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Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 130 (from laksa196)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa130.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://blog.seedly.sg/hdb-resale-flat-grants-income/\')), getAhrefsUnparsedNoserviceFromURL(\'https://blog.seedly.sg/hdb-resale-flat-grants-income/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/","crawl_time":1777111573,"first_indexed_time":1648299282,"http_code":200,"src_unparsed":"sg,seedly!blog,\/hdb-resale-flat-grants-income\/ s443","src_root_hash":"10089702552268967530","history_drop_reason":null,"meta_title":"Buying an HDB Resale Flat in 2024: How Much Do You Need To Be Earning and How Much Cash Is Required?","meta_descriptions":["How much do you need to earn to afford an HDB resale flat in 2023?"],"attrs_boilerpipe_text":"So…\nYou looked at the latest\nFeburary 2024 Housing and Development Board (HDB) Build-to-Order (BTO) launch\nand scoffed at the long wait times of\n~3.08 to 4.25 years\n.\nOr maybe you’ve applied\ncountless times for a BTO flat\nor tried your luck with the\nsale of balance (SBF) exercises\nor\nopen booking of flats\nscheme but still ended up with nothing.\nThat’s tough.\nBut there’s an alternative.\nYou could always get an\nHDB resale flat\n.\nSource: Shermin Ng | Unsplash\nGranted, the HDB Resale Price Index (RPI) has been going up for\n16 consecutive quarters since the second quarter of 2020\n, when Singapore exited the circuit breaker, increasing nearly\n40%\nfrom\n131.5\nin\nQ2 2020\nto\n183.7\nin\nQ1 2024\n.  \nFYI: HDB Resale Price Index tracks the overall price movement of the public residential market\nDespite that, resale flats remain relatively affordable, with housing grants boosted in February last year.\nBefore we get ahead of ourselves, let’s do a little math to find out what type of HDB flat you can really afford.\nTL;DR: Buying a Resale Hdb Flat in 2024 — How Much Should Be Earning, Downpayment for Resale Flat and More\nHDB Loan\nType of HDB Flat\nMedian Resale Price (March 2024)\nExample Grant Amount (Used to Offset Downpayment)\nDownpayment\n20% in CPF\/Cash | CPF\/Cash Outlay After Grants\nHousing Loan Amount (Flat Price - Grant - Downpayment)\nEstimated Monthly Repayment\nHDB Loan (2.6% p.a.)\nMin. Gross Monthly Household Income\n(30% MSR)\n3-Room\n$404,000\n$100,000\n$80,800 | $0\n$304,000\n$1,379\n~$4,597\n4-Room\n$570,000\n$114,000 | $14,000\n$456,000\n$2,069\n~$6,897\n5-Room\n$669,444\n$70,000\n$138,888 | $63,888\n$535,555\n$2,430\n$8,100\nExecutive\n$830,000\n$166,000 | $96,000\n$664,000\n$3,012\n$10,040\nBank Loan\nType of HDB Flat\nMedian Resale Price (March 2024)\nExample Grant Amount (Used to Offset CPF Portion of Downpayment)\nMin. Downpayment Cash Portion (5%)\nDownpayment CPF Portion (20%)\nCPF | CPF Outlay After Grants\nHousing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment)\nEstimated Monthly Instalment\n3.0% p.a.\nMin. Gross Monthly Household Income\n30% MSR\n3-Room\n$404,000\n$100,000\n$20,200\n$80,800 | $0\n$283,800\n$1,346\n~$4.487\n4-Room\n$570,000\n$28,500\n$114,000 | $14,000\n$427,500\n$2,027\n~$6,757\n5-Room\n$669,444\n$70,000\n~$33,472\n$138,888 | $63,888\n$497,084\n$2,357\n$7,857\nExecutive\n$830,000\n$41,500\n$166,000 | $96,000\n$622,500\n$2,952\n$9,840\nClick to Teleport\nHDB Resale Flat Grants\nTransacted HDB Prices March 2024\nHDB Resale Flat (HDB Loan) Monthly Income Guide\nHDB Resale Flat (Bank Loan) Monthly Income Guide\nHDB Resale Flat Grants and Using CPF for Payments\nBefore we discuss how much you need to earn, let’s consider how much in\nCentral Provident Fund (CPF)\nhousing grants you can get if you buy a resale flat from the open market.\nFYI: According to HDB, homebuyers can use these housing grants to offset the purchase price of their flats and reduce the down payment or the amount of mortgage loan required. The housing grants will be fully credited into their CPF Ordinary Account(s) [OA], and no\n cash\nwill be disbursed.\nSource: HDB\nThe maximum CPF housing grant you can get is\n$190,000\nfor a first-time couple. But, the amount you can get is dependent using grants someone can get depends on factors like:\ntheir marital status\ntheir monthly household income\nwhether they are applying for a flat for the first time or the second time\nliving near their parents or children.\nAnd more.\nFor example, eligible first-timer families may apply for the following:\nFamily Grant:\nMaximum $80,000 (up from $50,000) in grants (in increments of $5,000) and a monthly household income ceiling of $14,000 ($21,000 if applying with extended family)\nEnhanced CPF Housing Grant:\nMaximum $80,000 + monthly household income ceiling of $9,000\nProximity Grant:\nMaximum $30,000 for those buying a resale to live with their parents\/child or within 4km of parents\/child.\nAlso, Here’s a\nneat little infographic from 99.co\nbreaking it down further:\nSource: 99.co\nFor a full breakdown of the amount of CPF housing grants, you can check out our comprehensive\nHDB CPF Housing Grants\nguide:\nBack to top\nPrice of HDB in Singapore: Transacted HDB Resale Prices March 2024\nTo illustrate this, we will be using the latest March 2024 median resale prices by town and flat type for resale cases registered from\n99-SRX\n:\nUpfront Costs of Resale Flats: Overall Median Prices\nWe will distil it down to the overall median resale prices as a rough guide.\nWe recommend using the calculators provided to estimate\naffordability for HDB flats\n.\nHDB Resale Portal: What Happens if You Don’t Have Enough\nIf you are in the market for an HDB resale flat, you can use the\nHDB resale price index portal\nto find a fair price for a flat in the estate where you want to live.\nSource: HDB\nBack to top\nHDB Resale Flat (HDB Loans) Monthly Income Guide: Down Payment for HDB and HDB Financing Explained\nThe estimates will be based on the following assumptions:\nYou will apply for an\nHDB loan\nand can meet the criteria to borrow a maximum of\n80%\nof the purchase price. This means that you will only need to pay a\n20% down payment,\nwhich can be offset by the grants\nYou will take on the maximum HDB loan tenure of\n25 years\nwith the prevailing interest rate of\n2.6% per annum (p.a.),\nwhich is 0.1% above the\nCPF Ordinary Account (OA)\ninterest rate\nThe loan tenure is a maximum of\n25 years\n, with a current interest rate of\n2.6%\nThis is your only mortgage\nWhen you take up an HDB home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% mortgage servicing ratio (MSR). Your monthly\nhome loan\ninstalment cannot exceed\n30%\nof your household’s gross monthly income (income before deduction of employee CPF contributions)\nWe used PropertyGuru’s\nMortgage Repayment Calculator\nto estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat\nFor HDB CPF housing grants, although the amount of grants you can receive varies from couple to couple, we are using an example based on our assumptions for an average couple in Singapore for this calculation. Our average couple is a\nmarried couple who are both:\n30 years old\nSingaporean Citizens\nFirst-time buyers\nEarn Singapore’s gross\nmedian income\nof $4,550 a month (excluding CPF): Average household income = $9,100\nBuying an HDB resale flat within 4km of their parents.\nCPF Housing Grants for a 4-Room Resale Flat or Smaller (From 14 Feb 2023)\nEnhanced CPF Housing Grant (More than $9,000\nAverage Monthly Household Income\n):\n$0\nFamily Grant:\n$80,000 \nProximity Grant:\n$20,000.\nThis means in total, the couple will receive\n$100,000\nin grants.\nCPF Housing Grants for a 5-Room Resale Flat or Smaller (From 14 Feb 2023)\nEnhanced CPF Housing Grant (More than $9,000 Average Monthly Household Income):\n$0\nFamily Grant:\n$50,000 \nProximity Grant:\n$20,000.\nThis means in total, the couple will receive\n$70,000\nin grants.\nSo with the HDB loan, here is how much your entire household should minimally be earning for the past 12 months:\nType of HDB Flat\nMedian Resale Price (March 2024)\nExample Grant Amount (Used to Offset Downpayment)\nDownpayment\n20% in CPF\/Cash | CPF\/Cash Outlay After Grants\nHousing Loan Amount (Flat Price - Grant - Downpayment)\nEstimated Monthly Repayment\nHDB Loan (2.6% p.a.)\nMin. Gross Monthly Household Income\n(30% MSR)\n3-Room\n$404,000\n$100,000\n$80,800 | $0\n$304,000\n$1,379\n~$4,597\n4-Room\n$570,000\n$114,000 | $14,000\n$456,000\n$2,069\n~$6,897\n5-Room\n$669,444\n$70,000\n$138,888 | $63,888\n$535,555\n$2,430\n$8,100\nExecutive\n$830,000\n$166,000 | $96,000\n$664,000\n$3,012\n$10,040\nFYI: For home loans and grants, HDB assesses your household’s income over 12 months, with the assessment period ending two months before the month of the HFE letter application. For example, if your\nHDB Flat Eligibility (HFE)\nletter application is submitted in April 2024, the assessment period will be from March 2023 to February 2024.\nBack to top\nHDB Resale Flat (Bank Loans) Monthly Income Guide: Is HDB Downpayment 10% or 15%?\nThe estimates will be based on the following assumptions:\nYou’re taking a bank loan for your HDB flat and can meet the criteria to borrow a maximum of\n75%\nof the purchase price. This means that you will have to pay a\n25%\ndownpayment, of which\n5%\nhas to be paid with cash while the remaining\n20%\ncan be paid with CPF which can be offset bu the grants (\nIt is important to note that the days of HDB flat down payments being 10% or 15% are behind us)\nYou will be taking on a loan tenure of\n25 years\nwith the prevailing interest rate of\n3.0% p.a.\nbased on the cheapest 2-year DBS fixed loan package (via PropertyGuru as of 28 April 2024):\nThis is your only mortgage\nWhen you take up an HDB bank home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% MSR). Your monthly home loan instalment cannot exceed\n30%\nof your household’s gross monthly income\nWe used PropertyGuru’s\nMortgage Repayment Calculator\nto estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat\nWe will use the same assumptions for the HDB loan\n.\nType of HDB Flat\nMedian Resale Price (March 2024)\nExample Grant Amount (Used to Offset CPF Portion of Downpayment)\nMin. Downpayment Cash Portion (5%)\nDownpayment CPF Portion (20%)\nCPF | CPF Outlay After Grants\nHousing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment)\nEstimated Monthly Instalment\n3.0% p.a.\nMin. Gross Monthly Household Income\n30% MSR\n3-Room\n$404,000\n$100,000\n$20,200\n$80,800 | $0\n$283,800\n$1,346\n~$4.487\n4-Room\n$570,000\n$28,500\n$114,000 | $14,000\n$427,500\n$2,027\n~$6,757\n5-Room\n$669,444\n$70,000\n~$33,472\n$138,888 | $63,888\n$497,084\n$2,357\n$7,857\nExecutive\n$830,000\n$41,500\n$166,000 | $96,000\n$622,500\n$2,952\n$9,840\nBack to top\nRead More\nUltimate Guide to Executive Condos (ECs): Eligibility, Grants, and Upcoming EC Launch 2023 & Beyond\nWhat Type of HDB Flats Can Single Singaporeans Buy?\nHDB Flat Eligibility (HFE) Letter and HFE Application: A Singaporean’s Guide\nAbout Joel Koh\nHistory student turned\nwriter\nat Seedly. Before you ask, not a teacher.\n\nI hope to help people make better financial decisions and not let money control them.\nYou can contribute your thoughts like Joel Koh\nhere.\n3\nWhat are your thoughts?\nReply\nSave\nShare\nNice\nReply\nSave\nShare\nHow to apply buy house...\nRead 1 other comments with a Seedly account\nYou will also enjoy exclusive benefits and get access to members only features.\nSign up or login with an email\nhere","attrs_markdown":"![facebook](https:\/\/www.facebook.com\/tr?id=1090273721022565&ev=PageView&noscript=1)\n\nBlog\n\n[![icon](https:\/\/f.seedly.sg\/navbar\/blog\/most_recent.svg) Most Recent](https:\/\/blog.seedly.sg\/)\n\n[![icon](https:\/\/f.seedly.sg\/navbar\/blog\/life_stages.svg) Life Stages](https:\/\/blog.seedly.sg\/category\/personal-finance-life-stages\/)\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/banking.svg)\n\nBanking\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/loans.svg)\n\nLoans\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/cards.svg)\n\nCards\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/investments.svg)\n\nInvestments\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/utilities_bills.svg)\n\nUtilities & Bills\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/insurance.svg)\n\nInsurance\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/property.svg)\n\nProperty\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/lifestyle.svg)\n\nLifestyle\n\n![icon](https:\/\/f.seedly.sg\/navbar\/blog\/more.svg)\n\nMore\n\n![](data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMzIiIGhlaWdodD0iMzIiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgdmVyc2lvbj0iMS4xIi8+)![](https:\/\/blog.seedly.sg\/_next\/image\/?url=https%3A%2F%2Ff.seedly.sg%2Freward%2Fgift-small.svg&w=64&q=75)\n\nLogin\n\n- Blog\n- [Most Recent](https:\/\/blog.seedly.sg\/)\n- [Life Stages](https:\/\/blog.seedly.sg\/category\/personal-finance-life-stages\/)\n- [Banking](https:\/\/blog.seedly.sg\/category\/banking\/)\n  - 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[Seedly](https:\/\/blog.seedly.sg\/category\/seedly-community\/)\n  - [SeedlyExplains](https:\/\/blog.seedly.sg\/category\/seedly-explains\/)\n\nAdvertisement\n\n![](https:\/\/blog.seedly.sg\/_next\/image\/?url=https%3A%2F%2Fcdn-blog.seedly.sg%2Fwp-content%2Fuploads%2F2023%2F07%2F28180541%2F280424-hdb-resale-flat-grants-income.png&w=3840&q=75)\n\n[HDB Resale](https:\/\/blog.seedly.sg\/category\/hdb-resale\/)[Property](https:\/\/blog.seedly.sg\/category\/property\/)\n\n# Buying an HDB Resale Flat in 2024: How Much Do You Need To Be Earning and How Much Cash Is Required?\n[![profile](https:\/\/secure.gravatar.com\/avatar\/971e9038140c540bfca161440dd196bd?s=96&d=mm&r=g)Joel Koh](https:\/\/blog.seedly.sg\/author\/joel-koh\/)\n\n●\n\n28 Apr 2024\n\nSo…\n\nYou looked at the latest [Feburary 2024 Housing and Development Board (HDB) Build-to-Order (BTO) launch](http:\/\/blog.seedly.sg\/bto-feb-2024\/) and scoffed at the long wait times of [~3.08 to 4.25 years](https:\/\/www.mnd.gov.sg\/newsroom\/parliament-matters\/q-as\/view\/written-answer-by-ministry-of-national-development-on-projected-average-waiting-time-for-hdb-bto-projects-and-measures-to-reduce-waiting-time-in-view-of-the-prolonged-covid-19-situation#:~:text=For%20the%20upcoming%20BTO%20launch,potential%20disruption%20to%20BTO%20projects.).\n\nOr maybe you’ve applied [countless times for a BTO flat](https:\/\/blog.seedly.sg\/hdb-bto-flat-probability) or tried your luck with the [sale of balance (SBF) exercises](https:\/\/blog.seedly.sg\/singapore-step-by-step-guide-hdb-sale-of-balance-flat) or [open booking of flats](https:\/\/blog.seedly.sg\/singapore-step-by-step-guide-open-booking-of-flats) scheme but still ended up with nothing.\n\nThat’s tough.\n\nBut there’s an alternative.\n\nYou could always get an [HDB resale flat](https:\/\/blog.seedly.sg\/hdb-resale-flat-guide).\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2020\/03\/shermin-ng-1PH2uwpYt1w-unsplash-3.jpg)\n\n*Source: Shermin Ng \\| Unsplash*\n\nGranted, the HDB Resale Price Index (RPI) has been going up for [16 consecutive quarters since the second quarter of 2020](https:\/\/www.straitstimes.com\/singapore\/housing\/property-market-to-continue-stabilising-despite-hdb-private-home-prices-rising-in-q1-desmond-lee#:~:text=quarter%20of%202024.-,Prices%20of%20HDB%20resale%20flats%20edged%20up%201.8%20per%20cent,released%20by%20the%20statutory%20board.), when Singapore exited the circuit breaker, increasing nearly **40%** from **131\\.5** in **Q2 2020** to **183\\.7** in **Q1 2024**.\n\n*FYI: HDB Resale Price Index tracks the overall price movement of the public residential market*\n\nDespite that, resale flats remain relatively affordable, with housing grants boosted in February last year.\n\nBefore we get ahead of ourselves, let’s do a little math to find out what type of HDB flat you can really afford.\n***\n## TL;DR: Buying a Resale Hdb Flat in 2024 — How Much Should Be Earning, Downpayment for Resale Flat and More\n### HDB Loan\n| Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset Downpayment) | Downpayment  20% in CPF\/Cash \\| CPF\/Cash Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Downpayment) | Estimated Monthly Repayment   HDB Loan (2.6% p.a.) | Min. Gross Monthly Household Income  (30% MSR) |\n|---|---|---|---|---|---|---|\n| 3-Room | \\$404,000 | \\$100,000 | \\$80,800 \\| \\$0 | \\$304,000 | \\$1,379 | ~\\$4,597 |\n| 4-Room | \\$570,000 | \\$114,000 \\| \\$14,000 | \\$456,000 | \\$2,069 | ~\\$6,897 |   |\n| 5-Room | \\$669,444 | \\$70,000 | \\$138,888 \\| \\$63,888 | \\$535,555 | \\$2,430 | \\$8,100 |\n| Executive | \\$830,000 | \\$166,000 \\| \\$96,000 | \\$664,000 | \\$3,012 | \\$10,040 |   |\n### Bank Loan\n| Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset CPF Portion of Downpayment) | Min. Downpayment Cash Portion (5%) | Downpayment CPF Portion (20%)   CPF \\| CPF Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) | Estimated Monthly Instalment  *3\\.0% p.a.* | Min. Gross Monthly Household Income  *30% MSR* |\n|---|---|---|---|---|---|---|---|\n| 3-Room | \\$404,000 | \\$100,000 | \\$20,200 | \\$80,800 \\| \\$0 | \\$283,800 | \\$1,346 | ~\\$4.487 |\n| 4-Room | \\$570,000 | \\$28,500 | \\$114,000 \\| \\$14,000 | \\$427,500 | \\$2,027 | ~\\$6,757 |   |\n| 5-Room | \\$669,444 | \\$70,000 | ~\\$33,472 | \\$138,888 \\| \\$63,888 | \\$497,084 | \\$2,357 | \\$7,857 |\n| Executive | \\$830,000 | \\$41,500 | \\$166,000 \\| \\$96,000 | \\$622,500 | \\$2,952 | \\$9,840 |   |\n### Click to Teleport\n- [HDB Resale Flat Grants](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#grants)\n- [Transacted HDB Prices March 2024](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#prices)\n- [HDB Resale Flat (HDB Loan) Monthly Income Guide](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#hdbloan)\n- [HDB Resale Flat (Bank Loan) Monthly Income Guide](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#bankloan)\n***\n## HDB Resale Flat Grants and Using CPF for Payments\nBefore we discuss how much you need to earn, let’s consider how much in [Central Provident Fund (CPF)](https:\/\/blog.seedly.sg\/about-central-provident-fund-cpf) housing grants you can get if you buy a resale flat from the open market.\n\n*FYI: According to HDB, homebuyers can use these housing grants to offset the purchase price of their flats and reduce the down payment or the amount of mortgage loan required. The housing grants will be fully credited into their CPF Ordinary Account(s) \\[OA\\], and no **cash** will be disbursed.*\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2023\/07\/Screenshot-2024-04-28-at-4.29.59%E2%80%AFPM-1024x315.png)\n\n*Source: HDB*\n\nThe maximum CPF housing grant you can get is **\\$190,000** for a first-time couple. But, the amount you can get is dependent using grants someone can get depends on factors like:\n\n- their marital status\n- their monthly household income\n- whether they are applying for a flat for the first time or the second time\n- living near their parents or children.\n- And more.\n\nFor example, eligible first-timer families may apply for the following:\n\n- **Family Grant:** Maximum \\$80,000 (up from \\$50,000) in grants (in increments of \\$5,000) and a monthly household income ceiling of \\$14,000 (\\$21,000 if applying with extended family)\n- **Enhanced CPF Housing Grant:** Maximum \\$80,000 + monthly household income ceiling of \\$9,000\n- **Proximity Grant:** Maximum \\$30,000 for those buying a resale to live with their parents\/child or within 4km of parents\/child.\n\nAlso, Here’s a [neat little infographic from 99.co](https:\/\/www.99.co\/singapore\/insider\/hdb-grants-for-couples\/) breaking it down further:\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2022\/03\/hdb-housing-grants-couples-infographic.png)\n\n*Source: 99.co*\n\nFor a full breakdown of the amount of CPF housing grants, you can check out our comprehensive [HDB CPF Housing Grants](https:\/\/blog.seedly.sg\/hdb-cpf-grants-bto-vs-resale-flats) guide:\n\n[![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2023\/02\/The-Ultimate-HDB-Grants-Guide_-CPF-Housing-Grants-for-BTO-Resale-SBF-Flats.png)](https:\/\/blog.seedly.sg\/hdb-grants-guide\/)\n\n[Back to top](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#top)\n\n## Price of HDB in Singapore: Transacted HDB Resale Prices March 2024\nTo illustrate this, we will be using the latest March 2024 median resale prices by town and flat type for resale cases registered from [99-SRX](https:\/\/www.srx.com.sg\/price-index):\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2023\/07\/Screenshot-2024-04-28-at-3.58.45%E2%80%AFPM.png)\n\nUpfront Costs of Resale Flats: Overall Median Prices\n\nWe will distil it down to the overall median resale prices as a rough guide.\n\nWe recommend using the calculators provided to estimate [affordability for HDB flats](https:\/\/blog.seedly.sg\/is-public-housing-still-affordable-for-the-average-singaporean-couple\/).\n\n### HDB Resale Portal: What Happens if You Don’t Have Enough\nIf you are in the market for an HDB resale flat, you can use the [HDB resale price index portal](https:\/\/services2.hdb.gov.sg\/webapp\/BB33RTIS\/BB33PReslTrans.jsp) to find a fair price for a flat in the estate where you want to live.\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2022\/03\/Screenshot-2022-03-26-at-11.27.30-AM.png)\n\n*Source: HDB*\n\n[Back to top](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#top)\n\n## HDB Resale Flat (HDB Loans) Monthly Income Guide: Down Payment for HDB and HDB Financing Explained\nThe estimates will be based on the following assumptions:\n\n- You will apply for an [HDB loan](https:\/\/blog.seedly.sg\/the-complete-guide-bank-hdb-loan) and can meet the criteria to borrow a maximum of **80%** of the purchase price. This means that you will only need to pay a **20% down payment,** which can be offset by the grants\n- You will take on the maximum HDB loan tenure of **25 years** with the prevailing interest rate of **2\\.6% per annum (p.a.),** which is 0.1% above the [CPF Ordinary Account (OA)](https:\/\/blog.seedly.sg\/cpf-investment-scheme-cpfis-oa-sa) interest rate\n- The loan tenure is a maximum of **25 years**, with a current interest rate of **2\\.6%**\n- This is your only mortgage\n- When you take up an HDB home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% mortgage servicing ratio (MSR). Your monthly [home loan](https:\/\/blog.seedly.sg\/hdb-loan-vs-bank-loan\/) instalment cannot exceed **30%** of your household’s gross monthly income (income before deduction of employee CPF contributions)\n- We used PropertyGuru’s [Mortgage Repayment Calculator](https:\/\/www.propertyguru.com.sg\/mortgage\/calculators\/mortgage-repayment) to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat\n- For HDB CPF housing grants, although the amount of grants you can receive varies from couple to couple, we are using an example based on our assumptions for an average couple in Singapore for this calculation. Our average couple is a married couple who are both:\n  - 30 years old\n  - Singaporean Citizens\n  - First-time buyers\n  - Earn Singapore’s gross [median income](https:\/\/blog.seedly.sg\/median-income-singapore\/) of \\$4,550 a month (excluding CPF): Average household income = \\$9,100\n  - Buying an HDB resale flat within 4km of their parents.\n### CPF Housing Grants for a 4-Room Resale Flat or Smaller (From 14 Feb 2023)\n- Enhanced CPF Housing Grant (More than \\$9,000 [Average Monthly Household Income](https:\/\/blog.seedly.sg\/median-singaporean-household-income-stand\/)): **\\$0**\n- Family Grant: **\\$80,000**\n- Proximity Grant: **\\$20,000.**\n\nThis means in total, the couple will receive **\\$100,000** in grants.\n\n### CPF Housing Grants for a 5-Room Resale Flat or Smaller (From 14 Feb 2023)\n- Enhanced CPF Housing Grant (More than \\$9,000 Average Monthly Household Income): **\\$0**\n- Family Grant: **\\$50,000**\n- Proximity Grant: **\\$20,000.**\n\nThis means in total, the couple will receive **\\$70,000** in grants.\n\nSo with the HDB loan, here is how much your entire household should minimally be earning for the past 12 months:\n\n| Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset Downpayment) | Downpayment  20% in CPF\/Cash \\| CPF\/Cash Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Downpayment) | Estimated Monthly Repayment   HDB Loan (2.6% p.a.) | Min. Gross Monthly Household Income  (30% MSR) |\n|---|---|---|---|---|---|---|\n| 3-Room | \\$404,000 | \\$100,000 | \\$80,800 \\| \\$0 | \\$304,000 | \\$1,379 | ~\\$4,597 |\n| 4-Room | \\$570,000 | \\$114,000 \\| \\$14,000 | \\$456,000 | \\$2,069 | ~\\$6,897 |   |\n| 5-Room | \\$669,444 | \\$70,000 | \\$138,888 \\| \\$63,888 | \\$535,555 | \\$2,430 | \\$8,100 |\n| Executive | \\$830,000 | \\$166,000 \\| \\$96,000 | \\$664,000 | \\$3,012 | \\$10,040 |   |\n\n*FYI: For home loans and grants, HDB assesses your household’s income over 12 months, with the assessment period ending two months before the month of the HFE letter application. For example, if your [HDB Flat Eligibility (HFE)](https:\/\/blog.seedly.sg\/hdb-flat-eligibility-letter-hfe\/) letter application is submitted in April 2024, the assessment period will be from March 2023 to February 2024.*\n\n[Back to top](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#top)\n\n## HDB Resale Flat (Bank Loans) Monthly Income Guide: Is HDB Downpayment 10% or 15%?\nThe estimates will be based on the following assumptions:\n\n- You’re taking a bank loan for your HDB flat and can meet the criteria to borrow a maximum of **75%** of the purchase price. This means that you will have to pay a **25%** downpayment, of which **5%** has to be paid with cash while the remaining **20%** can be paid with CPF which can be offset bu the grants (*It is important to note that the days of HDB flat down payments being 10% or 15% are behind us)*\n- You will be taking on a loan tenure of **25 years** with the prevailing interest rate of **3\\.0% p.a.** based on the cheapest 2-year DBS fixed loan package (via PropertyGuru as of 28 April 2024):\n  - ![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2023\/07\/Screenshot-2024-04-28-at-5.02.08%E2%80%AFPM-1024x243.png)\n- This is your only mortgage\n- When you take up an HDB bank home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% MSR). Your monthly home loan instalment cannot exceed **30%** of your household’s gross monthly income\n- We used PropertyGuru’s [Mortgage Repayment Calculator](https:\/\/www.propertyguru.com.sg\/mortgage\/calculators\/mortgage-repayment) to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat\n- We will use the same assumptions for the HDB loan.\n\n| Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset CPF Portion of Downpayment) | Min. Downpayment Cash Portion (5%) | Downpayment CPF Portion (20%)   CPF \\| CPF Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) | Estimated Monthly Instalment  *3\\.0% p.a.* | Min. Gross Monthly Household Income  *30% MSR* |\n|---|---|---|---|---|---|---|---|\n| 3-Room | \\$404,000 | \\$100,000 | \\$20,200 | \\$80,800 \\| \\$0 | \\$283,800 | \\$1,346 | ~\\$4.487 |\n| 4-Room | \\$570,000 | \\$28,500 | \\$114,000 \\| \\$14,000 | \\$427,500 | \\$2,027 | ~\\$6,757 |   |\n| 5-Room | \\$669,444 | \\$70,000 | ~\\$33,472 | \\$138,888 \\| \\$63,888 | \\$497,084 | \\$2,357 | \\$7,857 |\n| Executive | \\$830,000 | \\$41,500 | \\$166,000 \\| \\$96,000 | \\$622,500 | \\$2,952 | \\$9,840 |   |\n\n[Back to top](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#top)\n\n### Read More\n- [Ultimate Guide to Executive Condos (ECs): Eligibility, Grants, and Upcoming EC Launch 2023 & Beyond](https:\/\/blog.seedly.sg\/upcoming-executive-condo-ec-launch\/)\n- [What Type of HDB Flats Can Single Singaporeans Buy?](https:\/\/blog.seedly.sg\/hdb-35-and-single-scheme\/)\n- [HDB Flat Eligibility (HFE) Letter and HFE Application: A Singaporean’s Guide](https:\/\/blog.seedly.sg\/hdb-flat-eligibility-letter-hfe\/)\n\nAdvertisement\n\n[![profile](data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)]()\n\n[About Joel Koh](https:\/\/blog.seedly.sg\/author\/joel-koh\/)\n\nHistory student turned [writer](https:\/\/www.linkedin.com\/in\/joel-koh-47b90b151\/) at Seedly. Before you ask, not a teacher. 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Grant - Downpayment) | Estimated Monthly Repayment   HDB Loan (2.6% p.a.) | Min. Gross Monthly Household Income  (30% MSR) |\n|---|---|---|---|---|---|---|\n| 3-Room | \\$404,000 | \\$100,000 | \\$80,800 \\| \\$0 | \\$304,000 | \\$1,379 | ~\\$4,597 |\n| 4-Room | \\$570,000 | \\$114,000 \\| \\$14,000 | \\$456,000 | \\$2,069 | ~\\$6,897 |   |\n| 5-Room | \\$669,444 | \\$70,000 | \\$138,888 \\| \\$63,888 | \\$535,555 | \\$2,430 | \\$8,100 |\n| Executive | \\$830,000 | \\$166,000 \\| \\$96,000 | \\$664,000 | \\$3,012 | \\$10,040 |   |\n### Bank Loan\n| Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset CPF Portion of Downpayment) | Min. Downpayment Cash Portion (5%) | Downpayment CPF Portion (20%)   CPF \\| CPF Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) | Estimated Monthly Instalment  *3\\.0% p.a.* | Min. Gross Monthly Household Income  *30% MSR* |\n|---|---|---|---|---|---|---|---|\n| 3-Room | \\$404,000 | \\$100,000 | \\$20,200 | \\$80,800 \\| \\$0 | \\$283,800 | \\$1,346 | ~\\$4.487 |\n| 4-Room | \\$570,000 | \\$28,500 | \\$114,000 \\| \\$14,000 | \\$427,500 | \\$2,027 | ~\\$6,757 |   |\n| 5-Room | \\$669,444 | \\$70,000 | ~\\$33,472 | \\$138,888 \\| \\$63,888 | \\$497,084 | \\$2,357 | \\$7,857 |\n| Executive | \\$830,000 | \\$41,500 | \\$166,000 \\| \\$96,000 | \\$622,500 | \\$2,952 | \\$9,840 |   |\n### Click to Teleport\n- [HDB Resale Flat Grants](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#grants)\n- [Transacted HDB Prices March 2024](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#prices)\n- [HDB Resale Flat (HDB Loan) Monthly Income Guide](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#hdbloan)\n- [HDB Resale Flat (Bank Loan) Monthly Income Guide](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#bankloan)\n***\n## HDB Resale Flat Grants and Using CPF for Payments\nBefore we discuss how much you need to earn, let’s consider how much in [Central Provident Fund (CPF)](https:\/\/blog.seedly.sg\/about-central-provident-fund-cpf) housing grants you can get if you buy a resale flat from the open market.\n\n*FYI: According to HDB, homebuyers can use these housing grants to offset the purchase price of their flats and reduce the down payment or the amount of mortgage loan required. The housing grants will be fully credited into their CPF Ordinary Account(s) \\[OA\\], and no **cash** will be disbursed.*\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2023\/07\/Screenshot-2024-04-28-at-4.29.59%E2%80%AFPM-1024x315.png)\n\n*Source: HDB*\n\nThe maximum CPF housing grant you can get is **\\$190,000** for a first-time couple. But, the amount you can get is dependent using grants someone can get depends on factors like:\n\n- their marital status\n- their monthly household income\n- whether they are applying for a flat for the first time or the second time\n- living near their parents or children.\n- And more.\n\nFor example, eligible first-timer families may apply for the following:\n\n- **Family Grant:** Maximum \\$80,000 (up from \\$50,000) in grants (in increments of \\$5,000) and a monthly household income ceiling of \\$14,000 (\\$21,000 if applying with extended family)\n- **Enhanced CPF Housing Grant:** Maximum \\$80,000 + monthly household income ceiling of \\$9,000\n- **Proximity Grant:** Maximum \\$30,000 for those buying a resale to live with their parents\/child or within 4km of parents\/child.\n\nAlso, Here’s a [neat little infographic from 99.co](https:\/\/www.99.co\/singapore\/insider\/hdb-grants-for-couples\/) breaking it down further:\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2022\/03\/hdb-housing-grants-couples-infographic.png)\n\n*Source: 99.co*\n\nFor a full breakdown of the amount of CPF housing grants, you can check out our comprehensive [HDB CPF Housing Grants](https:\/\/blog.seedly.sg\/hdb-cpf-grants-bto-vs-resale-flats) guide:\n\n[![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2023\/02\/The-Ultimate-HDB-Grants-Guide_-CPF-Housing-Grants-for-BTO-Resale-SBF-Flats.png)](https:\/\/blog.seedly.sg\/hdb-grants-guide\/)\n\n[Back to top](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#top)\n\n## Price of HDB in Singapore: Transacted HDB Resale Prices March 2024\nTo illustrate this, we will be using the latest March 2024 median resale prices by town and flat type for resale cases registered from [99-SRX](https:\/\/www.srx.com.sg\/price-index):\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2023\/07\/Screenshot-2024-04-28-at-3.58.45%E2%80%AFPM.png)\n\nUpfront Costs of Resale Flats: Overall Median Prices\n\nWe will distil it down to the overall median resale prices as a rough guide.\n\nWe recommend using the calculators provided to estimate [affordability for HDB flats](https:\/\/blog.seedly.sg\/is-public-housing-still-affordable-for-the-average-singaporean-couple\/).\n\n### HDB Resale Portal: What Happens if You Don’t Have Enough\nIf you are in the market for an HDB resale flat, you can use the [HDB resale price index portal](https:\/\/services2.hdb.gov.sg\/webapp\/BB33RTIS\/BB33PReslTrans.jsp) to find a fair price for a flat in the estate where you want to live.\n\n![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2022\/03\/Screenshot-2022-03-26-at-11.27.30-AM.png)\n\n*Source: HDB*\n\n[Back to top](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#top)\n\n## HDB Resale Flat (HDB Loans) Monthly Income Guide: Down Payment for HDB and HDB Financing Explained\nThe estimates will be based on the following assumptions:\n\n- You will apply for an [HDB loan](https:\/\/blog.seedly.sg\/the-complete-guide-bank-hdb-loan) and can meet the criteria to borrow a maximum of **80%** of the purchase price. This means that you will only need to pay a **20% down payment,** which can be offset by the grants\n- You will take on the maximum HDB loan tenure of **25 years** with the prevailing interest rate of **2\\.6% per annum (p.a.),** which is 0.1% above the [CPF Ordinary Account (OA)](https:\/\/blog.seedly.sg\/cpf-investment-scheme-cpfis-oa-sa) interest rate\n- The loan tenure is a maximum of **25 years**, with a current interest rate of **2\\.6%**\n- This is your only mortgage\n- When you take up an HDB home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% mortgage servicing ratio (MSR). Your monthly [home loan](https:\/\/blog.seedly.sg\/hdb-loan-vs-bank-loan\/) instalment cannot exceed **30%** of your household’s gross monthly income (income before deduction of employee CPF contributions)\n- We used PropertyGuru’s [Mortgage Repayment Calculator](https:\/\/www.propertyguru.com.sg\/mortgage\/calculators\/mortgage-repayment) to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat\n- For HDB CPF housing grants, although the amount of grants you can receive varies from couple to couple, we are using an example based on our assumptions for an average couple in Singapore for this calculation. Our average couple is a married couple who are both:\n  - 30 years old\n  - Singaporean Citizens\n  - First-time buyers\n  - Earn Singapore’s gross [median income](https:\/\/blog.seedly.sg\/median-income-singapore\/) of \\$4,550 a month (excluding CPF): Average household income = \\$9,100\n  - Buying an HDB resale flat within 4km of their parents.\n### CPF Housing Grants for a 4-Room Resale Flat or Smaller (From 14 Feb 2023)\n- Enhanced CPF Housing Grant (More than \\$9,000 [Average Monthly Household Income](https:\/\/blog.seedly.sg\/median-singaporean-household-income-stand\/)): **\\$0**\n- Family Grant: **\\$80,000**\n- Proximity Grant: **\\$20,000.**\n\nThis means in total, the couple will receive **\\$100,000** in grants.\n\n### CPF Housing Grants for a 5-Room Resale Flat or Smaller (From 14 Feb 2023)\n- Enhanced CPF Housing Grant (More than \\$9,000 Average Monthly Household Income): **\\$0**\n- Family Grant: **\\$50,000**\n- Proximity Grant: **\\$20,000.**\n\nThis means in total, the couple will receive **\\$70,000** in grants.\n\nSo with the HDB loan, here is how much your entire household should minimally be earning for the past 12 months:\n\n| Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset Downpayment) | Downpayment  20% in CPF\/Cash \\| CPF\/Cash Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Downpayment) | Estimated Monthly Repayment   HDB Loan (2.6% p.a.) | Min. Gross Monthly Household Income  (30% MSR) |\n|---|---|---|---|---|---|---|\n| 3-Room | \\$404,000 | \\$100,000 | \\$80,800 \\| \\$0 | \\$304,000 | \\$1,379 | ~\\$4,597 |\n| 4-Room | \\$570,000 | \\$114,000 \\| \\$14,000 | \\$456,000 | \\$2,069 | ~\\$6,897 |   |\n| 5-Room | \\$669,444 | \\$70,000 | \\$138,888 \\| \\$63,888 | \\$535,555 | \\$2,430 | \\$8,100 |\n| Executive | \\$830,000 | \\$166,000 \\| \\$96,000 | \\$664,000 | \\$3,012 | \\$10,040 |   |\n\n*FYI: For home loans and grants, HDB assesses your household’s income over 12 months, with the assessment period ending two months before the month of the HFE letter application. For example, if your [HDB Flat Eligibility (HFE)](https:\/\/blog.seedly.sg\/hdb-flat-eligibility-letter-hfe\/) letter application is submitted in April 2024, the assessment period will be from March 2023 to February 2024.*\n\n[Back to top](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#top)\n\n## HDB Resale Flat (Bank Loans) Monthly Income Guide: Is HDB Downpayment 10% or 15%?\nThe estimates will be based on the following assumptions:\n\n- You’re taking a bank loan for your HDB flat and can meet the criteria to borrow a maximum of **75%** of the purchase price. This means that you will have to pay a **25%** downpayment, of which **5%** has to be paid with cash while the remaining **20%** can be paid with CPF which can be offset bu the grants (*It is important to note that the days of HDB flat down payments being 10% or 15% are behind us)*\n- You will be taking on a loan tenure of **25 years** with the prevailing interest rate of **3\\.0% p.a.** based on the cheapest 2-year DBS fixed loan package (via PropertyGuru as of 28 April 2024):\n  - ![](https:\/\/blog.seedly.sg\/wp-content\/uploads\/2023\/07\/Screenshot-2024-04-28-at-5.02.08%E2%80%AFPM-1024x243.png)\n- This is your only mortgage\n- When you take up an HDB bank home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% MSR). Your monthly home loan instalment cannot exceed **30%** of your household’s gross monthly income\n- We used PropertyGuru’s [Mortgage Repayment Calculator](https:\/\/www.propertyguru.com.sg\/mortgage\/calculators\/mortgage-repayment) to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat\n- We will use the same assumptions for the HDB loan.\n\n| Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset CPF Portion of Downpayment) | Min. Downpayment Cash Portion (5%) | Downpayment CPF Portion (20%)   CPF \\| CPF Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) | Estimated Monthly Instalment  *3\\.0% p.a.* | Min. Gross Monthly Household Income  *30% MSR* |\n|---|---|---|---|---|---|---|---|\n| 3-Room | \\$404,000 | \\$100,000 | \\$20,200 | \\$80,800 \\| \\$0 | \\$283,800 | \\$1,346 | ~\\$4.487 |\n| 4-Room | \\$570,000 | \\$28,500 | \\$114,000 \\| \\$14,000 | \\$427,500 | \\$2,027 | ~\\$6,757 |   |\n| 5-Room | \\$669,444 | \\$70,000 | ~\\$33,472 | \\$138,888 \\| \\$63,888 | \\$497,084 | \\$2,357 | \\$7,857 |\n| Executive | \\$830,000 | \\$41,500 | \\$166,000 \\| \\$96,000 | \\$622,500 | \\$2,952 | \\$9,840 |   |\n\n[Back to top](https:\/\/blog.seedly.sg\/hdb-resale-flat-grants-income\/#top)\n\n### Read More\n- [Ultimate Guide to Executive Condos (ECs): Eligibility, Grants, and Upcoming EC Launch 2023 & Beyond](https:\/\/blog.seedly.sg\/upcoming-executive-condo-ec-launch\/)\n- [What Type of HDB Flats Can Single Singaporeans Buy?](https:\/\/blog.seedly.sg\/hdb-35-and-single-scheme\/)\n- [HDB Flat Eligibility (HFE) Letter and HFE Application: A Singaporean’s Guide](https:\/\/blog.seedly.sg\/hdb-flat-eligibility-letter-hfe\/)\n\n[![profile](data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)]()\n\n[About Joel Koh](https:\/\/blog.seedly.sg\/author\/joel-koh\/)\n\nHistory student turned [writer](https:\/\/www.linkedin.com\/in\/joel-koh-47b90b151\/) at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them.\n\nYou can contribute your thoughts like Joel Koh [here.](https:\/\/blog.seedly.sg\/submit-article\/)\n\n3\n\nWhat are your thoughts?\n\nReply\n\nSave\n\nShare\n\nNice\n\nReply\n\nSave\n\nShare\n\nHow to apply buy house...\n\nRead 1 other comments with a Seedly account\n\nYou will also enjoy exclusive benefits and get access to members only features.\n\nSign up or login with an email here","meta_canonical":null,"ml_categories_json":"{\"\/Real_Estate\":969,\"\/Real_Estate\/Real_Estate_Services\":609,\"\/Real_Estate\/Real_Estate_Services\/Real_Estate_Agencies\":512,\"\/Finance\":466,\"\/Finance\/Credit_and_Lending\":282,\"\/Finance\/Credit_and_Lending\/Loans\":281}","ml_types_json":"{\"\/Article\":998,\"\/Article\/How_to\":762}","ml_intent_types_json":"{\"Informational\":840,\"Commercial\":633}","meta_language":null,"attrs_author":"Joel Koh","attrs_publish_time":1714266051,"attrs_original_publish_time":1648299282,"attrs_is_republished":1,"attrs_nr_words":"2357","attrs_boilerpipe_nr_words":"1771","body_ext_links_number":18,"body_int_links_number":145,"meta_nofollow":0,"meta_noarchive":0,"props_was_rendered":1,"src_redirect":"","download_time_msec":488,"download_ttfb_msec":488,"download_size":4306}

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Buying an HDB Resale Flat in 2024: How Much Do You Need To Be Earning and How Much Cash Is Required?

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How much do you need to earn to afford an HDB resale flat in 2023?

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So… You looked at the latest Feburary 2024 Housing and Development Board (HDB) Build-to-Order (BTO) launch and scoffed at the long wait times of ~3.08 to 4.25 years . Or maybe you’ve applied countless times for a BTO flat or tried your luck with the sale of balance (SBF) exercises or open booking of flats scheme but still ended up with nothing. That’s tough. But there’s an alternative. You could always get an HDB resale flat . Source: Shermin Ng | Unsplash Granted, the HDB Resale Price Index (RPI) has been going up for 16 consecutive quarters since the second quarter of 2020 , when Singapore exited the circuit breaker, increasing nearly 40% from 131.5 in Q2 2020 to 183.7 in Q1 2024 . FYI: HDB Resale Price Index tracks the overall price movement of the public residential market Despite that, resale flats remain relatively affordable, with housing grants boosted in February last year. Before we get ahead of ourselves, let’s do a little math to find out what type of HDB flat you can really afford. TL;DR: Buying a Resale Hdb Flat in 2024 — How Much Should Be Earning, Downpayment for Resale Flat and More HDB Loan Type of HDB Flat Median Resale Price (March 2024) Example Grant Amount (Used to Offset Downpayment) Downpayment 20% in CPF/Cash | CPF/Cash Outlay After Grants Housing Loan Amount (Flat Price - Grant - Downpayment) Estimated Monthly Repayment HDB Loan (2.6% p.a.) Min. Gross Monthly Household Income (30% MSR) 3-Room $404,000 $100,000 $80,800 | $0 $304,000 $1,379 ~$4,597 4-Room $570,000 $114,000 | $14,000 $456,000 $2,069 ~$6,897 5-Room $669,444 $70,000 $138,888 | $63,888 $535,555 $2,430 $8,100 Executive $830,000 $166,000 | $96,000 $664,000 $3,012 $10,040 Bank Loan Type of HDB Flat Median Resale Price (March 2024) Example Grant Amount (Used to Offset CPF Portion of Downpayment) Min. Downpayment Cash Portion (5%) Downpayment CPF Portion (20%) CPF | CPF Outlay After Grants Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) Estimated Monthly Instalment 3.0% p.a. Min. Gross Monthly Household Income 30% MSR 3-Room $404,000 $100,000 $20,200 $80,800 | $0 $283,800 $1,346 ~$4.487 4-Room $570,000 $28,500 $114,000 | $14,000 $427,500 $2,027 ~$6,757 5-Room $669,444 $70,000 ~$33,472 $138,888 | $63,888 $497,084 $2,357 $7,857 Executive $830,000 $41,500 $166,000 | $96,000 $622,500 $2,952 $9,840 Click to Teleport HDB Resale Flat Grants Transacted HDB Prices March 2024 HDB Resale Flat (HDB Loan) Monthly Income Guide HDB Resale Flat (Bank Loan) Monthly Income Guide HDB Resale Flat Grants and Using CPF for Payments Before we discuss how much you need to earn, let’s consider how much in Central Provident Fund (CPF) housing grants you can get if you buy a resale flat from the open market. FYI: According to HDB, homebuyers can use these housing grants to offset the purchase price of their flats and reduce the down payment or the amount of mortgage loan required. The housing grants will be fully credited into their CPF Ordinary Account(s) [OA], and no cash will be disbursed. Source: HDB The maximum CPF housing grant you can get is $190,000 for a first-time couple. But, the amount you can get is dependent using grants someone can get depends on factors like: their marital status their monthly household income whether they are applying for a flat for the first time or the second time living near their parents or children. And more. For example, eligible first-timer families may apply for the following: Family Grant: Maximum $80,000 (up from $50,000) in grants (in increments of $5,000) and a monthly household income ceiling of $14,000 ($21,000 if applying with extended family) Enhanced CPF Housing Grant: Maximum $80,000 + monthly household income ceiling of $9,000 Proximity Grant: Maximum $30,000 for those buying a resale to live with their parents/child or within 4km of parents/child. Also, Here’s a neat little infographic from 99.co breaking it down further: Source: 99.co For a full breakdown of the amount of CPF housing grants, you can check out our comprehensive HDB CPF Housing Grants guide: Back to top Price of HDB in Singapore: Transacted HDB Resale Prices March 2024 To illustrate this, we will be using the latest March 2024 median resale prices by town and flat type for resale cases registered from 99-SRX : Upfront Costs of Resale Flats: Overall Median Prices We will distil it down to the overall median resale prices as a rough guide. We recommend using the calculators provided to estimate affordability for HDB flats . HDB Resale Portal: What Happens if You Don’t Have Enough If you are in the market for an HDB resale flat, you can use the HDB resale price index portal to find a fair price for a flat in the estate where you want to live. Source: HDB Back to top HDB Resale Flat (HDB Loans) Monthly Income Guide: Down Payment for HDB and HDB Financing Explained The estimates will be based on the following assumptions: You will apply for an HDB loan and can meet the criteria to borrow a maximum of 80% of the purchase price. This means that you will only need to pay a 20% down payment, which can be offset by the grants You will take on the maximum HDB loan tenure of 25 years with the prevailing interest rate of 2.6% per annum (p.a.), which is 0.1% above the CPF Ordinary Account (OA) interest rate The loan tenure is a maximum of 25 years , with a current interest rate of 2.6% This is your only mortgage When you take up an HDB home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% mortgage servicing ratio (MSR). Your monthly home loan instalment cannot exceed 30% of your household’s gross monthly income (income before deduction of employee CPF contributions) We used PropertyGuru’s Mortgage Repayment Calculator to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat For HDB CPF housing grants, although the amount of grants you can receive varies from couple to couple, we are using an example based on our assumptions for an average couple in Singapore for this calculation. Our average couple is a married couple who are both: 30 years old Singaporean Citizens First-time buyers Earn Singapore’s gross median income of $4,550 a month (excluding CPF): Average household income = $9,100 Buying an HDB resale flat within 4km of their parents. CPF Housing Grants for a 4-Room Resale Flat or Smaller (From 14 Feb 2023) Enhanced CPF Housing Grant (More than $9,000 Average Monthly Household Income ): $0 Family Grant: $80,000 Proximity Grant: $20,000. This means in total, the couple will receive $100,000 in grants. CPF Housing Grants for a 5-Room Resale Flat or Smaller (From 14 Feb 2023) Enhanced CPF Housing Grant (More than $9,000 Average Monthly Household Income): $0 Family Grant: $50,000 Proximity Grant: $20,000. This means in total, the couple will receive $70,000 in grants. So with the HDB loan, here is how much your entire household should minimally be earning for the past 12 months: Type of HDB Flat Median Resale Price (March 2024) Example Grant Amount (Used to Offset Downpayment) Downpayment 20% in CPF/Cash | CPF/Cash Outlay After Grants Housing Loan Amount (Flat Price - Grant - Downpayment) Estimated Monthly Repayment HDB Loan (2.6% p.a.) Min. Gross Monthly Household Income (30% MSR) 3-Room $404,000 $100,000 $80,800 | $0 $304,000 $1,379 ~$4,597 4-Room $570,000 $114,000 | $14,000 $456,000 $2,069 ~$6,897 5-Room $669,444 $70,000 $138,888 | $63,888 $535,555 $2,430 $8,100 Executive $830,000 $166,000 | $96,000 $664,000 $3,012 $10,040 FYI: For home loans and grants, HDB assesses your household’s income over 12 months, with the assessment period ending two months before the month of the HFE letter application. For example, if your HDB Flat Eligibility (HFE) letter application is submitted in April 2024, the assessment period will be from March 2023 to February 2024. Back to top HDB Resale Flat (Bank Loans) Monthly Income Guide: Is HDB Downpayment 10% or 15%? The estimates will be based on the following assumptions: You’re taking a bank loan for your HDB flat and can meet the criteria to borrow a maximum of 75% of the purchase price. This means that you will have to pay a 25% downpayment, of which 5% has to be paid with cash while the remaining 20% can be paid with CPF which can be offset bu the grants ( It is important to note that the days of HDB flat down payments being 10% or 15% are behind us) You will be taking on a loan tenure of 25 years with the prevailing interest rate of 3.0% p.a. based on the cheapest 2-year DBS fixed loan package (via PropertyGuru as of 28 April 2024): This is your only mortgage When you take up an HDB bank home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% MSR). Your monthly home loan instalment cannot exceed 30% of your household’s gross monthly income We used PropertyGuru’s Mortgage Repayment Calculator to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat We will use the same assumptions for the HDB loan . Type of HDB Flat Median Resale Price (March 2024) Example Grant Amount (Used to Offset CPF Portion of Downpayment) Min. Downpayment Cash Portion (5%) Downpayment CPF Portion (20%) CPF | CPF Outlay After Grants Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) Estimated Monthly Instalment 3.0% p.a. Min. Gross Monthly Household Income 30% MSR 3-Room $404,000 $100,000 $20,200 $80,800 | $0 $283,800 $1,346 ~$4.487 4-Room $570,000 $28,500 $114,000 | $14,000 $427,500 $2,027 ~$6,757 5-Room $669,444 $70,000 ~$33,472 $138,888 | $63,888 $497,084 $2,357 $7,857 Executive $830,000 $41,500 $166,000 | $96,000 $622,500 $2,952 $9,840 Back to top Read More Ultimate Guide to Executive Condos (ECs): Eligibility, Grants, and Upcoming EC Launch 2023 & Beyond What Type of HDB Flats Can Single Singaporeans Buy? HDB Flat Eligibility (HFE) Letter and HFE Application: A Singaporean’s Guide About Joel Koh History student turned writer at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them. You can contribute your thoughts like Joel Koh here. 3 What are your thoughts? Reply Save Share Nice Reply Save Share How to apply buy house... Read 1 other comments with a Seedly account You will also enjoy exclusive benefits and get access to members only features. Sign up or login with an email here

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[![profile](https://secure.gravatar.com/avatar/971e9038140c540bfca161440dd196bd?s=96&d=mm&r=g)Joel Koh](https://blog.seedly.sg/author/joel-koh/) ● 28 Apr 2024 So… You looked at the latest [Feburary 2024 Housing and Development Board (HDB) Build-to-Order (BTO) launch](http://blog.seedly.sg/bto-feb-2024/) and scoffed at the long wait times of [~3.08 to 4.25 years](https://www.mnd.gov.sg/newsroom/parliament-matters/q-as/view/written-answer-by-ministry-of-national-development-on-projected-average-waiting-time-for-hdb-bto-projects-and-measures-to-reduce-waiting-time-in-view-of-the-prolonged-covid-19-situation#:~:text=For%20the%20upcoming%20BTO%20launch,potential%20disruption%20to%20BTO%20projects.). Or maybe you’ve applied [countless times for a BTO flat](https://blog.seedly.sg/hdb-bto-flat-probability) or tried your luck with the [sale of balance (SBF) exercises](https://blog.seedly.sg/singapore-step-by-step-guide-hdb-sale-of-balance-flat) or [open booking of flats](https://blog.seedly.sg/singapore-step-by-step-guide-open-booking-of-flats) scheme but still ended up with nothing. That’s tough. But there’s an alternative. You could always get an [HDB resale flat](https://blog.seedly.sg/hdb-resale-flat-guide). ![](https://blog.seedly.sg/wp-content/uploads/2020/03/shermin-ng-1PH2uwpYt1w-unsplash-3.jpg) *Source: Shermin Ng \| Unsplash* Granted, the HDB Resale Price Index (RPI) has been going up for [16 consecutive quarters since the second quarter of 2020](https://www.straitstimes.com/singapore/housing/property-market-to-continue-stabilising-despite-hdb-private-home-prices-rising-in-q1-desmond-lee#:~:text=quarter%20of%202024.-,Prices%20of%20HDB%20resale%20flats%20edged%20up%201.8%20per%20cent,released%20by%20the%20statutory%20board.), when Singapore exited the circuit breaker, increasing nearly **40%** from **131\.5** in **Q2 2020** to **183\.7** in **Q1 2024**. *FYI: HDB Resale Price Index tracks the overall price movement of the public residential market* Despite that, resale flats remain relatively affordable, with housing grants boosted in February last year. Before we get ahead of ourselves, let’s do a little math to find out what type of HDB flat you can really afford. *** ## TL;DR: Buying a Resale Hdb Flat in 2024 — How Much Should Be Earning, Downpayment for Resale Flat and More ### HDB Loan | Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset Downpayment) | Downpayment 20% in CPF/Cash \| CPF/Cash Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Downpayment) | Estimated Monthly Repayment HDB Loan (2.6% p.a.) | Min. Gross Monthly Household Income (30% MSR) | |---|---|---|---|---|---|---| | 3-Room | \$404,000 | \$100,000 | \$80,800 \| \$0 | \$304,000 | \$1,379 | ~\$4,597 | | 4-Room | \$570,000 | \$114,000 \| \$14,000 | \$456,000 | \$2,069 | ~\$6,897 | | | 5-Room | \$669,444 | \$70,000 | \$138,888 \| \$63,888 | \$535,555 | \$2,430 | \$8,100 | | Executive | \$830,000 | \$166,000 \| \$96,000 | \$664,000 | \$3,012 | \$10,040 | | ### Bank Loan | Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset CPF Portion of Downpayment) | Min. Downpayment Cash Portion (5%) | Downpayment CPF Portion (20%) CPF \| CPF Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) | Estimated Monthly Instalment *3\.0% p.a.* | Min. Gross Monthly Household Income *30% MSR* | |---|---|---|---|---|---|---|---| | 3-Room | \$404,000 | \$100,000 | \$20,200 | \$80,800 \| \$0 | \$283,800 | \$1,346 | ~\$4.487 | | 4-Room | \$570,000 | \$28,500 | \$114,000 \| \$14,000 | \$427,500 | \$2,027 | ~\$6,757 | | | 5-Room | \$669,444 | \$70,000 | ~\$33,472 | \$138,888 \| \$63,888 | \$497,084 | \$2,357 | \$7,857 | | Executive | \$830,000 | \$41,500 | \$166,000 \| \$96,000 | \$622,500 | \$2,952 | \$9,840 | | ### Click to Teleport - [HDB Resale Flat Grants](https://blog.seedly.sg/hdb-resale-flat-grants-income/#grants) - [Transacted HDB Prices March 2024](https://blog.seedly.sg/hdb-resale-flat-grants-income/#prices) - [HDB Resale Flat (HDB Loan) Monthly Income Guide](https://blog.seedly.sg/hdb-resale-flat-grants-income/#hdbloan) - [HDB Resale Flat (Bank Loan) Monthly Income Guide](https://blog.seedly.sg/hdb-resale-flat-grants-income/#bankloan) *** ## HDB Resale Flat Grants and Using CPF for Payments Before we discuss how much you need to earn, let’s consider how much in [Central Provident Fund (CPF)](https://blog.seedly.sg/about-central-provident-fund-cpf) housing grants you can get if you buy a resale flat from the open market. *FYI: According to HDB, homebuyers can use these housing grants to offset the purchase price of their flats and reduce the down payment or the amount of mortgage loan required. The housing grants will be fully credited into their CPF Ordinary Account(s) \[OA\], and no **cash** will be disbursed.* ![](https://blog.seedly.sg/wp-content/uploads/2023/07/Screenshot-2024-04-28-at-4.29.59%E2%80%AFPM-1024x315.png) *Source: HDB* The maximum CPF housing grant you can get is **\$190,000** for a first-time couple. But, the amount you can get is dependent using grants someone can get depends on factors like: - their marital status - their monthly household income - whether they are applying for a flat for the first time or the second time - living near their parents or children. - And more. For example, eligible first-timer families may apply for the following: - **Family Grant:** Maximum \$80,000 (up from \$50,000) in grants (in increments of \$5,000) and a monthly household income ceiling of \$14,000 (\$21,000 if applying with extended family) - **Enhanced CPF Housing Grant:** Maximum \$80,000 + monthly household income ceiling of \$9,000 - **Proximity Grant:** Maximum \$30,000 for those buying a resale to live with their parents/child or within 4km of parents/child. Also, Here’s a [neat little infographic from 99.co](https://www.99.co/singapore/insider/hdb-grants-for-couples/) breaking it down further: ![](https://blog.seedly.sg/wp-content/uploads/2022/03/hdb-housing-grants-couples-infographic.png) *Source: 99.co* For a full breakdown of the amount of CPF housing grants, you can check out our comprehensive [HDB CPF Housing Grants](https://blog.seedly.sg/hdb-cpf-grants-bto-vs-resale-flats) guide: [![](https://blog.seedly.sg/wp-content/uploads/2023/02/The-Ultimate-HDB-Grants-Guide_-CPF-Housing-Grants-for-BTO-Resale-SBF-Flats.png)](https://blog.seedly.sg/hdb-grants-guide/) [Back to top](https://blog.seedly.sg/hdb-resale-flat-grants-income/#top) ## Price of HDB in Singapore: Transacted HDB Resale Prices March 2024 To illustrate this, we will be using the latest March 2024 median resale prices by town and flat type for resale cases registered from [99-SRX](https://www.srx.com.sg/price-index): ![](https://blog.seedly.sg/wp-content/uploads/2023/07/Screenshot-2024-04-28-at-3.58.45%E2%80%AFPM.png) Upfront Costs of Resale Flats: Overall Median Prices We will distil it down to the overall median resale prices as a rough guide. We recommend using the calculators provided to estimate [affordability for HDB flats](https://blog.seedly.sg/is-public-housing-still-affordable-for-the-average-singaporean-couple/). ### HDB Resale Portal: What Happens if You Don’t Have Enough If you are in the market for an HDB resale flat, you can use the [HDB resale price index portal](https://services2.hdb.gov.sg/webapp/BB33RTIS/BB33PReslTrans.jsp) to find a fair price for a flat in the estate where you want to live. ![](https://blog.seedly.sg/wp-content/uploads/2022/03/Screenshot-2022-03-26-at-11.27.30-AM.png) *Source: HDB* [Back to top](https://blog.seedly.sg/hdb-resale-flat-grants-income/#top) ## HDB Resale Flat (HDB Loans) Monthly Income Guide: Down Payment for HDB and HDB Financing Explained The estimates will be based on the following assumptions: - You will apply for an [HDB loan](https://blog.seedly.sg/the-complete-guide-bank-hdb-loan) and can meet the criteria to borrow a maximum of **80%** of the purchase price. This means that you will only need to pay a **20% down payment,** which can be offset by the grants - You will take on the maximum HDB loan tenure of **25 years** with the prevailing interest rate of **2\.6% per annum (p.a.),** which is 0.1% above the [CPF Ordinary Account (OA)](https://blog.seedly.sg/cpf-investment-scheme-cpfis-oa-sa) interest rate - The loan tenure is a maximum of **25 years**, with a current interest rate of **2\.6%** - This is your only mortgage - When you take up an HDB home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% mortgage servicing ratio (MSR). Your monthly [home loan](https://blog.seedly.sg/hdb-loan-vs-bank-loan/) instalment cannot exceed **30%** of your household’s gross monthly income (income before deduction of employee CPF contributions) - We used PropertyGuru’s [Mortgage Repayment Calculator](https://www.propertyguru.com.sg/mortgage/calculators/mortgage-repayment) to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat - For HDB CPF housing grants, although the amount of grants you can receive varies from couple to couple, we are using an example based on our assumptions for an average couple in Singapore for this calculation. Our average couple is a married couple who are both: - 30 years old - Singaporean Citizens - First-time buyers - Earn Singapore’s gross [median income](https://blog.seedly.sg/median-income-singapore/) of \$4,550 a month (excluding CPF): Average household income = \$9,100 - Buying an HDB resale flat within 4km of their parents. ### CPF Housing Grants for a 4-Room Resale Flat or Smaller (From 14 Feb 2023) - Enhanced CPF Housing Grant (More than \$9,000 [Average Monthly Household Income](https://blog.seedly.sg/median-singaporean-household-income-stand/)): **\$0** - Family Grant: **\$80,000** - Proximity Grant: **\$20,000.** This means in total, the couple will receive **\$100,000** in grants. ### CPF Housing Grants for a 5-Room Resale Flat or Smaller (From 14 Feb 2023) - Enhanced CPF Housing Grant (More than \$9,000 Average Monthly Household Income): **\$0** - Family Grant: **\$50,000** - Proximity Grant: **\$20,000.** This means in total, the couple will receive **\$70,000** in grants. So with the HDB loan, here is how much your entire household should minimally be earning for the past 12 months: | Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset Downpayment) | Downpayment 20% in CPF/Cash \| CPF/Cash Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Downpayment) | Estimated Monthly Repayment HDB Loan (2.6% p.a.) | Min. Gross Monthly Household Income (30% MSR) | |---|---|---|---|---|---|---| | 3-Room | \$404,000 | \$100,000 | \$80,800 \| \$0 | \$304,000 | \$1,379 | ~\$4,597 | | 4-Room | \$570,000 | \$114,000 \| \$14,000 | \$456,000 | \$2,069 | ~\$6,897 | | | 5-Room | \$669,444 | \$70,000 | \$138,888 \| \$63,888 | \$535,555 | \$2,430 | \$8,100 | | Executive | \$830,000 | \$166,000 \| \$96,000 | \$664,000 | \$3,012 | \$10,040 | | *FYI: For home loans and grants, HDB assesses your household’s income over 12 months, with the assessment period ending two months before the month of the HFE letter application. For example, if your [HDB Flat Eligibility (HFE)](https://blog.seedly.sg/hdb-flat-eligibility-letter-hfe/) letter application is submitted in April 2024, the assessment period will be from March 2023 to February 2024.* [Back to top](https://blog.seedly.sg/hdb-resale-flat-grants-income/#top) ## HDB Resale Flat (Bank Loans) Monthly Income Guide: Is HDB Downpayment 10% or 15%? The estimates will be based on the following assumptions: - You’re taking a bank loan for your HDB flat and can meet the criteria to borrow a maximum of **75%** of the purchase price. This means that you will have to pay a **25%** downpayment, of which **5%** has to be paid with cash while the remaining **20%** can be paid with CPF which can be offset bu the grants (*It is important to note that the days of HDB flat down payments being 10% or 15% are behind us)* - You will be taking on a loan tenure of **25 years** with the prevailing interest rate of **3\.0% p.a.** based on the cheapest 2-year DBS fixed loan package (via PropertyGuru as of 28 April 2024): - ![](https://blog.seedly.sg/wp-content/uploads/2023/07/Screenshot-2024-04-28-at-5.02.08%E2%80%AFPM-1024x243.png) - This is your only mortgage - When you take up an HDB bank home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% MSR). Your monthly home loan instalment cannot exceed **30%** of your household’s gross monthly income - We used PropertyGuru’s [Mortgage Repayment Calculator](https://www.propertyguru.com.sg/mortgage/calculators/mortgage-repayment) to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat - We will use the same assumptions for the HDB loan. | Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset CPF Portion of Downpayment) | Min. Downpayment Cash Portion (5%) | Downpayment CPF Portion (20%) CPF \| CPF Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) | Estimated Monthly Instalment *3\.0% p.a.* | Min. Gross Monthly Household Income *30% MSR* | |---|---|---|---|---|---|---|---| | 3-Room | \$404,000 | \$100,000 | \$20,200 | \$80,800 \| \$0 | \$283,800 | \$1,346 | ~\$4.487 | | 4-Room | \$570,000 | \$28,500 | \$114,000 \| \$14,000 | \$427,500 | \$2,027 | ~\$6,757 | | | 5-Room | \$669,444 | \$70,000 | ~\$33,472 | \$138,888 \| \$63,888 | \$497,084 | \$2,357 | \$7,857 | | Executive | \$830,000 | \$41,500 | \$166,000 \| \$96,000 | \$622,500 | \$2,952 | \$9,840 | | [Back to top](https://blog.seedly.sg/hdb-resale-flat-grants-income/#top) ### Read More - [Ultimate Guide to Executive Condos (ECs): Eligibility, Grants, and Upcoming EC Launch 2023 & Beyond](https://blog.seedly.sg/upcoming-executive-condo-ec-launch/) - [What Type of HDB Flats Can Single Singaporeans Buy?](https://blog.seedly.sg/hdb-35-and-single-scheme/) - [HDB Flat Eligibility (HFE) Letter and HFE Application: A Singaporean’s Guide](https://blog.seedly.sg/hdb-flat-eligibility-letter-hfe/) Advertisement [![profile](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)]() [About Joel Koh](https://blog.seedly.sg/author/joel-koh/) History student turned [writer](https://www.linkedin.com/in/joel-koh-47b90b151/) at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them. You can contribute your thoughts like Joel Koh [here.](https://blog.seedly.sg/submit-article/) 3 [Share To Group]() [Facebook]() [Linkedin]() [Telegram]() [Whatsapp]() [Copy Link]() What are your thoughts? [Johnwei Chong 01 May 2024](https://seedly.sg/profile/johnwei-chong) Those who cant get HDB loan, next best options is to use bank loan. <https://forms.gle/TcqTCDVCU4Zm62u18> Reply Save Share [Share To Group]() [Facebook]() [Linkedin]() [Telegram]() [Whatsapp]() [Copy Link]() [Report]() 👍 0 [BRYANT 29 Apr 2024](https://seedly.sg/profile/bryant-9fcb8d71-a600-42b9-8502-9b0275a953bb) Nice Reply Save Share [Share To Group]() [Facebook]() [Linkedin]() [Telegram]() [Whatsapp]() [Copy Link]() [Report]() 👍 0 [Supiah sue 21 Oct 2023](https://seedly.sg/profile/supiah-sue-e7774f1c-a0b9-4b38-a776-ecbf3d09cd12) How to apply buy house... 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![](https://blog.seedly.sg/_next/image/?url=https%3A%2F%2Fcdn-blog.seedly.sg%2Fwp-content%2Fuploads%2F2023%2F07%2F28180541%2F280424-hdb-resale-flat-grants-income.png&w=3840&q=75) So… You looked at the latest [Feburary 2024 Housing and Development Board (HDB) Build-to-Order (BTO) launch](http://blog.seedly.sg/bto-feb-2024/) and scoffed at the long wait times of [~3.08 to 4.25 years](https://www.mnd.gov.sg/newsroom/parliament-matters/q-as/view/written-answer-by-ministry-of-national-development-on-projected-average-waiting-time-for-hdb-bto-projects-and-measures-to-reduce-waiting-time-in-view-of-the-prolonged-covid-19-situation#:~:text=For%20the%20upcoming%20BTO%20launch,potential%20disruption%20to%20BTO%20projects.). Or maybe you’ve applied [countless times for a BTO flat](https://blog.seedly.sg/hdb-bto-flat-probability) or tried your luck with the [sale of balance (SBF) exercises](https://blog.seedly.sg/singapore-step-by-step-guide-hdb-sale-of-balance-flat) or [open booking of flats](https://blog.seedly.sg/singapore-step-by-step-guide-open-booking-of-flats) scheme but still ended up with nothing. That’s tough. But there’s an alternative. You could always get an [HDB resale flat](https://blog.seedly.sg/hdb-resale-flat-guide). ![](https://blog.seedly.sg/wp-content/uploads/2020/03/shermin-ng-1PH2uwpYt1w-unsplash-3.jpg) *Source: Shermin Ng \| Unsplash* Granted, the HDB Resale Price Index (RPI) has been going up for [16 consecutive quarters since the second quarter of 2020](https://www.straitstimes.com/singapore/housing/property-market-to-continue-stabilising-despite-hdb-private-home-prices-rising-in-q1-desmond-lee#:~:text=quarter%20of%202024.-,Prices%20of%20HDB%20resale%20flats%20edged%20up%201.8%20per%20cent,released%20by%20the%20statutory%20board.), when Singapore exited the circuit breaker, increasing nearly **40%** from **131\.5** in **Q2 2020** to **183\.7** in **Q1 2024**. *FYI: HDB Resale Price Index tracks the overall price movement of the public residential market* Despite that, resale flats remain relatively affordable, with housing grants boosted in February last year. Before we get ahead of ourselves, let’s do a little math to find out what type of HDB flat you can really afford. *** ## TL;DR: Buying a Resale Hdb Flat in 2024 — How Much Should Be Earning, Downpayment for Resale Flat and More ### HDB Loan | Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset Downpayment) | Downpayment 20% in CPF/Cash \| CPF/Cash Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Downpayment) | Estimated Monthly Repayment HDB Loan (2.6% p.a.) | Min. Gross Monthly Household Income (30% MSR) | |---|---|---|---|---|---|---| | 3-Room | \$404,000 | \$100,000 | \$80,800 \| \$0 | \$304,000 | \$1,379 | ~\$4,597 | | 4-Room | \$570,000 | \$114,000 \| \$14,000 | \$456,000 | \$2,069 | ~\$6,897 | | | 5-Room | \$669,444 | \$70,000 | \$138,888 \| \$63,888 | \$535,555 | \$2,430 | \$8,100 | | Executive | \$830,000 | \$166,000 \| \$96,000 | \$664,000 | \$3,012 | \$10,040 | | ### Bank Loan | Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset CPF Portion of Downpayment) | Min. Downpayment Cash Portion (5%) | Downpayment CPF Portion (20%) CPF \| CPF Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) | Estimated Monthly Instalment *3\.0% p.a.* | Min. Gross Monthly Household Income *30% MSR* | |---|---|---|---|---|---|---|---| | 3-Room | \$404,000 | \$100,000 | \$20,200 | \$80,800 \| \$0 | \$283,800 | \$1,346 | ~\$4.487 | | 4-Room | \$570,000 | \$28,500 | \$114,000 \| \$14,000 | \$427,500 | \$2,027 | ~\$6,757 | | | 5-Room | \$669,444 | \$70,000 | ~\$33,472 | \$138,888 \| \$63,888 | \$497,084 | \$2,357 | \$7,857 | | Executive | \$830,000 | \$41,500 | \$166,000 \| \$96,000 | \$622,500 | \$2,952 | \$9,840 | | ### Click to Teleport - [HDB Resale Flat Grants](https://blog.seedly.sg/hdb-resale-flat-grants-income/#grants) - [Transacted HDB Prices March 2024](https://blog.seedly.sg/hdb-resale-flat-grants-income/#prices) - [HDB Resale Flat (HDB Loan) Monthly Income Guide](https://blog.seedly.sg/hdb-resale-flat-grants-income/#hdbloan) - [HDB Resale Flat (Bank Loan) Monthly Income Guide](https://blog.seedly.sg/hdb-resale-flat-grants-income/#bankloan) *** ## HDB Resale Flat Grants and Using CPF for Payments Before we discuss how much you need to earn, let’s consider how much in [Central Provident Fund (CPF)](https://blog.seedly.sg/about-central-provident-fund-cpf) housing grants you can get if you buy a resale flat from the open market. *FYI: According to HDB, homebuyers can use these housing grants to offset the purchase price of their flats and reduce the down payment or the amount of mortgage loan required. The housing grants will be fully credited into their CPF Ordinary Account(s) \[OA\], and no **cash** will be disbursed.* ![](https://blog.seedly.sg/wp-content/uploads/2023/07/Screenshot-2024-04-28-at-4.29.59%E2%80%AFPM-1024x315.png) *Source: HDB* The maximum CPF housing grant you can get is **\$190,000** for a first-time couple. But, the amount you can get is dependent using grants someone can get depends on factors like: - their marital status - their monthly household income - whether they are applying for a flat for the first time or the second time - living near their parents or children. - And more. For example, eligible first-timer families may apply for the following: - **Family Grant:** Maximum \$80,000 (up from \$50,000) in grants (in increments of \$5,000) and a monthly household income ceiling of \$14,000 (\$21,000 if applying with extended family) - **Enhanced CPF Housing Grant:** Maximum \$80,000 + monthly household income ceiling of \$9,000 - **Proximity Grant:** Maximum \$30,000 for those buying a resale to live with their parents/child or within 4km of parents/child. Also, Here’s a [neat little infographic from 99.co](https://www.99.co/singapore/insider/hdb-grants-for-couples/) breaking it down further: ![](https://blog.seedly.sg/wp-content/uploads/2022/03/hdb-housing-grants-couples-infographic.png) *Source: 99.co* For a full breakdown of the amount of CPF housing grants, you can check out our comprehensive [HDB CPF Housing Grants](https://blog.seedly.sg/hdb-cpf-grants-bto-vs-resale-flats) guide: [![](https://blog.seedly.sg/wp-content/uploads/2023/02/The-Ultimate-HDB-Grants-Guide_-CPF-Housing-Grants-for-BTO-Resale-SBF-Flats.png)](https://blog.seedly.sg/hdb-grants-guide/) [Back to top](https://blog.seedly.sg/hdb-resale-flat-grants-income/#top) ## Price of HDB in Singapore: Transacted HDB Resale Prices March 2024 To illustrate this, we will be using the latest March 2024 median resale prices by town and flat type for resale cases registered from [99-SRX](https://www.srx.com.sg/price-index): ![](https://blog.seedly.sg/wp-content/uploads/2023/07/Screenshot-2024-04-28-at-3.58.45%E2%80%AFPM.png) Upfront Costs of Resale Flats: Overall Median Prices We will distil it down to the overall median resale prices as a rough guide. We recommend using the calculators provided to estimate [affordability for HDB flats](https://blog.seedly.sg/is-public-housing-still-affordable-for-the-average-singaporean-couple/). ### HDB Resale Portal: What Happens if You Don’t Have Enough If you are in the market for an HDB resale flat, you can use the [HDB resale price index portal](https://services2.hdb.gov.sg/webapp/BB33RTIS/BB33PReslTrans.jsp) to find a fair price for a flat in the estate where you want to live. ![](https://blog.seedly.sg/wp-content/uploads/2022/03/Screenshot-2022-03-26-at-11.27.30-AM.png) *Source: HDB* [Back to top](https://blog.seedly.sg/hdb-resale-flat-grants-income/#top) ## HDB Resale Flat (HDB Loans) Monthly Income Guide: Down Payment for HDB and HDB Financing Explained The estimates will be based on the following assumptions: - You will apply for an [HDB loan](https://blog.seedly.sg/the-complete-guide-bank-hdb-loan) and can meet the criteria to borrow a maximum of **80%** of the purchase price. This means that you will only need to pay a **20% down payment,** which can be offset by the grants - You will take on the maximum HDB loan tenure of **25 years** with the prevailing interest rate of **2\.6% per annum (p.a.),** which is 0.1% above the [CPF Ordinary Account (OA)](https://blog.seedly.sg/cpf-investment-scheme-cpfis-oa-sa) interest rate - The loan tenure is a maximum of **25 years**, with a current interest rate of **2\.6%** - This is your only mortgage - When you take up an HDB home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% mortgage servicing ratio (MSR). Your monthly [home loan](https://blog.seedly.sg/hdb-loan-vs-bank-loan/) instalment cannot exceed **30%** of your household’s gross monthly income (income before deduction of employee CPF contributions) - We used PropertyGuru’s [Mortgage Repayment Calculator](https://www.propertyguru.com.sg/mortgage/calculators/mortgage-repayment) to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat - For HDB CPF housing grants, although the amount of grants you can receive varies from couple to couple, we are using an example based on our assumptions for an average couple in Singapore for this calculation. Our average couple is a married couple who are both: - 30 years old - Singaporean Citizens - First-time buyers - Earn Singapore’s gross [median income](https://blog.seedly.sg/median-income-singapore/) of \$4,550 a month (excluding CPF): Average household income = \$9,100 - Buying an HDB resale flat within 4km of their parents. ### CPF Housing Grants for a 4-Room Resale Flat or Smaller (From 14 Feb 2023) - Enhanced CPF Housing Grant (More than \$9,000 [Average Monthly Household Income](https://blog.seedly.sg/median-singaporean-household-income-stand/)): **\$0** - Family Grant: **\$80,000** - Proximity Grant: **\$20,000.** This means in total, the couple will receive **\$100,000** in grants. ### CPF Housing Grants for a 5-Room Resale Flat or Smaller (From 14 Feb 2023) - Enhanced CPF Housing Grant (More than \$9,000 Average Monthly Household Income): **\$0** - Family Grant: **\$50,000** - Proximity Grant: **\$20,000.** This means in total, the couple will receive **\$70,000** in grants. So with the HDB loan, here is how much your entire household should minimally be earning for the past 12 months: | Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset Downpayment) | Downpayment 20% in CPF/Cash \| CPF/Cash Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Downpayment) | Estimated Monthly Repayment HDB Loan (2.6% p.a.) | Min. Gross Monthly Household Income (30% MSR) | |---|---|---|---|---|---|---| | 3-Room | \$404,000 | \$100,000 | \$80,800 \| \$0 | \$304,000 | \$1,379 | ~\$4,597 | | 4-Room | \$570,000 | \$114,000 \| \$14,000 | \$456,000 | \$2,069 | ~\$6,897 | | | 5-Room | \$669,444 | \$70,000 | \$138,888 \| \$63,888 | \$535,555 | \$2,430 | \$8,100 | | Executive | \$830,000 | \$166,000 \| \$96,000 | \$664,000 | \$3,012 | \$10,040 | | *FYI: For home loans and grants, HDB assesses your household’s income over 12 months, with the assessment period ending two months before the month of the HFE letter application. For example, if your [HDB Flat Eligibility (HFE)](https://blog.seedly.sg/hdb-flat-eligibility-letter-hfe/) letter application is submitted in April 2024, the assessment period will be from March 2023 to February 2024.* [Back to top](https://blog.seedly.sg/hdb-resale-flat-grants-income/#top) ## HDB Resale Flat (Bank Loans) Monthly Income Guide: Is HDB Downpayment 10% or 15%? The estimates will be based on the following assumptions: - You’re taking a bank loan for your HDB flat and can meet the criteria to borrow a maximum of **75%** of the purchase price. This means that you will have to pay a **25%** downpayment, of which **5%** has to be paid with cash while the remaining **20%** can be paid with CPF which can be offset bu the grants (*It is important to note that the days of HDB flat down payments being 10% or 15% are behind us)* - You will be taking on a loan tenure of **25 years** with the prevailing interest rate of **3\.0% p.a.** based on the cheapest 2-year DBS fixed loan package (via PropertyGuru as of 28 April 2024): - ![](https://blog.seedly.sg/wp-content/uploads/2023/07/Screenshot-2024-04-28-at-5.02.08%E2%80%AFPM-1024x243.png) - This is your only mortgage - When you take up an HDB bank home loan, there is a cap on the monthly instalment amount you can take up (i.e. 30% MSR). Your monthly home loan instalment cannot exceed **30%** of your household’s gross monthly income - We used PropertyGuru’s [Mortgage Repayment Calculator](https://www.propertyguru.com.sg/mortgage/calculators/mortgage-repayment) to estimate the monthly mortgage payments you need to make. This figure is then used to derive the minimum monthly income required to buy a resale flat - We will use the same assumptions for the HDB loan. | Type of HDB Flat | Median Resale Price (March 2024) | Example Grant Amount (Used to Offset CPF Portion of Downpayment) | Min. Downpayment Cash Portion (5%) | Downpayment CPF Portion (20%) CPF \| CPF Outlay After Grants | Housing Loan Amount (Flat Price - Grant - Cash + CPF Downpayment) | Estimated Monthly Instalment *3\.0% p.a.* | Min. Gross Monthly Household Income *30% MSR* | |---|---|---|---|---|---|---|---| | 3-Room | \$404,000 | \$100,000 | \$20,200 | \$80,800 \| \$0 | \$283,800 | \$1,346 | ~\$4.487 | | 4-Room | \$570,000 | \$28,500 | \$114,000 \| \$14,000 | \$427,500 | \$2,027 | ~\$6,757 | | | 5-Room | \$669,444 | \$70,000 | ~\$33,472 | \$138,888 \| \$63,888 | \$497,084 | \$2,357 | \$7,857 | | Executive | \$830,000 | \$41,500 | \$166,000 \| \$96,000 | \$622,500 | \$2,952 | \$9,840 | | [Back to top](https://blog.seedly.sg/hdb-resale-flat-grants-income/#top) ### Read More - [Ultimate Guide to Executive Condos (ECs): Eligibility, Grants, and Upcoming EC Launch 2023 & Beyond](https://blog.seedly.sg/upcoming-executive-condo-ec-launch/) - [What Type of HDB Flats Can Single Singaporeans Buy?](https://blog.seedly.sg/hdb-35-and-single-scheme/) - [HDB Flat Eligibility (HFE) Letter and HFE Application: A Singaporean’s Guide](https://blog.seedly.sg/hdb-flat-eligibility-letter-hfe/) [![profile](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)]() [About Joel Koh](https://blog.seedly.sg/author/joel-koh/) History student turned [writer](https://www.linkedin.com/in/joel-koh-47b90b151/) at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them. You can contribute your thoughts like Joel Koh [here.](https://blog.seedly.sg/submit-article/) 3 What are your thoughts? Reply Save Share Nice Reply Save Share How to apply buy house... Read 1 other comments with a Seedly account You will also enjoy exclusive benefits and get access to members only features. Sign up or login with an email here

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