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As a resident of Singapore, you will qualify for various housing grants depending on your income level. When utilizing an HDB loan, the Mortgage Servicing Ratio (MSR) becomes relevant. Additionally, the Loan-to-Value (LTV) ratio reflects the amount of money a lender can offer you, determined by the percentage of the property's valuation. Since the remaining lease does not extend till your age of 95, both the LTV and the usage of CPF Ordinary Account funds will be adjusted accordingly. You can confirm this amount by submitting your HFE Letter for evaluation.

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Hi, appreciate your sharing over PropertyGuru, able to use HDB calculator to work out.
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Cheers
Stewart
PropNex Senior Associate Division Director Read More

(✔1) As a Singapore citizen, your grant eligibility depends largely on your household income and profile.

(✔2) If you are taking an HDB loan, affordability is guided by rules such as the Mortgage Servicing Ratio and the loan limit set against the flat’s valuation.

(✔3) When the flat’s remaining lease does not cover you up to age 95, both CPF usage and loan amount will be reduced accordingly.

(✔4) The most accurate way to confirm your numbers is to submit an HFE letter, while HDB online calculators can be used as an initial reference.

Summary: Grants, loan limits, CPF usage, and lease length all affect affordability, and the HFE letter provides the final confirmation.

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Given the remaining lease of the unit you are looking at, you will NOT be able to use your CPF fully and also NOT be able to get a full HDB loan to support the purchase.

There are specific government measures in place to prevent buyers like yourself from buying older flats that the HDB thinks is not the wisest financial decision. As such, the HDB will require you to fork out additional cash if you really wish to purchase such a flat.

If you are looking to buy a HDB, feel free to contact me and I'll be happy to advise on where you might be able to find something more suitable and financially in line with what the government would recommend.

Kay Cloud
The Harvard Educated Agent
Propnex Realty Pte Ltd
cloud@propnex.com
Tel: (+6.5.) 8.5.6.7.4.5.8.5
Whatsapp -> https://wa.me/6585674585 Read More

Given the current lease tenure balance, you will not be eligible for full loan and CPF withdrawal for this unit as the flat will not last until you are age 95. As you have not provided us with full details, we will be unable to share about your loan quantum. A quick estimation is that you can use maximum about $369k of your CPF monies for this HDB, could be lesser and this cap includes your downpayment, stamp duty as well as monthly instalments. Read More