Buying an HDB resale flat is one of the biggest financial decisions you’ll ever make.
This guide walks you through everything from eligibility to key collection.
1. Are You Eligible?
Key criteria: At least one Singapore Citizen, proper family nucleus, income ceiling of $14,000 for grants, age 21+ (35+ for singles buying 2-room). No overseas property ownership.
2. Know Your Budget
Check CPF OA savings and maximum loan. HDB Loan: 80% LTV, 25yr. Bank Loan: 75% LTV, 30yr, TDSR 55%. Get HLE letter or IPA before viewing.
3. Understand True Costs
| Cost | Amount |
|---|---|
| Option Fee | $1,000-$5,000 |
| Exercise Fee | 4% minus option fee |
| BSD | 1%-4% sliding |
| Legal Fees | $2,000-$3,500 |
| Valuation Fee | $120-$500 |
4. Search Smart
Define must-haves. Check real transaction data. Visit neighbourhood at different times. Check remaining lease covers youngest buyer to age 95.
5. OTP Process
- Negotiate price based on comparables
- Pay Option Fee
- Due diligence period
- Exercise OTP (21 days HDB, 14 days bank)
- Submit HDB Resale Application
6. HDB Approval (8-12 weeks)
Documents needed: NRICs, marriage cert, HLE/IPA, birth certs, proof of funds.
7. Completion and Key Collection
Sign mortgage, CPF released, balance settled, keys handed over. You’re now a homeowner!
Common Questions
Need an agent? Not required but recommended. We provide transaction data and calculators.
Can I buy if I own private property? No — dispose within 30 months.
What grants? Enhanced CPF Housing Grant (up to $80K), Proximity Grant (up to $30K), Singles Grant (up to $40K).