3 Answers

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Hi there, thanks for writing to us on AskGuru.

PropertyGuru Finance provide our customers a ‘mortgage marketplace’ experience where they may access the latest information on property market trends,
updated mortgage loan offerings, and to find out how they may maximize the benefits from choosing the right mortgage loans offer.

For more information on eligibility for HDB loan, you may find at https://www.hdb.gov.sg/residential/financing-a-flat-purchase/housing-loan-from-hdb/eligibility-conditions

Should you need to speak to our financial home advisors, do feel free to Whatsapp us at: wa.me/6587695300 or

Hope this answers your question.

Best Regards,
Apple Tan
Team lead
PropertyGuru Finance Read More


Ling CK

HDB loan:
1) Under the current HDB policy on HDB loans, a single income must not exceed S$7k/mth. I would presume your salary is paid overseas otherwise your salary is supposed to be subject to CPF contribution.
2) Just assume this is paid locally but somehow your company did not declare and did not submit your CPF contribution. Thus you ended in today's situation.
3) If your salary is exactly $7k but not exceed, you will still be able to apply for an HDB loan. If your salary exceeds by a dollar then you will have to seek financial assistance from the bank.
4) If your salary is paid overseas, this income will suffer a haircut according to MAS policy. In this case, you will be eligible for an HDB loan.

Housing Grant:
5) This will still fall back on your monthly salary amount.
6) If received pay overseas, you should be entitled to.
7) If received pay in local, you should be entitled if it is exactly S$7k.

Types of HDB flat:
8) There is no restriction on types of flats for resale under the Single Citizen Scheme.
9) If you are entitled to a grant, the grant amount is $25k for 4-rm and smaller, $20k for 5-rm. Anything bigger will not be entitled to any grant.
10) No effect on loan amount because the loan amount is based on your monthly income.

How much cash:
11) If you only can take a bank loan your max loan is 75% LTV, down payment is 25%, stamp duty ~3% & legal fees ~$1,500~$2,500.

12) You may refer to this link to work out your exact amount:

13) If you are able to get a loan from HDB your max loan is 90% LTV, down payment is 10%, stamp duty ~3% & legal fees ~$1,500~$2,500.
You may refer to (12) for the rest of the cost.

14) If you are able to get the grant, the grant received will be used as a down payment and part of your purchase if there is any excess.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK

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Taufik Hussein
You may apply for a HDB loan and even eligible for $25,000 singles grant should your pay not exceed $7,000 per month.This is despite you deriving your pay overseas though more documentation will be required to support your application. For HDB loan, the maximum loan quantum is 90% on the valuation of the house. As you have no CPF, 10 % of the house value needs to be paid in cash (eg purchase a house at $400k, $40K needs to be paid upfront. However the good news is if you are eligible for the singles grant, it can be considered part of the deposit (eg $40k-$25k=$15k only to be paid upfront in cash). For bank loan, a 25% deposit as per house valuation is required and like HDB, the grant amount you received can be considered as part of the deposit, However this is assuming you bought a house at valuation or below valuation. If you purchase a house above valuation which is becoming more common in today's market, you need to top up the difference in cash in what is being called COV. In order for me to explain further and clearer, it's good if we can have a non-obligatory chat via virtual platforms. I am specialised in HDB and have assisted various first time buyers in securing their first house. Do contact me at 93375051 for a free and non obligatory discussion on this.
Taufik Hussein
ERA Realty Netwrok Pte Ltd
93375051 Read More