB flats or valuation price for private properties;
  • Outstanding housing loan amount (including non-housing loan for private properties); 
  • Co-owner’s CPF usage (for joint-ownership cases); and 
  • Your share of the property.

Examples illustrating the amounts that can be pledged:


Where the co-owner’s CPF usage is less than 50% of the residual value of the property

HDB’s average valuation price


Less outstanding HDB loan


Residual value :


Co-owner's CPF usage :

:$ 40,000

Member's share :

:$ 75,000

In example 1 above, as the co-owner's CPF usage is less than 50% of the residual value, the member’s share of the property would be based on 50% (assuming that the property has only two owners with 50% share each) of the residual value. He can pledge the property up to the maximum limit of $65,500 if the Minimum Sum applicable to him is $131,000.

Where the co-owner’s CPF usage is more than 50% of the residual value of the property

HDB’s average valuation price


Less outstanding HDB loan


Residual value :


Co-owner's CPF usage :

:$ 80,000

Member's share :

:$ 20,000

In example 2 above, as the co-owner's CPF usage is greater than 50% of the residual value, the member's share of the property would be the residual value less the co-owner's CPF usage. The member can only pledge an amount of $20,000(i.e. $100,000 less $80,000).

Where the co-owner did not use his CPF for the property and has 50% share ownership

HDB’s average valuation price


Less outstanding HDB loan


Residual value :

:$ 50,000

Co-owner's CPF usage :

:$          0

Member's share :

:$ 25,000

In example 3 above, as the co-owner did not use his CPF for the property and the member has 50% share of the property, the amount that the member can pledge is $25,000 only.

Grant Eligibility: Must not own private / commercial property or hawker stall, or disposed any within last 30 months. For own business use commercial property or hawker stall is exempted.

Housing Grant (Income less than 10k)

  • Singaporean 30k
  • With SPR spouse 20k


Housing Grant (Near parent/married child)

  • Singaporean 40k

  • With SPR spouse 30k


Half Housing Grant (If you are first timer citizen and spouse has enjoyed a housing subsidy)

  • 15k
  • 20k (Near parent/married child)

Single Grant (Income less than 5k, buying 5-rm or smaller)

  • 15k
  • 20k (High-tier Single Grant, parents as occupier)

Joint Single Grant (Income less than 10k)

  • 30k


Additional CPF Housing Grant (AHG)

Income                                   AHG

<1,500                                  40k

1,501 - 2,000                        35k

2,001 - 2,500                        30k

2,501 - 3,000                        25k

3,001 - 3,500                        20k

3,501 - 4,000                        15k

4,001 - 4,500                        10k

4,501 - 5,000                          5k


*Special Housing Grant (For income less than $2,250 and buying 3-rm or smaller direct from HDB)



HDB Loan requirement

  • at least 1 Singaporean
  • have not taken 2 concessionary HDB loan

  • Must not own private / commercial property or hawker stall,

            or disposed any within last 30 months.

            For own business use commercial property or hawker stall is exempted.

  • Max average gross  income
  1. 10k family
  2. 15k extended family
  3. 5k for single, 10k for high-tier single
  4. 10k for Joint single


HDB Loan

  • 1st Loan

                10% CPF + 90% Loan + COV

  • 2nd Loan (Need to use half* of previous sales cash proceeds + all CPF first) 

                10% CPF + 90% Loan + COV 

                                                      *half if cash proceeds more than 50k;

                                                        else (prev sales proceeds minus 25k), minimum can keep 25k.

                                                      *This amount not allow to offset against COV.

Bank Loan

  • 1st Property

                 5% Cash + 15% CPF/Cash + 80% Loan + COV

  • 2nd Property

                10% Cash + 30% CPF/Cash + 60% Loan + COV



Resale Levy (Selling 1st subsidized (Direct or with grant), buying 2nd subsidized)

1-room No Levy

2-room $15,000

3-room $30,000

4-room $40,000

5-room $45,000

Executive Flat $50,000


Resale Levy Before 3rd March 2006

2-room 10%

3-room 20%

4-room 22.5%

5-room & above 25%



  • MOP – *30th August 2010 onwards 5 Years for all HDB flats (except 1 rm.)

                       *5th March to 29th August 2010, 3 years for bank or no loan & non subsidized flats

                       *Before 5th March 2010, 1 year for bank or no loan, 2.5 years for HDB loan

  • Buyer who is buying a HDB flat and owns a private property will have to dispose of the private property within six(06) month after taking possession of the HDB flat.
  • Buyer who buy a HDB cannot invest in a private property within the 5 years MOP period
  • Income ceiling S$10,000 (For grant/direct flat)

                        *Base on resale application


MOP for rental of approved unit : 5 years (After 30th August 2010)

                                                      3 years (Before 29th August 2010)



Subletting for SPR landlords:

Under the revised rule, permanent residents will only be allowed to sublet their flat if they have not done so before. The approval will be granted for a year only, instead of three years. Upon expiry of the one-year period, the application to extend the approval will be assessed on a case-by-case basis and approval will be granted only if there are extenuating reasons, said the spokesman.

The total period of subletting during the flat owners' entire duration of the flat ownership will be capped at five years.




Buyer Stamp Duty

First 180k : 1%

2nd 180K : 2% 

Remaining: 3%

Or for Purchase Price $360K above: can use 3% - $5400

Rental Stamp Fees

Up to 1 years : Annual Rent / 250 (Round up) x 1

2 - 3 years : Annual Rent / 250 (Round up)  x 2

4 years above : Annual Rent / 250 (Round up)  x 4



Stamp duty calculator (IRAS)

Frequently Asked Questions 

(FAQ) Q1) What are the differences between BTO (Build-to-Order), DBSS (Design, Build and Sell Scheme) and EC (Executive Condo)? 

A1) BTO are flats sold directly by HDB, they are usually priced below market value. DBSS are flats develop by private developer and the design will be similar to condo but without the facilities. DBSS flats are usually priced above resale HDB flats around the same area. EC are similar to private condos but subjected to HDB rulings, EC are usually priced below private condos and above resale HDB flats around the same area. 

Q2) My wife and myself are Singapore Permanent Resident, can we buy a DBSS? 
A2) No, you need to form a family nucleus of at least one Singapore Citizen (SC) and another Singapore Permanent Resident (SPR). In other words, the family nucleus need to be at least SC+SC or SC+SPR. Read more about Promoting Citizenship in HDB Households

Q3) Can I use HDB loan for DBSS? 
A3) Yes, you can use hdb loan for DBSS if your monthly household income is below $8000. 

Q4) My household monthly income is $9,000, can I buy DBSS? 
A4) Yes, you can buy DBSS that are launched after 31 Aug 2010 (eg Adora Green) as your household monthly income is below $10,000. However, you can only use bank loan for the financing of your DBSS. 

Q5) My household monthly income is $10,200, which is slightly above the income ceiling of $10,000, can I apply? 
A5) No, as you have already exceeded the income ceiling of $10,000. 

Q6) This is my first time applying for a flat and my income is below $8,000. I can wait for 2 to 3 years for my flat to be completed, should I be applying for BTO or DBSS? 
A6) There is no quick answer for this and I can only provide pointers to help you to make the decision. Please measure the different pros and cons before making the decision. Your first home is an important long-term commitment; if you are unable to make a decision after weighing the pros and cons, do speak to your relatives, friends and real estate agents. 

Usually, the 2 key considering factors are price and location. Price is fixed and you can't change, thus you only need to work out your budget (cash and CPF) and find a home within this range. Location may be a more difficult decision to make. Usually, the preferred location is near MRT station. Singapore is well-connected by the MRT lines, thus staying near MRT station would means that you can travel easily within Singapore. Of course, any home that is near MRT station will be higher priced than those that is not near MRT station. A lot of buyers may stretch their budget just to get a home that is near MRT station. Other preferred locations are staying near parents or workplace. 

Pricewise, BTO is most attractively priced compared to both DBSS and EC. If there is a BTO, which is conveniently located for yourself, this should be your first choice. Usually BTO with good location tends to be oversubscribed (many buyer bidding for 1 single unit), and thus you may not be selected even after several attempts. If location is not a key consideration factor, you should then consider the less popular BTO. 

However, if you have been trying many times for BTO but still fail to secure a unit yet, you may want to consider a DBSS (Adora Green). Or if you have the budget and want a premium design flat, then you should go for DBSS (or even an Executive Condo). Read on to understand "Why should I buy Adora Green?". 





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