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Government Low Interest Home Improvement Loans – If you need finance to buy or take the apartment property, you can apply for a home loan or from financial institutions. Understand the key terms and considerations for different loan options before making a decision.
Eligibility Conditions Make sure that you and everyone listed in the application meet the eligibility conditions. Down arrow icon
Government Low Interest Home Improvement Loans
You can also fill out a questionnaire for pre-assessment of your eligibility to purchase a new or resale apartment, one or more scholarships, and a home loan.
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# The essential resident is a family member who makes the applicant(s) eligible to purchase an apartment. They do not own the flat and must stay within the minimum period of occupancy (MOP) in the flat application as well as in the purchase of the flat.
Consult our income guide to find out the assessment requirements and documents required depending on your type of work.
The amount of the loan depends on how much the remainder of the lease can cover for the youngest buyer, who is age 95 or older.
Use a payment plan calculator to find out the different payments required for buying a new apartment or resale, and make sure you have enough budget before you commit to buying an apartment.
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* LTV limit refers to the maximum home loan amount that a flat buyer can apply for, expressed as the lower of the flat’s value or as a percentage of the flat’s value.
Apartment buyers who book a new apartment or apply for a sale are offered a customized financing plan, which includes the LTV limit at the time of applying for the apartment (if you take a home loan) and the required payments. At different stages of the purchase of their apartment.
In addition to meeting the above eligibility criteria, the second home loan amount will be reduced by full repayment of CPF and disposal of the existing or last owned flat*. This encourages financial prudence and prevents over-borrowing.
* The method of disposing of the flat includes selling, transferring or giving the flat or by any other method according to the Housing and Development Act or any other written law.
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You and the required resident must use up to 50% of the proceeds from the sale of the last apartment you owned.
You can withdraw up to $20,000 in your CPF Ordinary Account (OA) to buy the condo and use the remaining balance in your OA.
You will be charged a commercial interest rate (compared to the average non-promotional interest rate for flats in 3 local FIAs).
After selling the existing apartment, the interest rate will be converted to the subsidy amount and use the CPF payment and up to 50% of the proceeds from the sale to reduce the mortgage amount on the next apartment. From the returned CPF money, you can keep up to $20,000 in your CPF OA.
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+ The three domestic FIs are DBS Bank Limited, Overseas-Chinese Banking Corporation Limited and United Overseas Bank Limited. Learn more about Earnings:
Use the sale proceeds calculator to calculate how much money you need to use to buy the apartment. Before selling your current apartment or buying another one, make sure you have enough financing.
If you need mortgage finance and one of the following applies to you, you should take out a home loan from FI.
In addition to meeting the eligibility criteria, apartment buyers must meet our credit evaluation criteria to apply for a home loan.
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You can request a Loan Eligibility Letter (HLE) to confirm your loan eligibility. If you don’t meet the credit score criteria for a home loan, take some time to build up your financial and employment records.
Applying for a home loan What you need to know about the Loan Eligibility Letter (HLE) and when to apply. Down arrow icon
If you want to take out a home loan to buy or rent the apartment property, you must first apply for a letter from HLE before you decide to buy the apartment.
Home Loan Details Understand the factors that determine your home loan amount. Down arrow icon
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The amount of home loan you can take and repay over the loan period depends on the following.
The financial ability of apartment buyers to pay mortgage payments, to ensure that they do not borrow more than they can afford.
To encourage homebuyers to borrow carefully, use the highest of the following values to calculate your qualifying home loan amount.
From existing commercial interest rates, to flat buyers who take out a second home loan before taking out an existing one.
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The average non-promotional interest rates for flats offered by the three local financial institutions are tied to subsidized low interest rates.
The interest rate will be converted to the subsidy amount if the apartment buyer sells the existing apartment and uses the CPF payment and 50% of the proceeds to reduce the amount of the second home loan.
The interest paid on the home loan is calculated on a monthly basis or on any other basis that can be determined. Learn more about interest rates.
It refers to the maximum home loan amount expressed by the buyer of the apartment or the lowest percentage of the price of the apartment.
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If the remaining lease of the flat does not cover the youngest tenant aged 95 or above at the time the flat is claimed, the LTV limit is assumed to be 80%.
Flat buyers who book flats or apply for resale will be offered a customized finance plan which will include the applicable LTV limit and required repayments at the time the flat is applied for (if taking a home loan). Purchase of apartments worth billions through various platforms.
Using CPF savings Find out the requirements for using CPF savings for the purchase of the apartment and the payment of monthly payments. Down arrow icon
Before the home loan is granted, the balance in your CPF OA must be used to pay for the purchase of the apartment or take ownership of the existing apartment.
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The total amount of CPF savings used to buy or own the apartment and pay the monthly mortgage payments depends on:
When the allowable CPF amount is used, you must pay the account purchase price and/or monthly mortgage payments in cash.
Learn more about home loan servicing and how you can save on monthly payments and interest payments. Down arrow icon
When paying off a home loan, the first monthly payment starts on the first day of the second month. Thereafter, monthly installments are payable on the first day of each month until the home loan is repaid.
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You can use your savings in cash and/or CPF to pay monthly installments as per applicable CPF Board rules. If you choose to use cash instead of CPF savings, you can continuously grow your retirement fund at CPF interest rates. Learn more about monthly payments.
A smaller home loan and down payment will give you more financial leverage for your other goals (eg, setting up a retirement fund, investing, etc.).
You can make regular installments or prepay your home loan or shorten the repayment period to reduce your financial commitment and save on interest payments. Your monthly payment will be adjusted accordingly. Learn more about Home Loan Services.
A home loan insurance policy protects you and your loved ones in the event of unforeseen circumstances. Down arrow icon
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If you take out a loan to buy or rent an apartment, you need to buy these insurance policies:
Fire insurance covers the cost of restoring damaged internal structures, furniture and built and furnished premises. If you want to extend the protection of your home contents as it does not cover household contents such as furniture, renovations and personal effects, it is recommended that you purchase additional home insurance from any insurer. Learn more about the fire policy.
For those who do not take out a home loan, you are also encouraged to purchase fire and home insurance for your apartment. You can get it from any insurance.
The Home Protection Scheme is a mortgage reduction insurance scheme administered by the CPF Board. It insures CPF members and their families against losing their home, should the policyholder become permanently incapacitated or die before the home loan is repaid. Know the difference between an HDB loan and a bank loan, so you can make an informed decision!
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