🕷️ Crawler Inspector

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Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 177 (from laksa143)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa177.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 FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.singsaver.com.sg/blog/costs-of-bto-flat-resale-flat-ec-and-condo-in-singapore\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.singsaver.com.sg/blog/costs-of-bto-flat-resale-flat-ec-and-condo-in-singapore\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.singsaver.com.sg\/blog\/costs-of-bto-flat-resale-flat-ec-and-condo-in-singapore","crawl_time":1776343868,"first_indexed_time":1476798956,"http_code":200,"src_unparsed":"sg,com,singsaver!www,\/blog\/costs-of-bto-flat-resale-flat-ec-and-condo-in-singapore s443","src_root_hash":"1354253889108504977","history_drop_reason":null,"meta_title":"Cost To Buy Your First Home In Singapore | SingSaver","meta_descriptions":["We’ve simplified the 2025 prices for a BTO flat, resale flat, executive condominium, and private condominiums in Singapore."],"attrs_boilerpipe_text":"We’ve simplified the 2022 prices for a BTO flat, Resale flat, Executive Condominium, and Private Condominium in Singapore.\nIf you’ve been thinking about buying a flat in Singapore, it can be somewhat confusing to know about the fees and costs involved. In this article, we get down to brass tacks. Here's what you realistically need in the bank to buy your first house, and what other expenses to prepare for.\nBe sure to also read up on the latest\nEnhanced CPF Housing Grants and higher income ceilings for both families and singles\nlooking to qualify for housing grants.\nHow much does it cost to buy a home in Singapore?\nThe costs of properties can vary significantly, based on factors such as location, facilities, surrounding amenities (like MRT station) and age or condition of the unit. There will always be the occasional neighbourhood or unit in which the price is much higher or lower than the norm.\n2022 Property prices in Singapore\nType\nHDB BTO Flats (Non-Mature Estates)\nHDB BTO Flats (Mature Estates)\nResale Flats\nExecutive Condominiums\nPrivate Condominiums\n^\nStudio\/One-Room\n–\n–\n–\n$420,000 to $560,000\n$600,000 to $700,000\nTwo-Room (Flexi)\n$90,000 to $162,000\n$137,000 to $277,000\n–\n$640,000 to $720,000\n$800,000 to $900,000\nThree-Room\n$164,000 to $248,000\n$205,000 to $421,000\n$350,000 to $380,000\n$776,000 to $960,000\n$970,000 to $1.2m\nFour-Room\n$253,000 to $381,000\n$311,000 to $617,000\n$420,000 to $550,000\n$1.12m to $1.4m\n$1.4m to $1.8m\nFive-Room\n$405,000 to $516,000\n$423,000 to $725,000\n$520,000 to $700,000\n$1.6m to $1.76m\n$2m to $2.2m\n3-Generation\nFrom $355,000 (February 2020)\n–\n–\n–\n–\nPenthouse\n–\n–\n–\nUsually a minimum of $1.9mn\nUsually a minimum price of $3mn\nWhy are resale flats more expensive? \nA\nresale flat costs more\nbecause home prices tend to appreciate over time. A resale flat also means there is no wait time (you may have to wait 3 to 4 years for a BTO flat to be finished). There may be more amenities built up around the flat, as it has been around longer. This is also a reason why BTO flats in mature estates are more expensive than those in non-mature estates. \nFor resale flats, there may be a premium on top of the actual flat price. This is called the Cash Over Valuation (COV). This varies significantly in different estates, from zero COV (no premium) to large amounts like $50,000.\nIn extreme cases, there have been 'million dollar flats' resulting from sky high COVs. The\ncurrent record holder is a 5-room HDB flat at Pinnacle@Duxton\n, which sold for a record $1.23 million in March 2020 — its COV would've cost at least a couple hundred thousand.\nPrivate Condominiums vs Executive Condominiums\nThe prices we listed above are for private condominiums in general. Prices will be significantly higher for condos close to Orchard (District 9), as those would be considered luxury properties.\nAs a general guideline, a new Executive Condominium (EC) is about 20% cheaper than an equivalent private condo. This price difference falls to around 9% after the Minimum Occupancy Period (MOP) of 5 years and narrows further to 5% afterwards.\nIn short, deduct 20% off the equivalent private condo price for a new EC, and 9% for an EC that is at the 5- to 10-year mark.\nHow much cash do you need to save for your first flat?\n5% Downpayment in cash if you are using\na private bank loan\nLegal fees\nHome Insurance premiums\nRenovation and furnishing costs\nMaintenance fees\nProperty taxes\nMortgage repayments\nWe can work this out in steps, using a 3-room BTO flat priced at $180,000 and a 2-bedroom private condo priced at $900,000 as our examples. \nIn addition to these costs, we suggest you build an\nemergency fund\nthat can cover 6 months of your mortgage payments if your CPF is not already sufficient for such a provision.\n1. At least 5% downpayment\nin cash\nIf you are using an HDB Concessionary Loan, you will need to make a downpayment of 15% of the purchase price or valuation, whichever is higher, for flat applications received on or after 16 December 2021.\nThe downpayment can be paid from your CPF Ordinary Account (OA), in cash, or through a combination of both.\nIf you qualify for HDB's\nStaggered Downpayment Scheme\n, this downpayment can be split into two instalments:\n5% to be paid during the signing of the agreement\nand\nanother 10% when collecting your keys\n(for flat applications received on or after 16 December 2021).\nIf you are using a private bank loan, you will need to make a downpayment of 25% of the purchase price or valuation, whichever is higher.\nDo note that a minimum of 5% of this downpayment MUST be in cash\n, while the\nremaining 5% can be paid using your CPF OA or cash\n. The\nbalance 15%\ncan be paid with the monies your CPF OA, in cash, or a combination of both.\nNote that you must use a private bank loan for ECs.\nRead more:\nHow Much Can You Borrow For Your Home Loan?\nNote that this total downpayment is inclusive of the option fee. The option fee is a non-refundable deposit that must be put down 2 weeks before the sale of the house. This deposit is counted as part of the downpayment, once you exercise the option.\nFlat type\nOption fee\n4\/5-room and Executive flat\nS$2,000\n3-room\nS$1,000\n2-room Flexi flat\nS$500\nFor example:\nIn the case of a 3-room BTO flat with a price of S$180,000, the downpayment is S$27,000. This can be from your CPF OA, in cash, or a combination of both.\nIn the case of a 2-bedroom private condo at a price of S$900,000, the downpayment is S$225,000. Of this S$225,000, at least S$11,250 must be paid in cash. The remaining S$213,750 can be paid through your CPF OA, or a combination of your CPF OA and cash.\nWith some discipline and careful planning, you can\nsave money for your flat’s down payment before you turn 35\n.\nGet a private home loan and with UOB and choose from a wide range of loan packages according to your financing needs.  \n2. Legal fees\nThere are legal services involved in processing the paperwork for property ownership. Examples of legal fees include: \nStamp duty for Agreement for Lease\nConveyancing fees\nCaveat registration fees\nStamp duty for Agreement for Lease is calculated as follows:\nFirst S$180,000: 1%\nNext S$180,000: 2%\nNext S$640,000: 3%\nRemaining amount: 4%\nYou can also use the \nStamp Duty Calculator\n from the Inland Revenue Authority of Singapore website to calculate the stamp duty payable for your flat purchase.\nFor new HDB flats, conveyancing fees are calculated as follows:\nFirst S$30,000 of property value:\nS$0.90 per S$1,000\nNext S$30,000 of property value:\nS$0.72 per S$1,000\nRemaining Amount:\nS$0.60 per S$1,000\nThere is no need to calculate this manually. Just enter the price of the flat in\nthe HDB legal fee calculator\n.\nIn addition, there is a Caveat Registration Fee of S$64.45 that must be paid to the Singapore Land Authority.\nFor our sample 3-room BTO flat with a price of S$180,000, the conveyancing fee would be S$121. Inclusive of the Caveat Registration Fee, this would be S$181.45.\nFor the 2-bedroom private condo, the conveyancing fees can range between S$1,100 to S$3,000 depending on the bank loan rate. Note that this price varies between law firms, and you can request to use a cheaper law firm than the bank’s default choice. If you use a mortgage broker, they will usually try to find a cheaper law firm for you.\nIf you use HDB’s default law firm, the conveyancing fees can be paid from your CPF. If you are using another law firm (such as one chosen by the bank), you will have to ask the firm whether fees can be paid via CPF or in cash.\nFor our sample condo, we will assume conveyancing fees of about S$1,500.\n3. Home insurance premiums\nThe basic fire insurance for HDB flats comes from\nEtiqa\n, and is not a significant cost (S$1.50 to S$7.50 depending on the size of your flat for a 5-year premium). Basic fire insurance is mandatory but only covers damage to \n‘internal structures, fixtures and areas built and provided by the HDB’\ndue to fire, smoke and water. For a 3-room BTO flat, it is just S$4.50 for 5 years.\nWe strongly recommend that all homeowners get a\ncomprehensive home insurance\n. This insures you against damage to furniture, renovations and personal belongings. It also covers temporary accommodation and storage costs (you will need both in the event of fire), and third-party coverage (if the fire is your fault and your neighbour’s house burns down, they might be able to hold you liable for damages).\nAlthough the risk of damage or theft is small, you will also have to repair and refurbish the house after any disaster, and the financial cost of that is considerable.\nTypical home insurance policies cost between S$45 to over S$700 per annum (the most expensive policies may also include accident plans, which cover you and your family in the event of an accident).\nPolicies for private homes cost more as compared to flats. We will assume our sample 3-room BTO flat has an insurance cost of S$45 per annum, whereas our sample 2-bedroom private condo has an insurance cost of around S$200 per annum.\nIf you are looking for a home insurance to protect your personal assets, the way to find the best home insurance is to use an insurance comparison tool. One such tool to help you find the most value-for-money home insurance is SingSaver’s latest home insurance comparison tool. Search based on different criteria such as price, coverage and provider and say goodbye to the good old days of endless searching for price quotes from different insurers.\n4. Renovation and furnishing costs\nThe\nmaximum cap on most renovation loans\nis 6 months of your income, or S$30,000. We will also assume this is the general amount spent on furnishing your unit, whether you pay it all in cash or take a loan.\nInterest rates on renovation loans range from 3% to 5% per annum, so\nbe sure to compare between banks\nbefore applying. The typical renovation loan tenure is between 3 to 5 years.\nYou could also consider getting a\npersonal loan for renovations\nif it suits your needs better.\n5. Maintenance fees\nThese are conservancy charges in HDB estates. You will have to check the rates with your town council, but they are generally in the range of S$20 to S$90 per month for Singapore citizens (reduced rates). Non-citizens pay a normal rate, which is notably higher (check with your town council for specific details).\nWe will assume our 3-room BTO flat has conservancy charges of S$45 per month.\nFor condominiums, maintenance fees depend on the management council. These typically range from S$200 to S$350 per month, although there are cases when fees are even higher — for high-end developments with a concierge service or elaborate facilities, it is possible to see monthly costs of S$400 or more.\nWe will assume our sample condo has maintenance fees of S$250 per month.\n6. Property taxes\nProperty taxes are determined by your home’s Annual Value (AV). The AV is the annual amount that you would get from renting out your property (check with the Inland Revenue Authority of Singapore to determine your home’s AV).\nYou do not need to work out the amount manually. Just use\nthis online calculator\nto determine your tax rate.\nFor our sample three-room flat, we will assume an AV of S$14,400. The tax payable would be around S$512 per annum.\nFor our sample condo, we will assume an AV of S$36,000. The tax payable is S$2,240 per annum.\n7. Mortgage repayments\nFor HDB flats, the mortgage interest rate is always 0.1% above the prevailing CPF OA rate. This is currently 2.6% per annum as of 30 September 2022.\nFor private property, the mortgage rate fluctuates. However, it is has been around 1.8% per annum since 2008.\nWe will assume a 25-year loan for both our sample properties. The loan for the 3-room BTO flat isS$144,000 (after downpayment), and this comes to a repayment ofS$653.28 per month for 25 years.\nThe loan for the condo is S$675,000 (after downpayment). Assuming the rate stays at around 1.8%, this comes to a repayment of S$2,791 per month for 25 years.\nTotal initial cost required\n \n3-Room HDB BTO flat\n2-Bedroom private condominium\nSelling price\nS$180,000\nS$900,000\nLoan amount\nS$144,000 (assuming HDB Concessionary Loan and 80%\nLTV\n)\nS$675,000 (private bank loan at 75%\nLTV\n)\nCash and CPF downpayment\nS$36,000\nS$225,000\nLegal fees\nS$181.45\nS$1,500\nHome insurance premiums\nS$3.75 per month\nS$16.67 per month\nMaintenance\nS$45 per month\nS$250 per month\nProperty tax\nS$512 per annum\nS$2,240 per annum\nMortgage\nS\n$653.28\nper month\nS$2,791 per month\nMonthly repayment over 25 years\nS$744.69\nS$3,244.33\nTotal initial cost required\nS$36,181\nS$226,500\nThe calculations above are approximate and are subject to change without prior notice.\nThe initial cost of the 3-room HDB BTO flat, taking into consideration all of the above, is around S$36,181 (including CPF funds used). The monthly cost you have to be prepared to pay is about\nS$744.69\n per month over 25 years.\nThe initial cost of the private condominium would be S$226,500 (including CPF funds used). The monthly cost is about S$3,245 over 25 years.\nRead these next:\nHDB BTO Launches In 2021\nHDB Loan Vs Bank Loan: Which One Should You go For?\nWhat Type Of HDB Flats Can Single Singaporeans Buy?\nHow To Buy A House in Singapore: A Complete Guide\nHow Much Should You Pay For A Home Renovation In Singapore?\nA Full Guide to Priority Banking in Singapore (2023)","attrs_markdown":"menu\n\n[![SingSaver-Coloured-logo-updated](https:\/\/www.singsaver.com.sg\/hubfs\/SingSaver-Coloured-logo-updated.png)](https:\/\/www.singsaver.com.sg\/)\n\nclose\n\n- [Credit Card]()\n  - [Compare]()\n    - [Best Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/best)\n    - [Best Cashback Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-cashback-credit-cards)\n    - [Best Airmiles Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-air-miles-credit-cards)\n    - [Best Reward Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-rewards-credit-cards)\n    - 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In this article, we get down to brass tacks. Here's what you realistically need in the bank to buy your first house, and what other expenses to prepare for.\n\nBe sure to also read up on the latest [Enhanced CPF Housing Grants and higher income ceilings for both families and singles](https:\/\/www.singsaver.com.sg\/blog\/what-hdb-flats-can-singles-buy) looking to qualify for housing grants.\n\n**![25-0648\\_IN ARTICLE BLOG BANNER\\_800x250-KV1\\_V1](https:\/\/www.singsaver.com.sg\/hs-fs\/hubfs\/25-0648_IN%20ARTICLE%20BLOG%20BANNER_800x250-KV1_V1.png?width=800&height=250&name=25-0648_IN%20ARTICLE%20BLOG%20BANNER_800x250-KV1_V1.png)**\n\n**SingSaver Exclusive Offer:** Enjoy one of the lowest interest rates **from 1.00% p.a. (EIR from 1.93% p.a.)** and **up to S\\$4,300 in cashback** when you apply for a personal loan via SingSaver. Valid till 3 May 2026. [T\\&Cs apply](https:\/\/singsaver.link\/pl-rewards-campaign).\n\n[**Compare Personal Loans**](https:\/\/www.singsaver.com.sg\/personal-loan)\n## **How much does it cost to buy a home in Singapore?**\nThe costs of properties can vary significantly, based on factors such as location, facilities, surrounding amenities (like MRT station) and age or condition of the unit. There will always be the occasional neighbourhood or unit in which the price is much higher or lower than the norm.\n\n**2022 Property prices in Singapore**\n\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Type** | **HDB BTO Flats (Non-Mature Estates)** | **HDB BTO Flats (Mature Estates)** | **Resale Flats** | **Executive Condominiums** | **Private Condominiums** **^** |\n| Studio\/One-Room | – | – | – | \\$420,000 to \\$560,000 | \\$600,000 to \\$700,000 |\n| Two-Room (Flexi) | \\$90,000 to \\$162,000 | \\$137,000 to \\$277,000 | – | \\$640,000 to \\$720,000 | \\$800,000 to \\$900,000 |\n| Three-Room | \\$164,000 to \\$248,000 | \\$205,000 to \\$421,000 | \\$350,000 to \\$380,000 | \\$776,000 to \\$960,000 | \\$970,000 to \\$1.2m |\n| Four-Room | \\$253,000 to \\$381,000 | \\$311,000 to \\$617,000 | \\$420,000 to \\$550,000 | \\$1.12m to \\$1.4m | \\$1.4m to \\$1.8m |\n| Five-Room | \\$405,000 to \\$516,000 | \\$423,000 to \\$725,000 | \\$520,000 to \\$700,000 | \\$1.6m to \\$1.76m | \\$2m to \\$2.2m |\n| 3-Generation | From \\$355,000 (February 2020) | – | – | – | – |\n| Penthouse | – | – | – | Usually a minimum of \\$1.9mn | Usually a minimum price of \\$3mn |\n## **Why are resale flats more expensive?**\nA [resale flat costs more](https:\/\/www.singsaver.com.sg\/blog\/hdb-bto-sbf-resale-flats) because home prices tend to appreciate over time. A resale flat also means there is no wait time (you may have to wait 3 to 4 years for a BTO flat to be finished). There may be more amenities built up around the flat, as it has been around longer. This is also a reason why BTO flats in mature estates are more expensive than those in non-mature estates.\n\nFor resale flats, there may be a premium on top of the actual flat price. This is called the Cash Over Valuation (COV). This varies significantly in different estates, from zero COV (no premium) to large amounts like \\$50,000.\n\nIn extreme cases, there have been 'million dollar flats' resulting from sky high COVs. The [current record holder is a 5-room HDB flat at Pinnacle@Duxton](https:\/\/www.99.co\/blog\/singapore\/pinnacle-at-duxton-hdb-flat-sold-million-record\/), which sold for a record \\$1.23 million in March 2020 — its COV would've cost at least a couple hundred thousand.\n\n[**Compare Best Home Insurance**](https:\/\/www.singsaver.com.sg\/home-insurance)\n\n## **Private Condominiums vs Executive Condominiums**\nThe prices we listed above are for private condominiums in general. Prices will be significantly higher for condos close to Orchard (District 9), as those would be considered luxury properties.\n\nAs a general guideline, a new Executive Condominium (EC) is about 20% cheaper than an equivalent private condo. This price difference falls to around 9% after the Minimum Occupancy Period (MOP) of 5 years and narrows further to 5% afterwards.\n\nIn short, deduct 20% off the equivalent private condo price for a new EC, and 9% for an EC that is at the 5- to 10-year mark.\n\n## **How much cash do you need to save for your first flat?**\n1. 5% Downpayment in cash if you are using [a private bank loan](https:\/\/www.singsaver.com.sg\/personal-loan)\n2. Legal fees\n3. Home Insurance premiums\n4. Renovation and furnishing costs\n5. Maintenance fees\n6. Property taxes\n7. Mortgage repayments\n\nWe can work this out in steps, using a 3-room BTO flat priced at \\$180,000 and a 2-bedroom private condo priced at \\$900,000 as our examples.\n\nIn addition to these costs, we suggest you build an [emergency fund](https:\/\/www.singsaver.com.sg\/blog\/how-much-savings-should-i-have-when-im-35) that can cover 6 months of your mortgage payments if your CPF is not already sufficient for such a provision.\n\n**⚡Flash Deal⚡:** Enjoy the following rewards when you sign up for a UOB Personal Loan:  \n  \nGet one of the **lowest interest rates from 1.00% p.a. (EIR from 1.93% p.a.) plus up to S\\$1,900 in cashback** and rewards when you apply for a UOB Personal Loan via SingSaver and get approved for a loan of min. S\\$8,000 with a minimum loan tenure of 3 years. Valid till 15 April 2026. [T\\&Cs apply](https:\/\/singsaver.link\/pl-rewards-campaign).\n\n[**Apply Now**](https:\/\/singsaver.link\/UOB-PL12)\n\n## **1\\. At least 5% downpayment** in cash\nIf you are using an HDB Concessionary Loan, you will need to make a downpayment of 15% of the purchase price or valuation, whichever is higher, for flat applications received on or after 16 December 2021.\n\nThe downpayment can be paid from your CPF Ordinary Account (OA), in cash, or through a combination of both.\n\nIf you qualify for HDB's [Staggered Downpayment Scheme](https:\/\/www.hdb.gov.sg\/cs\/infoweb\/residential\/buying-a-flat\/new\/schemes-and-grants\/staggered-downpayment-scheme), this downpayment can be split into two instalments: **5% to be paid during the signing of the agreement** and **another 10% when collecting your keys** (for flat applications received on or after 16 December 2021).\n\nIf you are using a private bank loan, you will need to make a downpayment of 25% of the purchase price or valuation, whichever is higher.\n\n**Do note that a minimum of 5% of this downpayment MUST be in cash**, while the **remaining 5% can be paid using your CPF OA or cash**. The **balance 15%** can be paid with the monies your CPF OA, in cash, or a combination of both.\n\n**Note that you must use a private bank loan for ECs.**\n\n[**Compare Best Home Loans To Apply**](https:\/\/promotions.singsaver.com.sg\/home-loan\/)\n\n**Read more: [How Much Can You Borrow For Your Home Loan?](https:\/\/www.singsaver.com.sg\/blog\/how-much-can-you-borrow-for-your-home-loan)**\n\nNote that this total downpayment is inclusive of the option fee. The option fee is a non-refundable deposit that must be put down 2 weeks before the sale of the house. This deposit is counted as part of the downpayment, once you exercise the option.\n\n|   |   |\n|---|---|\n| **Flat type** | **Option fee** |\n| 4\/5-room and Executive flat | S\\$2,000 |\n| 3-room | S\\$1,000 |\n| 2-room Flexi flat | S\\$500 |\n\n**For example:**\n\nIn the case of a 3-room BTO flat with a price of S\\$180,000, the downpayment is S\\$27,000. This can be from your CPF OA, in cash, or a combination of both.\n\nIn the case of a 2-bedroom private condo at a price of S\\$900,000, the downpayment is S\\$225,000. Of this S\\$225,000, at least S\\$11,250 must be paid in cash. The remaining S\\$213,750 can be paid through your CPF OA, or a combination of your CPF OA and cash.\n\nWith some discipline and careful planning, you can [save money for your flat’s down payment before you turn 35](https:\/\/www.singsaver.com.sg\/blog\/how-to-save-money-for-a-flat-before-your-35th-birthday).\n***\n![LOGO\\_UOB](https:\/\/www.singsaver.com.sg\/hs-fs\/hubfs\/assets_singsaver\/LOGO_UOB.png?width=330&height=198&name=LOGO_UOB.png)Get a private home loan and with UOB and choose from a wide range of loan packages according to your financing needs.\n\n[**Find Out More**](https:\/\/www.uob.com.sg\/personal\/borrow\/property\/mortgage-options\/private-home-loan.page?subchan_code=IB42?utm_source=Affiliate&utm_medium=NonAPI&utm_campaign=Singsaver)\n***\n## **2\\. Legal fees**\nThere are legal services involved in processing the paperwork for property ownership. Examples of legal fees include:\n\n- Stamp duty for Agreement for Lease\n- Conveyancing fees\n- Caveat registration fees\n\nStamp duty for Agreement for Lease is calculated as follows:\n\n- First S\\$180,000: 1%\n- Next S\\$180,000: 2%\n- Next S\\$640,000: 3%\n- Remaining amount: 4%\n\nYou can also use the [Stamp Duty Calculator](https:\/\/mytax.iras.gov.sg\/ESVWeb\/default.aspx?target=MSDCalculatorIntro) from the Inland Revenue Authority of Singapore website to calculate the stamp duty payable for your flat purchase.\n\nFor new HDB flats, conveyancing fees are calculated as follows:\n\n- **First S\\$30,000 of property value:** S\\$0.90 per S\\$1,000\n- **Next S\\$30,000 of property value:** S\\$0.72 per S\\$1,000\n- **Remaining Amount:** S\\$0.60 per S\\$1,000\n\nThere is no need to calculate this manually. Just enter the price of the flat in [the HDB legal fee calculator](https:\/\/services2.hdb.gov.sg\/webapp\/BB14LFEESENQ\/BB14PBuyingFlat.jsp).\n\nIn addition, there is a Caveat Registration Fee of S\\$64.45 that must be paid to the Singapore Land Authority.\n\nFor our sample 3-room BTO flat with a price of S\\$180,000, the conveyancing fee would be S\\$121. Inclusive of the Caveat Registration Fee, this would be S\\$181.45.\n\nFor the 2-bedroom private condo, the conveyancing fees can range between S\\$1,100 to S\\$3,000 depending on the bank loan rate. Note that this price varies between law firms, and you can request to use a cheaper law firm than the bank’s default choice. If you use a mortgage broker, they will usually try to find a cheaper law firm for you.\n\nIf you use HDB’s default law firm, the conveyancing fees can be paid from your CPF. If you are using another law firm (such as one chosen by the bank), you will have to ask the firm whether fees can be paid via CPF or in cash.\n\nFor our sample condo, we will assume conveyancing fees of about S\\$1,500.\n\n## **3\\. Home insurance premiums**\nThe basic fire insurance for HDB flats comes from [Etiqa](http:\/\/%20https:\/\/www.etiqa.com.sg\/online\/quotation\/tiq-home-insurance), and is not a significant cost (S\\$1.50 to S\\$7.50 depending on the size of your flat for a 5-year premium). Basic fire insurance is mandatory but only covers damage to [‘internal structures, fixtures and areas built and provided by the HDB’](https:\/\/www.hdb.gov.sg\/cs\/infoweb\/residential\/living-in-an-hdb-flat\/fire-insurance) due to fire, smoke and water. For a 3-room BTO flat, it is just S\\$4.50 for 5 years.\n\nWe strongly recommend that all homeowners get a [comprehensive home insurance](https:\/\/www.singsaver.com.sg\/blog\/home-insurance-plans). This insures you against damage to furniture, renovations and personal belongings. It also covers temporary accommodation and storage costs (you will need both in the event of fire), and third-party coverage (if the fire is your fault and your neighbour’s house burns down, they might be able to hold you liable for damages).\n\nAlthough the risk of damage or theft is small, you will also have to repair and refurbish the house after any disaster, and the financial cost of that is considerable.\n***\nSingSaver Exclusive Promotion: Enjoy **20% off** for MSIG Home Insurance. Also receive the following below:\n\n- Up to **S\\$40 PayNow**. Valid till 28 February 2026. [T\\&Cs apply](https:\/\/singsaver.link\/hi-rewards-campaign)\n***\nTypical home insurance policies cost between S\\$45 to over S\\$700 per annum (the most expensive policies may also include accident plans, which cover you and your family in the event of an accident).\n\nPolicies for private homes cost more as compared to flats. We will assume our sample 3-room BTO flat has an insurance cost of S\\$45 per annum, whereas our sample 2-bedroom private condo has an insurance cost of around S\\$200 per annum.\n\nIf you are looking for a home insurance to protect your personal assets, the way to find the best home insurance is to use an insurance comparison tool. One such tool to help you find the most value-for-money home insurance is SingSaver’s latest home insurance comparison tool. Search based on different criteria such as price, coverage and provider and say goodbye to the good old days of endless searching for price quotes from different insurers.\n\n[**Compare Home Insurance Plans To Apply**](https:\/\/www.singsaver.com.sg\/home-insurance)\n\n## **4\\. Renovation and furnishing costs**\nThe [maximum cap on most renovation loans](https:\/\/www.singsaver.com.sg\/blog\/loan-curbs-in-singapore) is 6 months of your income, or S\\$30,000. We will also assume this is the general amount spent on furnishing your unit, whether you pay it all in cash or take a loan.\n\nInterest rates on renovation loans range from 3% to 5% per annum, so [be sure to compare between banks](https:\/\/www.singsaver.com.sg\/personal-loan\/home-improvement) before applying. The typical renovation loan tenure is between 3 to 5 years.\n\nYou could also consider getting a [personal loan for renovations](https:\/\/www.singsaver.com.sg\/blog\/use-personal-loan-home-renovations) if it suits your needs better.\n\n[**Compare Renovation Loans**](https:\/\/www.singsaver.com.sg\/personal-loan\/renovation-loan)\n\n## **5\\. Maintenance fees**\nThese are conservancy charges in HDB estates. You will have to check the rates with your town council, but they are generally in the range of S\\$20 to S\\$90 per month for Singapore citizens (reduced rates). Non-citizens pay a normal rate, which is notably higher (check with your town council for specific details).\n\nWe will assume our 3-room BTO flat has conservancy charges of S\\$45 per month.\n\nFor condominiums, maintenance fees depend on the management council. These typically range from S\\$200 to S\\$350 per month, although there are cases when fees are even higher — for high-end developments with a concierge service or elaborate facilities, it is possible to see monthly costs of S\\$400 or more.\n\nWe will assume our sample condo has maintenance fees of S\\$250 per month.\n\n## **6\\. Property taxes**\nProperty taxes are determined by your home’s Annual Value (AV). The AV is the annual amount that you would get from renting out your property (check with the Inland Revenue Authority of Singapore to determine your home’s AV).\n\nYou do not need to work out the amount manually. Just use [this online calculator](https:\/\/www.iras.gov.sg\/Tax%20Calculators\/PT%20HDBNew\/HDB.html) to determine your tax rate.\n\nFor our sample three-room flat, we will assume an AV of S\\$14,400. The tax payable would be around S\\$512 per annum.\n\nFor our sample condo, we will assume an AV of S\\$36,000. The tax payable is S\\$2,240 per annum.\n\n## **7\\. Mortgage repayments**\nFor HDB flats, the mortgage interest rate is always 0.1% above the prevailing CPF OA rate. This is currently 2.6% per annum as of 30 September 2022.\n\nFor private property, the mortgage rate fluctuates. However, it is has been around 1.8% per annum since 2008.\n\nWe will assume a 25-year loan for both our sample properties. The loan for the 3-room BTO flat isS\\$144,000 (after downpayment), and this comes to a repayment ofS\\$653.28 per month for 25 years.\n\nThe loan for the condo is S\\$675,000 (after downpayment). Assuming the rate stays at around 1.8%, this comes to a repayment of S\\$2,791 per month for 25 years.\n***\n**Great Eastern Home Insurance** **Promotion:** Enjoy **30% off** when you use promo code **HOME30** for 1 year plan and **HOME35** for 2 year plan.\n\n[**Apply Now**](https:\/\/singsaver.link\/GE-Home-GR8-Plus)\n***\n**Total initial cost required**\n\n|   |   |   |\n|---|---|---|\n|   | **3-Room HDB BTO flat** | **2-Bedroom private condominium** |\n| Selling price | S\\$180,000 | S\\$900,000 |\n| Loan amount | S\\$144,000 (assuming HDB Concessionary Loan and 80% [LTV](https:\/\/www.singsaver.com.sg\/blog\/how-much-can-you-borrow-for-your-home-loan)) | S\\$675,000 (private bank loan at 75% [LTV](https:\/\/www.singsaver.com.sg\/blog\/how-much-can-you-borrow-for-your-home-loan)) |\n| Cash and CPF downpayment | S\\$36,000 | S\\$225,000 |\n| Legal fees | S\\$181.45 | S\\$1,500 |\n| Home insurance premiums | S\\$3.75 per month | S\\$16.67 per month |\n| Maintenance | S\\$45 per month | S\\$250 per month |\n| Property tax | S\\$512 per annum | S\\$2,240 per annum |\n| Mortgage | S\\$653.28 per month | S\\$2,791 per month |\n| Monthly repayment over 25 years | **S\\$744.69** | **S\\$3,244.33** |\n| Total initial cost required | **S\\$36,181** | **S\\$226,500** |\n\n*The calculations above are approximate and are subject to change without prior notice.*\n\nThe initial cost of the 3-room HDB BTO flat, taking into consideration all of the above, is around S\\$36,181 (including CPF funds used). The monthly cost you have to be prepared to pay is about S\\$744.69 per month over 25 years.\n\nThe initial cost of the private condominium would be S\\$226,500 (including CPF funds used). The monthly cost is about S\\$3,245 over 25 years.\n\n[**Compare Best Home Loans**](https:\/\/www.singsaver.com.sg\/page\/best-home-loan-rates)\n\n**Read these next:**  \n[HDB BTO Launches In 2021](https:\/\/www.singsaver.com.sg\/blog\/hdb-bto-launches-2021)  \n[HDB Loan Vs Bank Loan: Which One Should You go For?](https:\/\/www.singsaver.com.sg\/blog\/hdb-loan-vs-bank-loan)  \n[What Type Of HDB Flats Can Single Singaporeans Buy?](https:\/\/www.singsaver.com.sg\/blog\/what-hdb-flats-can-singles-buy)  \n[How To Buy A House in Singapore: A Complete Guide](https:\/\/www.singsaver.com.sg\/blog\/how-to-buy-a-house-in-singapore)  \n[How Much Should You Pay For A Home Renovation In Singapore?](https:\/\/www.singsaver.com.sg\/blog\/average-cost-of-home-renovations-singapore)  \n[A Full Guide to Priority Banking in Singapore (2023)](https:\/\/www.singsaver.com.sg\/blog\/priority-banking-singapore-guide)\n***\n\nSimilar articles   \n [Why Life in Singapore is More Expensive When You’re Single](https:\/\/www.singsaver.com.sg\/blog\/why-life-in-singapore-is-more-expensive-for-singles)   \n [Why a BTO Flat Makes More Sense Than an EC (Even If You Can Afford It)](https:\/\/www.singsaver.com.sg\/blog\/why-get-bto-flat-instead-of-ec-in-singapore)   \n [How To Buy A House In Singapore: A Complete Guide (2023)](https:\/\/www.singsaver.com.sg\/blog\/how-to-buy-a-house-in-singapore)   \n [Downpayment For Condo In Singapore: How Much Cash Will You Need Upfront?](https:\/\/www.singsaver.com.sg\/blog\/downpayment-for-condo-singapore)   \n [BTO Vs Resale Vs EC: Which Gives The Best Bang For Your Buck For Investment?](https:\/\/www.singsaver.com.sg\/blog\/bto-vs-resale-vs-ec-investment-advice)   \n [How Much Should You Save to Upgrade From an HDB to a Condo?](https:\/\/www.singsaver.com.sg\/blog\/how-much-does-it-cost-to-upgrade-from-hdb-to-condo)   \n [The Real Cost: How Much Do I Need to Earn to Live Comfortably in Singapore?](https:\/\/www.singsaver.com.sg\/blog\/cost-of-living-in-singapore-how-much-do-you-need-to-earn-to-live-comfortably)   \n [How Much Do You Really Need To Afford A Landed Property In Singapore?](https:\/\/www.singsaver.com.sg\/blog\/how-much-do-you-really-need-to-afford-a-landed-property-in-singapore)\n\nTags\n\n[Home Ownership](https:\/\/www.singsaver.com.sg\/blog\/tag\/home-ownership) [Private Property](https:\/\/www.singsaver.com.sg\/blog\/tag\/private-property) [HDB](https:\/\/www.singsaver.com.sg\/blog\/tag\/hdb)\n\n![Ryan Ong](https:\/\/www.singsaver.com.sg\/hubfs\/Blogs%202020\/Singsaver\/Author\/SingSaver_PastWriters_GuestContributors_Desktop.jpg)\n\n### [Ryan Ong](https:\/\/www.singsaver.com.sg\/blog\/author\/ryan)\n\nRyan has been writing about finance for the last 10 years. He also has his fingers in a lot of other pies, having written for publications such as Men’s Health, Her World, Esquire, and Yahoo! Finance.\n\n[![](https:\/\/www.singsaver.com.sg\/hubfs\/Website%202022%20image\/dark_left.svg) Back to Blog](https:\/\/www.singsaver.com.sg\/blog)\n\n### Related Articles\n[![Renovation Timeline: How Long Does Renovation Take In Singapore?](https:\/\/www.singsaver.com.sg\/hs-fs\/hubfs\/renovation-timeline.png?width=280&name=renovation-timeline.png)](https:\/\/www.singsaver.com.sg\/blog\/renovation-timeline-how-long-does-renovation-take-in-singapore)\n\n[Housing Guides](https:\/\/www.singsaver.com.sg\/blog\/category\/own-property\/housing-guides)\n\n#### [Renovation Timeline: How Long Does Renovation Take In Singapore?](https:\/\/www.singsaver.com.sg\/blog\/renovation-timeline-how-long-does-renovation-take-in-singapore)\nJuly 29, 2024\n\n[![Why Should You Hire CaseTrust Accredited Renovation Firms?](https:\/\/www.singsaver.com.sg\/hs-fs\/hubfs\/casetrust-accredited-renovation-firms.png?width=280&name=casetrust-accredited-renovation-firms.png)](https:\/\/www.singsaver.com.sg\/blog\/why-should-you-hire-casetrust-accredited-renovation-firms)\n\n[Housing Guides](https:\/\/www.singsaver.com.sg\/blog\/category\/own-property\/housing-guides)\n\n#### [Why Should You Hire CaseTrust Accredited Renovation Firms?](https:\/\/www.singsaver.com.sg\/blog\/why-should-you-hire-casetrust-accredited-renovation-firms)\nJuly 23, 2024\n\n[![How to Upgrade From an HDB flat to an Executive Condo (EC)](https:\/\/www.singsaver.com.sg\/hs-fs\/hubfs\/19%20jul_how%20to%20upgrade%20from%20hdb%20to%20ec%20guide_blog%20hero.png?width=280&name=19%20jul_how%20to%20upgrade%20from%20hdb%20to%20ec%20guide_blog%20hero.png)](https:\/\/www.singsaver.com.sg\/blog\/how-to-upgrade-from-hdb-flat-to-executive-condo-ec)\n\n[Housing Guides](https:\/\/www.singsaver.com.sg\/blog\/category\/own-property\/housing-guides)\n\n#### [How to Upgrade From an HDB flat to an Executive Condo (EC)](https:\/\/www.singsaver.com.sg\/blog\/how-to-upgrade-from-hdb-flat-to-executive-condo-ec)\nJuly 19, 2024\n\n### FINANCIAL TIP:\n#### Use a personal loan to consolidate your outstanding debt at a lower interest rate\\!\n#### Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences\\!\n\n![image-general-logo-dark@3x](https:\/\/www.singsaver.com.sg\/hs-fs\/hubfs\/image-general-logo-dark@3x.png?width=256&height=66&name=image-general-logo-dark@3x.png)\n\n#### Credit Cards\n- [All Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/all)\n- [Best Credit Cards in Singapore Promotions](https:\/\/www.singsaver.com.sg\/credit-card\/best)\n- [Cashback Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-cashback-credit-cards)\n- [Airmiles Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-air-miles-credit-cards)\n- [Rewards Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-rewards-credit-cards)\n- [Travel Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-travel-credit-cards)\n- [0% Interest Installment Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-0-apr-credit-cards)\n- [Dining Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/dining)\n- [Petrol Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/petrol)\n- [Grocery Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/comparison\/best-credit-card-for-groceries)\n- [Shopping Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/shopping)\n- [Overseas Spending Credit Cards](https:\/\/www.singsaver.com.sg\/credit-card\/overseas-spending)\n- [Business Credit 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SingSaver is located at Eon Shenton, 70 Shenton Way, 18-08, Singapore, 079118.\n\n![](https:\/\/www.facebook.com\/tr?id=2004443176453276&ev=PageView&noscript=1)","attrs_readable_markdown":"We’ve simplified the 2022 prices for a BTO flat, Resale flat, Executive Condominium, and Private Condominium in Singapore. If you’ve been thinking about buying a flat in Singapore, it can be somewhat confusing to know about the fees and costs involved. In this article, we get down to brass tacks. Here's what you realistically need in the bank to buy your first house, and what other expenses to prepare for. Be sure to also read up on the latest [Enhanced CPF Housing Grants and higher income ceilings for both families and singles](https:\/\/www.singsaver.com.sg\/blog\/what-hdb-flats-can-singles-buy) looking to qualify for housing grants. **How much does it cost to buy a home in Singapore?** The costs of properties can vary significantly, based on factors such as location, facilities, surrounding amenities (like MRT station) and age or condition of the unit. There will always be the occasional neighbourhood or unit in which the price is much higher or lower than the norm. **2022 Property prices in Singapore**             **Type** **HDB BTO Flats (Non-Mature Estates)** **HDB BTO Flats (Mature Estates)** **Resale Flats** **Executive Condominiums** **Private Condominiums** **^** Studio\/One-Room – – – \\$420,000 to \\$560,000 \\$600,000 to \\$700,000 Two-Room (Flexi) \\$90,000 to \\$162,000 \\$137,000 to \\$277,000 – \\$640,000 to \\$720,000 \\$800,000 to \\$900,000 Three-Room \\$164,000 to \\$248,000 \\$205,000 to \\$421,000 \\$350,000 to \\$380,000 \\$776,000 to \\$960,000 \\$970,000 to \\$1.2m Four-Room \\$253,000 to \\$381,000 \\$311,000 to \\$617,000 \\$420,000 to \\$550,000 \\$1.12m to \\$1.4m \\$1.4m to \\$1.8m Five-Room \\$405,000 to \\$516,000 \\$423,000 to \\$725,000 \\$520,000 to \\$700,000 \\$1.6m to \\$1.76m \\$2m to \\$2.2m 3-Generation From \\$355,000 (February 2020) – – – – Penthouse – – – Usually a minimum of \\$1.9mn Usually a minimum price of \\$3mn **Why are resale flats more expensive?** A [resale flat costs more](https:\/\/www.singsaver.com.sg\/blog\/hdb-bto-sbf-resale-flats) because home prices tend to appreciate over time. A resale flat also means there is no wait time (you may have to wait 3 to 4 years for a BTO flat to be finished). There may be more amenities built up around the flat, as it has been around longer. This is also a reason why BTO flats in mature estates are more expensive than those in non-mature estates. For resale flats, there may be a premium on top of the actual flat price. This is called the Cash Over Valuation (COV). This varies significantly in different estates, from zero COV (no premium) to large amounts like \\$50,000. In extreme cases, there have been 'million dollar flats' resulting from sky high COVs. The [current record holder is a 5-room HDB flat at Pinnacle@Duxton](https:\/\/www.99.co\/blog\/singapore\/pinnacle-at-duxton-hdb-flat-sold-million-record\/), which sold for a record \\$1.23 million in March 2020 — its COV would've cost at least a couple hundred thousand. **Private Condominiums vs Executive Condominiums** The prices we listed above are for private condominiums in general. Prices will be significantly higher for condos close to Orchard (District 9), as those would be considered luxury properties. As a general guideline, a new Executive Condominium (EC) is about 20% cheaper than an equivalent private condo. This price difference falls to around 9% after the Minimum Occupancy Period (MOP) of 5 years and narrows further to 5% afterwards. In short, deduct 20% off the equivalent private condo price for a new EC, and 9% for an EC that is at the 5- to 10-year mark. **How much cash do you need to save for your first flat?** 5% Downpayment in cash if you are using [a private bank loan](https:\/\/www.singsaver.com.sg\/personal-loan) Legal fees Home Insurance premiums Renovation and furnishing costs Maintenance fees Property taxes Mortgage repayments We can work this out in steps, using a 3-room BTO flat priced at \\$180,000 and a 2-bedroom private condo priced at \\$900,000 as our examples. In addition to these costs, we suggest you build an [emergency fund](https:\/\/www.singsaver.com.sg\/blog\/how-much-savings-should-i-have-when-im-35) that can cover 6 months of your mortgage payments if your CPF is not already sufficient for such a provision. **1\\. At least 5% downpayment** in cash If you are using an HDB Concessionary Loan, you will need to make a downpayment of 15% of the purchase price or valuation, whichever is higher, for flat applications received on or after 16 December 2021. The downpayment can be paid from your CPF Ordinary Account (OA), in cash, or through a combination of both. If you qualify for HDB's [Staggered Downpayment Scheme](https:\/\/www.hdb.gov.sg\/cs\/infoweb\/residential\/buying-a-flat\/new\/schemes-and-grants\/staggered-downpayment-scheme), this downpayment can be split into two instalments: **5% to be paid during the signing of the agreement** and **another 10% when collecting your keys** (for flat applications received on or after 16 December 2021). If you are using a private bank loan, you will need to make a downpayment of 25% of the purchase price or valuation, whichever is higher. **Do note that a minimum of 5% of this downpayment MUST be in cash**, while the **remaining 5% can be paid using your CPF OA or cash**. The **balance 15%** can be paid with the monies your CPF OA, in cash, or a combination of both. **Note that you must use a private bank loan for ECs.** **Read more: [How Much Can You Borrow For Your Home Loan?](https:\/\/www.singsaver.com.sg\/blog\/how-much-can-you-borrow-for-your-home-loan)** Note that this total downpayment is inclusive of the option fee. The option fee is a non-refundable deposit that must be put down 2 weeks before the sale of the house. This deposit is counted as part of the downpayment, once you exercise the option.     **Flat type** **Option fee** 4\/5-room and Executive flat S\\$2,000 3-room S\\$1,000 2-room Flexi flat S\\$500 **For example:** In the case of a 3-room BTO flat with a price of S\\$180,000, the downpayment is S\\$27,000. This can be from your CPF OA, in cash, or a combination of both. In the case of a 2-bedroom private condo at a price of S\\$900,000, the downpayment is S\\$225,000. Of this S\\$225,000, at least S\\$11,250 must be paid in cash. The remaining S\\$213,750 can be paid through your CPF OA, or a combination of your CPF OA and cash. With some discipline and careful planning, you can [save money for your flat’s down payment before you turn 35](https:\/\/www.singsaver.com.sg\/blog\/how-to-save-money-for-a-flat-before-your-35th-birthday). ![LOGO\\_UOB](https:\/\/www.singsaver.com.sg\/hs-fs\/hubfs\/assets_singsaver\/LOGO_UOB.png?width=330&height=198&name=LOGO_UOB.png)Get a private home loan and with UOB and choose from a wide range of loan packages according to your financing needs. **2\\. Legal fees** There are legal services involved in processing the paperwork for property ownership. Examples of legal fees include: Stamp duty for Agreement for Lease Conveyancing fees Caveat registration fees Stamp duty for Agreement for Lease is calculated as follows: First S\\$180,000: 1% Next S\\$180,000: 2% Next S\\$640,000: 3% Remaining amount: 4% You can also use the [Stamp Duty Calculator](https:\/\/mytax.iras.gov.sg\/ESVWeb\/default.aspx?target=MSDCalculatorIntro) from the Inland Revenue Authority of Singapore website to calculate the stamp duty payable for your flat purchase. For new HDB flats, conveyancing fees are calculated as follows: **First S\\$30,000 of property value:** S\\$0.90 per S\\$1,000 **Next S\\$30,000 of property value:** S\\$0.72 per S\\$1,000 **Remaining Amount:** S\\$0.60 per S\\$1,000 There is no need to calculate this manually. Just enter the price of the flat in [the HDB legal fee calculator](https:\/\/services2.hdb.gov.sg\/webapp\/BB14LFEESENQ\/BB14PBuyingFlat.jsp). In addition, there is a Caveat Registration Fee of S\\$64.45 that must be paid to the Singapore Land Authority. For our sample 3-room BTO flat with a price of S\\$180,000, the conveyancing fee would be S\\$121. Inclusive of the Caveat Registration Fee, this would be S\\$181.45. For the 2-bedroom private condo, the conveyancing fees can range between S\\$1,100 to S\\$3,000 depending on the bank loan rate. Note that this price varies between law firms, and you can request to use a cheaper law firm than the bank’s default choice. If you use a mortgage broker, they will usually try to find a cheaper law firm for you. If you use HDB’s default law firm, the conveyancing fees can be paid from your CPF. If you are using another law firm (such as one chosen by the bank), you will have to ask the firm whether fees can be paid via CPF or in cash. For our sample condo, we will assume conveyancing fees of about S\\$1,500. **3\\. Home insurance premiums** The basic fire insurance for HDB flats comes from [Etiqa](http:\/\/%20https:\/\/www.etiqa.com.sg\/online\/quotation\/tiq-home-insurance), and is not a significant cost (S\\$1.50 to S\\$7.50 depending on the size of your flat for a 5-year premium). Basic fire insurance is mandatory but only covers damage to [‘internal structures, fixtures and areas built and provided by the HDB’](https:\/\/www.hdb.gov.sg\/cs\/infoweb\/residential\/living-in-an-hdb-flat\/fire-insurance) due to fire, smoke and water. For a 3-room BTO flat, it is just S\\$4.50 for 5 years. We strongly recommend that all homeowners get a [comprehensive home insurance](https:\/\/www.singsaver.com.sg\/blog\/home-insurance-plans). This insures you against damage to furniture, renovations and personal belongings. It also covers temporary accommodation and storage costs (you will need both in the event of fire), and third-party coverage (if the fire is your fault and your neighbour’s house burns down, they might be able to hold you liable for damages). Although the risk of damage or theft is small, you will also have to repair and refurbish the house after any disaster, and the financial cost of that is considerable. Typical home insurance policies cost between S\\$45 to over S\\$700 per annum (the most expensive policies may also include accident plans, which cover you and your family in the event of an accident). Policies for private homes cost more as compared to flats. We will assume our sample 3-room BTO flat has an insurance cost of S\\$45 per annum, whereas our sample 2-bedroom private condo has an insurance cost of around S\\$200 per annum. If you are looking for a home insurance to protect your personal assets, the way to find the best home insurance is to use an insurance comparison tool. One such tool to help you find the most value-for-money home insurance is SingSaver’s latest home insurance comparison tool. Search based on different criteria such as price, coverage and provider and say goodbye to the good old days of endless searching for price quotes from different insurers. **4\\. Renovation and furnishing costs** The [maximum cap on most renovation loans](https:\/\/www.singsaver.com.sg\/blog\/loan-curbs-in-singapore) is 6 months of your income, or S\\$30,000. We will also assume this is the general amount spent on furnishing your unit, whether you pay it all in cash or take a loan. Interest rates on renovation loans range from 3% to 5% per annum, so [be sure to compare between banks](https:\/\/www.singsaver.com.sg\/personal-loan\/home-improvement) before applying. The typical renovation loan tenure is between 3 to 5 years. You could also consider getting a [personal loan for renovations](https:\/\/www.singsaver.com.sg\/blog\/use-personal-loan-home-renovations) if it suits your needs better. **5\\. Maintenance fees** These are conservancy charges in HDB estates. You will have to check the rates with your town council, but they are generally in the range of S\\$20 to S\\$90 per month for Singapore citizens (reduced rates). Non-citizens pay a normal rate, which is notably higher (check with your town council for specific details). We will assume our 3-room BTO flat has conservancy charges of S\\$45 per month. For condominiums, maintenance fees depend on the management council. These typically range from S\\$200 to S\\$350 per month, although there are cases when fees are even higher — for high-end developments with a concierge service or elaborate facilities, it is possible to see monthly costs of S\\$400 or more. We will assume our sample condo has maintenance fees of S\\$250 per month. **6\\. Property taxes** Property taxes are determined by your home’s Annual Value (AV). The AV is the annual amount that you would get from renting out your property (check with the Inland Revenue Authority of Singapore to determine your home’s AV). You do not need to work out the amount manually. Just use [this online calculator](https:\/\/www.iras.gov.sg\/Tax%20Calculators\/PT%20HDBNew\/HDB.html) to determine your tax rate. For our sample three-room flat, we will assume an AV of S\\$14,400. The tax payable would be around S\\$512 per annum. For our sample condo, we will assume an AV of S\\$36,000. The tax payable is S\\$2,240 per annum. **7\\. Mortgage repayments** For HDB flats, the mortgage interest rate is always 0.1% above the prevailing CPF OA rate. This is currently 2.6% per annum as of 30 September 2022. For private property, the mortgage rate fluctuates. However, it is has been around 1.8% per annum since 2008. We will assume a 25-year loan for both our sample properties. The loan for the 3-room BTO flat isS\\$144,000 (after downpayment), and this comes to a repayment ofS\\$653.28 per month for 25 years. The loan for the condo is S\\$675,000 (after downpayment). Assuming the rate stays at around 1.8%, this comes to a repayment of S\\$2,791 per month for 25 years. **Total initial cost required**         **3-Room HDB BTO flat** **2-Bedroom private condominium** Selling price S\\$180,000 S\\$900,000 Loan amount S\\$144,000 (assuming HDB Concessionary Loan and 80% [LTV](https:\/\/www.singsaver.com.sg\/blog\/how-much-can-you-borrow-for-your-home-loan)) S\\$675,000 (private bank loan at 75% [LTV](https:\/\/www.singsaver.com.sg\/blog\/how-much-can-you-borrow-for-your-home-loan)) Cash and CPF downpayment S\\$36,000 S\\$225,000 Legal fees S\\$181.45 S\\$1,500 Home insurance premiums S\\$3.75 per month S\\$16.67 per month Maintenance S\\$45 per month S\\$250 per month Property tax S\\$512 per annum S\\$2,240 per annum Mortgage S\\$653.28 per month S\\$2,791 per month Monthly repayment over 25 years **S\\$744.69** **S\\$3,244.33** Total initial cost required **S\\$36,181** **S\\$226,500** *The calculations above are approximate and are subject to change without prior notice.* The initial cost of the 3-room HDB BTO flat, taking into consideration all of the above, is around S\\$36,181 (including CPF funds used). The monthly cost you have to be prepared to pay is about S\\$744.69 per month over 25 years. The initial cost of the private condominium would be S\\$226,500 (including CPF funds used). The monthly cost is about S\\$3,245 over 25 years. **Read these next:**  \n[HDB BTO Launches In 2021](https:\/\/www.singsaver.com.sg\/blog\/hdb-bto-launches-2021)  \n[HDB Loan Vs Bank Loan: Which One Should You go For?](https:\/\/www.singsaver.com.sg\/blog\/hdb-loan-vs-bank-loan)  \n[What Type Of HDB Flats Can Single Singaporeans Buy?](https:\/\/www.singsaver.com.sg\/blog\/what-hdb-flats-can-singles-buy)  \n[How To Buy A House in Singapore: A Complete Guide](https:\/\/www.singsaver.com.sg\/blog\/how-to-buy-a-house-in-singapore)  \n[How Much Should You Pay For A Home Renovation In Singapore?](https:\/\/www.singsaver.com.sg\/blog\/average-cost-of-home-renovations-singapore)  \n[A Full Guide to Priority Banking in Singapore (2023)](https:\/\/www.singsaver.com.sg\/blog\/priority-banking-singapore-guide)","meta_canonical":null}

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Boilerpipe Text	We’ve simplified the 2022 prices for a BTO flat, Resale flat, Executive Condominium, and Private Condominium in Singapore. If you’ve been thinking about buying a flat in Singapore, it can be somewhat confusing to know about the fees and costs involved. In this article, we get down to brass tacks. Here's what you realistically need in the bank to buy your first house, and what other expenses to prepare for. Be sure to also read up on the latest Enhanced CPF Housing Grants and higher income ceilings for both families and singles looking to qualify for housing grants. How much does it cost to buy a home in Singapore? The costs of properties can vary significantly, based on factors such as location, facilities, surrounding amenities (like MRT station) and age or condition of the unit. There will always be the occasional neighbourhood or unit in which the price is much higher or lower than the norm. 2022 Property prices in Singapore Type HDB BTO Flats (Non-Mature Estates) HDB BTO Flats (Mature Estates) Resale Flats Executive Condominiums Private Condominiums ^ Studio/One-Room – – – $420,000 to $560,000 $600,000 to $700,000 Two-Room (Flexi) $90,000 to $162,000 $137,000 to $277,000 – $640,000 to $720,000 $800,000 to $900,000 Three-Room $164,000 to $248,000 $205,000 to $421,000 $350,000 to $380,000 $776,000 to $960,000 $970,000 to $1.2m Four-Room $253,000 to $381,000 $311,000 to $617,000 $420,000 to $550,000 $1.12m to $1.4m $1.4m to $1.8m Five-Room $405,000 to $516,000 $423,000 to $725,000 $520,000 to $700,000 $1.6m to $1.76m $2m to $2.2m 3-Generation From $355,000 (February 2020) – – – – Penthouse – – – Usually a minimum of $1.9mn Usually a minimum price of $3mn Why are resale flats more expensive? A resale flat costs more because home prices tend to appreciate over time. A resale flat also means there is no wait time (you may have to wait 3 to 4 years for a BTO flat to be finished). There may be more amenities built up around the flat, as it has been around longer. This is also a reason why BTO flats in mature estates are more expensive than those in non-mature estates. For resale flats, there may be a premium on top of the actual flat price. This is called the Cash Over Valuation (COV). This varies significantly in different estates, from zero COV (no premium) to large amounts like $50,000. In extreme cases, there have been 'million dollar flats' resulting from sky high COVs. The current record holder is a 5-room HDB flat at Pinnacle@Duxton , which sold for a record $1.23 million in March 2020 — its COV would've cost at least a couple hundred thousand. Private Condominiums vs Executive Condominiums The prices we listed above are for private condominiums in general. Prices will be significantly higher for condos close to Orchard (District 9), as those would be considered luxury properties. As a general guideline, a new Executive Condominium (EC) is about 20% cheaper than an equivalent private condo. This price difference falls to around 9% after the Minimum Occupancy Period (MOP) of 5 years and narrows further to 5% afterwards. In short, deduct 20% off the equivalent private condo price for a new EC, and 9% for an EC that is at the 5- to 10-year mark. How much cash do you need to save for your first flat? 5% Downpayment in cash if you are using a private bank loan Legal fees Home Insurance premiums Renovation and furnishing costs Maintenance fees Property taxes Mortgage repayments We can work this out in steps, using a 3-room BTO flat priced at $180,000 and a 2-bedroom private condo priced at $900,000 as our examples. In addition to these costs, we suggest you build an emergency fund that can cover 6 months of your mortgage payments if your CPF is not already sufficient for such a provision. 1. At least 5% downpayment in cash If you are using an HDB Concessionary Loan, you will need to make a downpayment of 15% of the purchase price or valuation, whichever is higher, for flat applications received on or after 16 December 2021. The downpayment can be paid from your CPF Ordinary Account (OA), in cash, or through a combination of both. If you qualify for HDB's Staggered Downpayment Scheme , this downpayment can be split into two instalments: 5% to be paid during the signing of the agreement and another 10% when collecting your keys (for flat applications received on or after 16 December 2021). If you are using a private bank loan, you will need to make a downpayment of 25% of the purchase price or valuation, whichever is higher. Do note that a minimum of 5% of this downpayment MUST be in cash , while the remaining 5% can be paid using your CPF OA or cash . The balance 15% can be paid with the monies your CPF OA, in cash, or a combination of both. Note that you must use a private bank loan for ECs. Read more: How Much Can You Borrow For Your Home Loan? Note that this total downpayment is inclusive of the option fee. The option fee is a non-refundable deposit that must be put down 2 weeks before the sale of the house. This deposit is counted as part of the downpayment, once you exercise the option. Flat type Option fee 4/5-room and Executive flat S$2,000 3-room S$1,000 2-room Flexi flat S$500 For example: In the case of a 3-room BTO flat with a price of S$180,000, the downpayment is S$27,000. This can be from your CPF OA, in cash, or a combination of both. In the case of a 2-bedroom private condo at a price of S$900,000, the downpayment is S$225,000. Of this S$225,000, at least S$11,250 must be paid in cash. The remaining S$213,750 can be paid through your CPF OA, or a combination of your CPF OA and cash. With some discipline and careful planning, you can save money for your flat’s down payment before you turn 35 . Get a private home loan and with UOB and choose from a wide range of loan packages according to your financing needs. 2. Legal fees There are legal services involved in processing the paperwork for property ownership. Examples of legal fees include: Stamp duty for Agreement for Lease Conveyancing fees Caveat registration fees Stamp duty for Agreement for Lease is calculated as follows: First S$180,000: 1% Next S$180,000: 2% Next S$640,000: 3% Remaining amount: 4% You can also use the Stamp Duty Calculator from the Inland Revenue Authority of Singapore website to calculate the stamp duty payable for your flat purchase. For new HDB flats, conveyancing fees are calculated as follows: First S$30,000 of property value: S$0.90 per S$1,000 Next S$30,000 of property value: S$0.72 per S$1,000 Remaining Amount: S$0.60 per S$1,000 There is no need to calculate this manually. Just enter the price of the flat in the HDB legal fee calculator . In addition, there is a Caveat Registration Fee of S$64.45 that must be paid to the Singapore Land Authority. For our sample 3-room BTO flat with a price of S$180,000, the conveyancing fee would be S$121. Inclusive of the Caveat Registration Fee, this would be S$181.45. For the 2-bedroom private condo, the conveyancing fees can range between S$1,100 to S$3,000 depending on the bank loan rate. Note that this price varies between law firms, and you can request to use a cheaper law firm than the bank’s default choice. If you use a mortgage broker, they will usually try to find a cheaper law firm for you. If you use HDB’s default law firm, the conveyancing fees can be paid from your CPF. If you are using another law firm (such as one chosen by the bank), you will have to ask the firm whether fees can be paid via CPF or in cash. For our sample condo, we will assume conveyancing fees of about S$1,500. 3. Home insurance premiums The basic fire insurance for HDB flats comes from Etiqa , and is not a significant cost (S$1.50 to S$7.50 depending on the size of your flat for a 5-year premium). Basic fire insurance is mandatory but only covers damage to ‘internal structures, fixtures and areas built and provided by the HDB’ due to fire, smoke and water. For a 3-room BTO flat, it is just S$4.50 for 5 years. We strongly recommend that all homeowners get a comprehensive home insurance . This insures you against damage to furniture, renovations and personal belongings. It also covers temporary accommodation and storage costs (you will need both in the event of fire), and third-party coverage (if the fire is your fault and your neighbour’s house burns down, they might be able to hold you liable for damages). Although the risk of damage or theft is small, you will also have to repair and refurbish the house after any disaster, and the financial cost of that is considerable. Typical home insurance policies cost between S$45 to over S$700 per annum (the most expensive policies may also include accident plans, which cover you and your family in the event of an accident). Policies for private homes cost more as compared to flats. We will assume our sample 3-room BTO flat has an insurance cost of S$45 per annum, whereas our sample 2-bedroom private condo has an insurance cost of around S$200 per annum. If you are looking for a home insurance to protect your personal assets, the way to find the best home insurance is to use an insurance comparison tool. One such tool to help you find the most value-for-money home insurance is SingSaver’s latest home insurance comparison tool. Search based on different criteria such as price, coverage and provider and say goodbye to the good old days of endless searching for price quotes from different insurers. 4. Renovation and furnishing costs The maximum cap on most renovation loans is 6 months of your income, or S$30,000. We will also assume this is the general amount spent on furnishing your unit, whether you pay it all in cash or take a loan. Interest rates on renovation loans range from 3% to 5% per annum, so be sure to compare between banks before applying. The typical renovation loan tenure is between 3 to 5 years. You could also consider getting a personal loan for renovations if it suits your needs better. 5. Maintenance fees These are conservancy charges in HDB estates. You will have to check the rates with your town council, but they are generally in the range of S$20 to S$90 per month for Singapore citizens (reduced rates). Non-citizens pay a normal rate, which is notably higher (check with your town council for specific details). We will assume our 3-room BTO flat has conservancy charges of S$45 per month. For condominiums, maintenance fees depend on the management council. These typically range from S$200 to S$350 per month, although there are cases when fees are even higher — for high-end developments with a concierge service or elaborate facilities, it is possible to see monthly costs of S$400 or more. We will assume our sample condo has maintenance fees of S$250 per month. 6. Property taxes Property taxes are determined by your home’s Annual Value (AV). The AV is the annual amount that you would get from renting out your property (check with the Inland Revenue Authority of Singapore to determine your home’s AV). You do not need to work out the amount manually. Just use this online calculator to determine your tax rate. For our sample three-room flat, we will assume an AV of S$14,400. The tax payable would be around S$512 per annum. For our sample condo, we will assume an AV of S$36,000. The tax payable is S$2,240 per annum. 7. Mortgage repayments For HDB flats, the mortgage interest rate is always 0.1% above the prevailing CPF OA rate. This is currently 2.6% per annum as of 30 September 2022. For private property, the mortgage rate fluctuates. However, it is has been around 1.8% per annum since 2008. We will assume a 25-year loan for both our sample properties. The loan for the 3-room BTO flat isS$144,000 (after downpayment), and this comes to a repayment ofS$653.28 per month for 25 years. The loan for the condo is S$675,000 (after downpayment). Assuming the rate stays at around 1.8%, this comes to a repayment of S$2,791 per month for 25 years. Total initial cost required 3-Room HDB BTO flat 2-Bedroom private condominium Selling price S$180,000 S$900,000 Loan amount S$144,000 (assuming HDB Concessionary Loan and 80% LTV ) S$675,000 (private bank loan at 75% LTV ) Cash and CPF downpayment S$36,000 S$225,000 Legal fees S$181.45 S$1,500 Home insurance premiums S$3.75 per month S$16.67 per month Maintenance S$45 per month S$250 per month Property tax S$512 per annum S$2,240 per annum Mortgage S $653.28 per month S$2,791 per month Monthly repayment over 25 years S$744.69 S$3,244.33 Total initial cost required S$36,181 S$226,500 The calculations above are approximate and are subject to change without prior notice. The initial cost of the 3-room HDB BTO flat, taking into consideration all of the above, is around S$36,181 (including CPF funds used). The monthly cost you have to be prepared to pay is about S$744.69 per month over 25 years. The initial cost of the private condominium would be S$226,500 (including CPF funds used). The monthly cost is about S$3,245 over 25 years. Read these next: HDB BTO Launches In 2021 HDB Loan Vs Bank Loan: Which One Should You go For? What Type Of HDB Flats Can Single Singaporeans Buy? How To Buy A House in Singapore: A Complete Guide How Much Should You Pay For A Home Renovation In Singapore? A Full Guide to Priority Banking in Singapore (2023)
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If you’ve been thinking about buying a flat in Singapore, it can be somewhat confusing to know about the fees and costs involved. In this article, we get down to brass tacks. Here's what you realistically need in the bank to buy your first house, and what other expenses to prepare for. Be sure to also read up on the latest [Enhanced CPF Housing Grants and higher income ceilings for both families and singles](https://www.singsaver.com.sg/blog/what-hdb-flats-can-singles-buy) looking to qualify for housing grants. ![25-0648\_IN ARTICLE BLOG BANNER\_800x250-KV1\_V1](https://www.singsaver.com.sg/hs-fs/hubfs/25-0648_IN%20ARTICLE%20BLOG%20BANNER_800x250-KV1_V1.png?width=800&height=250&name=25-0648_IN%20ARTICLE%20BLOG%20BANNER_800x250-KV1_V1.png) SingSaver Exclusive Offer: Enjoy one of the lowest interest rates from 1.00% p.a. (EIR from 1.93% p.a.) and up to S\$4,300 in cashback when you apply for a personal loan via SingSaver. Valid till 3 May 2026. [T\&Cs apply](https://singsaver.link/pl-rewards-campaign). [Compare Personal Loans](https://www.singsaver.com.sg/personal-loan) ## How much does it cost to buy a home in Singapore? The costs of properties can vary significantly, based on factors such as location, facilities, surrounding amenities (like MRT station) and age or condition of the unit. There will always be the occasional neighbourhood or unit in which the price is much higher or lower than the norm. 2022 Property prices in Singapore \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Type \| HDB BTO Flats (Non-Mature Estates) \| HDB BTO Flats (Mature Estates) \| Resale Flats \| Executive Condominiums \| Private Condominiums ^ \| \| Studio/One-Room \| – \| – \| – \| \$420,000 to \$560,000 \| \$600,000 to \$700,000 \| \| Two-Room (Flexi) \| \$90,000 to \$162,000 \| \$137,000 to \$277,000 \| – \| \$640,000 to \$720,000 \| \$800,000 to \$900,000 \| \| Three-Room \| \$164,000 to \$248,000 \| \$205,000 to \$421,000 \| \$350,000 to \$380,000 \| \$776,000 to \$960,000 \| \$970,000 to \$1.2m \| \| Four-Room \| \$253,000 to \$381,000 \| \$311,000 to \$617,000 \| \$420,000 to \$550,000 \| \$1.12m to \$1.4m \| \$1.4m to \$1.8m \| \| Five-Room \| \$405,000 to \$516,000 \| \$423,000 to \$725,000 \| \$520,000 to \$700,000 \| \$1.6m to \$1.76m \| \$2m to \$2.2m \| \| 3-Generation \| From \$355,000 (February 2020) \| – \| – \| – \| – \| \| Penthouse \| – \| – \| – \| Usually a minimum of \$1.9mn \| Usually a minimum price of \$3mn \| ## Why are resale flats more expensive? A [resale flat costs more](https://www.singsaver.com.sg/blog/hdb-bto-sbf-resale-flats) because home prices tend to appreciate over time. A resale flat also means there is no wait time (you may have to wait 3 to 4 years for a BTO flat to be finished). There may be more amenities built up around the flat, as it has been around longer. This is also a reason why BTO flats in mature estates are more expensive than those in non-mature estates. For resale flats, there may be a premium on top of the actual flat price. This is called the Cash Over Valuation (COV). This varies significantly in different estates, from zero COV (no premium) to large amounts like \$50,000. In extreme cases, there have been 'million dollar flats' resulting from sky high COVs. The [current record holder is a 5-room HDB flat at Pinnacle@Duxton](https://www.99.co/blog/singapore/pinnacle-at-duxton-hdb-flat-sold-million-record/), which sold for a record \$1.23 million in March 2020 — its COV would've cost at least a couple hundred thousand. [Compare Best Home Insurance](https://www.singsaver.com.sg/home-insurance) ## Private Condominiums vs Executive Condominiums The prices we listed above are for private condominiums in general. Prices will be significantly higher for condos close to Orchard (District 9), as those would be considered luxury properties. As a general guideline, a new Executive Condominium (EC) is about 20% cheaper than an equivalent private condo. This price difference falls to around 9% after the Minimum Occupancy Period (MOP) of 5 years and narrows further to 5% afterwards. In short, deduct 20% off the equivalent private condo price for a new EC, and 9% for an EC that is at the 5- to 10-year mark. ## How much cash do you need to save for your first flat? 1. 5% Downpayment in cash if you are using [a private bank loan](https://www.singsaver.com.sg/personal-loan) 2. Legal fees 3. Home Insurance premiums 4. Renovation and furnishing costs 5. Maintenance fees 6. Property taxes 7. Mortgage repayments We can work this out in steps, using a 3-room BTO flat priced at \$180,000 and a 2-bedroom private condo priced at \$900,000 as our examples. In addition to these costs, we suggest you build an [emergency fund](https://www.singsaver.com.sg/blog/how-much-savings-should-i-have-when-im-35) that can cover 6 months of your mortgage payments if your CPF is not already sufficient for such a provision. ⚡Flash Deal⚡: Enjoy the following rewards when you sign up for a UOB Personal Loan: Get one of the lowest interest rates from 1.00% p.a. (EIR from 1.93% p.a.) plus up to S\$1,900 in cashback and rewards when you apply for a UOB Personal Loan via SingSaver and get approved for a loan of min. S\$8,000 with a minimum loan tenure of 3 years. Valid till 15 April 2026. [T\&Cs apply](https://singsaver.link/pl-rewards-campaign). [Apply Now](https://singsaver.link/UOB-PL12) ## 1\. At least 5% downpayment in cash If you are using an HDB Concessionary Loan, you will need to make a downpayment of 15% of the purchase price or valuation, whichever is higher, for flat applications received on or after 16 December 2021. The downpayment can be paid from your CPF Ordinary Account (OA), in cash, or through a combination of both. If you qualify for HDB's [Staggered Downpayment Scheme](https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/schemes-and-grants/staggered-downpayment-scheme), this downpayment can be split into two instalments: 5% to be paid during the signing of the agreement and another 10% when collecting your keys (for flat applications received on or after 16 December 2021). If you are using a private bank loan, you will need to make a downpayment of 25% of the purchase price or valuation, whichever is higher. Do note that a minimum of 5% of this downpayment MUST be in cash, while the remaining 5% can be paid using your CPF OA or cash. The balance 15% can be paid with the monies your CPF OA, in cash, or a combination of both. Note that you must use a private bank loan for ECs. [Compare Best Home Loans To Apply](https://promotions.singsaver.com.sg/home-loan/) Read more: [How Much Can You Borrow For Your Home Loan?](https://www.singsaver.com.sg/blog/how-much-can-you-borrow-for-your-home-loan) Note that this total downpayment is inclusive of the option fee. The option fee is a non-refundable deposit that must be put down 2 weeks before the sale of the house. This deposit is counted as part of the downpayment, once you exercise the option. \| \| \| \|---\|---\| \| Flat type \| Option fee \| \| 4/5-room and Executive flat \| S\$2,000 \| \| 3-room \| S\$1,000 \| \| 2-room Flexi flat \| S\$500 \| For example: In the case of a 3-room BTO flat with a price of S\$180,000, the downpayment is S\$27,000. This can be from your CPF OA, in cash, or a combination of both. In the case of a 2-bedroom private condo at a price of S\$900,000, the downpayment is S\$225,000. Of this S\$225,000, at least S\$11,250 must be paid in cash. The remaining S\$213,750 can be paid through your CPF OA, or a combination of your CPF OA and cash. With some discipline and careful planning, you can [save money for your flat’s down payment before you turn 35](https://www.singsaver.com.sg/blog/how-to-save-money-for-a-flat-before-your-35th-birthday). * ![LOGO\_UOB](https://www.singsaver.com.sg/hs-fs/hubfs/assets_singsaver/LOGO_UOB.png?width=330&height=198&name=LOGO_UOB.png)Get a private home loan and with UOB and choose from a wide range of loan packages according to your financing needs. [Find Out More](https://www.uob.com.sg/personal/borrow/property/mortgage-options/private-home-loan.page?subchan_code=IB42?utm_source=Affiliate&utm_medium=NonAPI&utm_campaign=Singsaver) * ## 2\. Legal fees There are legal services involved in processing the paperwork for property ownership. Examples of legal fees include: - Stamp duty for Agreement for Lease - Conveyancing fees - Caveat registration fees Stamp duty for Agreement for Lease is calculated as follows: - First S\$180,000: 1% - Next S\$180,000: 2% - Next S\$640,000: 3% - Remaining amount: 4% You can also use the [Stamp Duty Calculator](https://mytax.iras.gov.sg/ESVWeb/default.aspx?target=MSDCalculatorIntro) from the Inland Revenue Authority of Singapore website to calculate the stamp duty payable for your flat purchase. For new HDB flats, conveyancing fees are calculated as follows: - First S\$30,000 of property value: S\$0.90 per S\$1,000 - Next S\$30,000 of property value: S\$0.72 per S\$1,000 - Remaining Amount: S\$0.60 per S\$1,000 There is no need to calculate this manually. Just enter the price of the flat in [the HDB legal fee calculator](https://services2.hdb.gov.sg/webapp/BB14LFEESENQ/BB14PBuyingFlat.jsp). In addition, there is a Caveat Registration Fee of S\$64.45 that must be paid to the Singapore Land Authority. For our sample 3-room BTO flat with a price of S\$180,000, the conveyancing fee would be S\$121. Inclusive of the Caveat Registration Fee, this would be S\$181.45. For the 2-bedroom private condo, the conveyancing fees can range between S\$1,100 to S\$3,000 depending on the bank loan rate. Note that this price varies between law firms, and you can request to use a cheaper law firm than the bank’s default choice. If you use a mortgage broker, they will usually try to find a cheaper law firm for you. If you use HDB’s default law firm, the conveyancing fees can be paid from your CPF. If you are using another law firm (such as one chosen by the bank), you will have to ask the firm whether fees can be paid via CPF or in cash. For our sample condo, we will assume conveyancing fees of about S\$1,500. ## 3\. Home insurance premiums The basic fire insurance for HDB flats comes from [Etiqa](http://%20https://www.etiqa.com.sg/online/quotation/tiq-home-insurance), and is not a significant cost (S\$1.50 to S\$7.50 depending on the size of your flat for a 5-year premium). Basic fire insurance is mandatory but only covers damage to [‘internal structures, fixtures and areas built and provided by the HDB’](https://www.hdb.gov.sg/cs/infoweb/residential/living-in-an-hdb-flat/fire-insurance) due to fire, smoke and water. For a 3-room BTO flat, it is just S\$4.50 for 5 years. We strongly recommend that all homeowners get a [comprehensive home insurance](https://www.singsaver.com.sg/blog/home-insurance-plans). This insures you against damage to furniture, renovations and personal belongings. It also covers temporary accommodation and storage costs (you will need both in the event of fire), and third-party coverage (if the fire is your fault and your neighbour’s house burns down, they might be able to hold you liable for damages). Although the risk of damage or theft is small, you will also have to repair and refurbish the house after any disaster, and the financial cost of that is considerable. * SingSaver Exclusive Promotion: Enjoy 20% off for MSIG Home Insurance. Also receive the following below: - Up to S\$40 PayNow. Valid till 28 February 2026. [T\&Cs apply](https://singsaver.link/hi-rewards-campaign) * Typical home insurance policies cost between S\$45 to over S\$700 per annum (the most expensive policies may also include accident plans, which cover you and your family in the event of an accident). Policies for private homes cost more as compared to flats. We will assume our sample 3-room BTO flat has an insurance cost of S\$45 per annum, whereas our sample 2-bedroom private condo has an insurance cost of around S\$200 per annum. If you are looking for a home insurance to protect your personal assets, the way to find the best home insurance is to use an insurance comparison tool. One such tool to help you find the most value-for-money home insurance is SingSaver’s latest home insurance comparison tool. Search based on different criteria such as price, coverage and provider and say goodbye to the good old days of endless searching for price quotes from different insurers. [Compare Home Insurance Plans To Apply](https://www.singsaver.com.sg/home-insurance) ## 4\. Renovation and furnishing costs The [maximum cap on most renovation loans](https://www.singsaver.com.sg/blog/loan-curbs-in-singapore) is 6 months of your income, or S\$30,000. We will also assume this is the general amount spent on furnishing your unit, whether you pay it all in cash or take a loan. Interest rates on renovation loans range from 3% to 5% per annum, so [be sure to compare between banks](https://www.singsaver.com.sg/personal-loan/home-improvement) before applying. The typical renovation loan tenure is between 3 to 5 years. You could also consider getting a [personal loan for renovations](https://www.singsaver.com.sg/blog/use-personal-loan-home-renovations) if it suits your needs better. [Compare Renovation Loans](https://www.singsaver.com.sg/personal-loan/renovation-loan) ## 5\. Maintenance fees These are conservancy charges in HDB estates. You will have to check the rates with your town council, but they are generally in the range of S\$20 to S\$90 per month for Singapore citizens (reduced rates). Non-citizens pay a normal rate, which is notably higher (check with your town council for specific details). We will assume our 3-room BTO flat has conservancy charges of S\$45 per month. For condominiums, maintenance fees depend on the management council. These typically range from S\$200 to S\$350 per month, although there are cases when fees are even higher — for high-end developments with a concierge service or elaborate facilities, it is possible to see monthly costs of S\$400 or more. We will assume our sample condo has maintenance fees of S\$250 per month. ## 6\. Property taxes Property taxes are determined by your home’s Annual Value (AV). The AV is the annual amount that you would get from renting out your property (check with the Inland Revenue Authority of Singapore to determine your home’s AV). You do not need to work out the amount manually. Just use [this online calculator](https://www.iras.gov.sg/Tax%20Calculators/PT%20HDBNew/HDB.html) to determine your tax rate. For our sample three-room flat, we will assume an AV of S\$14,400. The tax payable would be around S\$512 per annum. For our sample condo, we will assume an AV of S\$36,000. The tax payable is S\$2,240 per annum. ## 7\. Mortgage repayments For HDB flats, the mortgage interest rate is always 0.1% above the prevailing CPF OA rate. This is currently 2.6% per annum as of 30 September 2022. For private property, the mortgage rate fluctuates. However, it is has been around 1.8% per annum since 2008. We will assume a 25-year loan for both our sample properties. The loan for the 3-room BTO flat isS\$144,000 (after downpayment), and this comes to a repayment ofS\$653.28 per month for 25 years. The loan for the condo is S\$675,000 (after downpayment). Assuming the rate stays at around 1.8%, this comes to a repayment of S\$2,791 per month for 25 years. * Great Eastern Home Insurance Promotion: Enjoy 30% off when you use promo code HOME30 for 1 year plan and HOME35 for 2 year plan. [Apply Now](https://singsaver.link/GE-Home-GR8-Plus) * Total initial cost required \| \| \| \| \|---\|---\|---\| \| \| 3-Room HDB BTO flat \| 2-Bedroom private condominium \| \| Selling price \| S\$180,000 \| S\$900,000 \| \| Loan amount \| S\$144,000 (assuming HDB Concessionary Loan and 80% [LTV](https://www.singsaver.com.sg/blog/how-much-can-you-borrow-for-your-home-loan)) \| S\$675,000 (private bank loan at 75% [LTV](https://www.singsaver.com.sg/blog/how-much-can-you-borrow-for-your-home-loan)) \| \| Cash and CPF downpayment \| S\$36,000 \| S\$225,000 \| \| Legal fees \| S\$181.45 \| S\$1,500 \| \| Home insurance premiums \| S\$3.75 per month \| S\$16.67 per month \| \| Maintenance \| S\$45 per month \| S\$250 per month \| \| Property tax \| S\$512 per annum \| S\$2,240 per annum \| \| Mortgage \| S\$653.28 per month \| S\$2,791 per month \| \| Monthly repayment over 25 years \| S\$744.69 \| S\$3,244.33 \| \| Total initial cost required \| S\$36,181 \| S\$226,500 \| The calculations above are approximate and are subject to change without prior notice. The initial cost of the 3-room HDB BTO flat, taking into consideration all of the above, is around S\$36,181 (including CPF funds used). The monthly cost you have to be prepared to pay is about S\$744.69 per month over 25 years. The initial cost of the private condominium would be S\$226,500 (including CPF funds used). The monthly cost is about S\$3,245 over 25 years. [Compare Best Home Loans](https://www.singsaver.com.sg/page/best-home-loan-rates) Read these next: [HDB BTO Launches In 2021](https://www.singsaver.com.sg/blog/hdb-bto-launches-2021) [HDB Loan Vs Bank Loan: Which One Should You go For?](https://www.singsaver.com.sg/blog/hdb-loan-vs-bank-loan) [What Type Of HDB Flats Can Single Singaporeans Buy?](https://www.singsaver.com.sg/blog/what-hdb-flats-can-singles-buy) [How To Buy A House in Singapore: A Complete Guide](https://www.singsaver.com.sg/blog/how-to-buy-a-house-in-singapore) [How Much Should You Pay For A Home Renovation In Singapore?](https://www.singsaver.com.sg/blog/average-cost-of-home-renovations-singapore) [A Full Guide to Priority Banking in Singapore (2023)](https://www.singsaver.com.sg/blog/priority-banking-singapore-guide) *** Similar articles [Why Life in Singapore is More Expensive When You’re Single](https://www.singsaver.com.sg/blog/why-life-in-singapore-is-more-expensive-for-singles) [Why a BTO Flat Makes More Sense Than an EC (Even If You Can Afford It)](https://www.singsaver.com.sg/blog/why-get-bto-flat-instead-of-ec-in-singapore) [How To Buy A House In Singapore: A Complete Guide (2023)](https://www.singsaver.com.sg/blog/how-to-buy-a-house-in-singapore) [Downpayment For Condo In Singapore: How Much Cash Will You Need Upfront?](https://www.singsaver.com.sg/blog/downpayment-for-condo-singapore) [BTO Vs Resale Vs EC: Which Gives The Best Bang For Your Buck For Investment?](https://www.singsaver.com.sg/blog/bto-vs-resale-vs-ec-investment-advice) [How Much Should You Save to Upgrade From an HDB to a Condo?](https://www.singsaver.com.sg/blog/how-much-does-it-cost-to-upgrade-from-hdb-to-condo) [The Real Cost: How Much Do I Need to Earn to Live Comfortably in Singapore?](https://www.singsaver.com.sg/blog/cost-of-living-in-singapore-how-much-do-you-need-to-earn-to-live-comfortably) [How Much Do You Really Need To Afford A Landed Property In Singapore?](https://www.singsaver.com.sg/blog/how-much-do-you-really-need-to-afford-a-landed-property-in-singapore) Tags [Home Ownership](https://www.singsaver.com.sg/blog/tag/home-ownership) [Private Property](https://www.singsaver.com.sg/blog/tag/private-property) [HDB](https://www.singsaver.com.sg/blog/tag/hdb) ![Ryan Ong](https://www.singsaver.com.sg/hubfs/Blogs%202020/Singsaver/Author/SingSaver_PastWriters_GuestContributors_Desktop.jpg) ### [Ryan Ong](https://www.singsaver.com.sg/blog/author/ryan) Ryan has been writing about finance for the last 10 years. He also has his fingers in a lot of other pies, having written for publications such as Men’s Health, Her World, Esquire, and Yahoo! Finance. [![](https://www.singsaver.com.sg/hubfs/Website%202022%20image/dark_left.svg) Back to Blog](https://www.singsaver.com.sg/blog) ### Related Articles [![Renovation Timeline: How Long Does Renovation Take In Singapore?](https://www.singsaver.com.sg/hs-fs/hubfs/renovation-timeline.png?width=280&name=renovation-timeline.png)](https://www.singsaver.com.sg/blog/renovation-timeline-how-long-does-renovation-take-in-singapore) [Housing Guides](https://www.singsaver.com.sg/blog/category/own-property/housing-guides) #### [Renovation Timeline: How Long Does Renovation Take In Singapore?](https://www.singsaver.com.sg/blog/renovation-timeline-how-long-does-renovation-take-in-singapore) July 29, 2024 [![Why Should You Hire CaseTrust Accredited Renovation Firms?](https://www.singsaver.com.sg/hs-fs/hubfs/casetrust-accredited-renovation-firms.png?width=280&name=casetrust-accredited-renovation-firms.png)](https://www.singsaver.com.sg/blog/why-should-you-hire-casetrust-accredited-renovation-firms) [Housing Guides](https://www.singsaver.com.sg/blog/category/own-property/housing-guides) #### [Why Should You Hire CaseTrust Accredited Renovation Firms?](https://www.singsaver.com.sg/blog/why-should-you-hire-casetrust-accredited-renovation-firms) July 23, 2024 [![How to Upgrade From an HDB flat to an Executive Condo (EC)](https://www.singsaver.com.sg/hs-fs/hubfs/19%20jul_how%20to%20upgrade%20from%20hdb%20to%20ec%20guide_blog%20hero.png?width=280&name=19%20jul_how%20to%20upgrade%20from%20hdb%20to%20ec%20guide_blog%20hero.png)](https://www.singsaver.com.sg/blog/how-to-upgrade-from-hdb-flat-to-executive-condo-ec) [Housing Guides](https://www.singsaver.com.sg/blog/category/own-property/housing-guides) #### [How to Upgrade From an HDB flat to an Executive Condo (EC)](https://www.singsaver.com.sg/blog/how-to-upgrade-from-hdb-flat-to-executive-condo-ec) July 19, 2024 ### FINANCIAL TIP: #### Use a personal loan to consolidate your outstanding debt at a lower interest rate\! #### Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences\! ![image-general-logo-dark@3x](https://www.singsaver.com.sg/hs-fs/hubfs/image-general-logo-dark@3x.png?width=256&height=66&name=image-general-logo-dark@3x.png) #### Credit Cards - 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Readable Markdown	We’ve simplified the 2022 prices for a BTO flat, Resale flat, Executive Condominium, and Private Condominium in Singapore. If you’ve been thinking about buying a flat in Singapore, it can be somewhat confusing to know about the fees and costs involved. In this article, we get down to brass tacks. Here's what you realistically need in the bank to buy your first house, and what other expenses to prepare for. Be sure to also read up on the latest [Enhanced CPF Housing Grants and higher income ceilings for both families and singles](https://www.singsaver.com.sg/blog/what-hdb-flats-can-singles-buy) looking to qualify for housing grants. How much does it cost to buy a home in Singapore? The costs of properties can vary significantly, based on factors such as location, facilities, surrounding amenities (like MRT station) and age or condition of the unit. There will always be the occasional neighbourhood or unit in which the price is much higher or lower than the norm. 2022 Property prices in Singapore Type HDB BTO Flats (Non-Mature Estates) HDB BTO Flats (Mature Estates) Resale Flats Executive Condominiums Private Condominiums ^ Studio/One-Room – – – \$420,000 to \$560,000 \$600,000 to \$700,000 Two-Room (Flexi) \$90,000 to \$162,000 \$137,000 to \$277,000 – \$640,000 to \$720,000 \$800,000 to \$900,000 Three-Room \$164,000 to \$248,000 \$205,000 to \$421,000 \$350,000 to \$380,000 \$776,000 to \$960,000 \$970,000 to \$1.2m Four-Room \$253,000 to \$381,000 \$311,000 to \$617,000 \$420,000 to \$550,000 \$1.12m to \$1.4m \$1.4m to \$1.8m Five-Room \$405,000 to \$516,000 \$423,000 to \$725,000 \$520,000 to \$700,000 \$1.6m to \$1.76m \$2m to \$2.2m 3-Generation From \$355,000 (February 2020) – – – – Penthouse – – – Usually a minimum of \$1.9mn Usually a minimum price of \$3mn Why are resale flats more expensive? A [resale flat costs more](https://www.singsaver.com.sg/blog/hdb-bto-sbf-resale-flats) because home prices tend to appreciate over time. A resale flat also means there is no wait time (you may have to wait 3 to 4 years for a BTO flat to be finished). There may be more amenities built up around the flat, as it has been around longer. This is also a reason why BTO flats in mature estates are more expensive than those in non-mature estates. For resale flats, there may be a premium on top of the actual flat price. This is called the Cash Over Valuation (COV). This varies significantly in different estates, from zero COV (no premium) to large amounts like \$50,000. In extreme cases, there have been 'million dollar flats' resulting from sky high COVs. The [current record holder is a 5-room HDB flat at Pinnacle@Duxton](https://www.99.co/blog/singapore/pinnacle-at-duxton-hdb-flat-sold-million-record/), which sold for a record \$1.23 million in March 2020 — its COV would've cost at least a couple hundred thousand. Private Condominiums vs Executive Condominiums The prices we listed above are for private condominiums in general. Prices will be significantly higher for condos close to Orchard (District 9), as those would be considered luxury properties. As a general guideline, a new Executive Condominium (EC) is about 20% cheaper than an equivalent private condo. This price difference falls to around 9% after the Minimum Occupancy Period (MOP) of 5 years and narrows further to 5% afterwards. In short, deduct 20% off the equivalent private condo price for a new EC, and 9% for an EC that is at the 5- to 10-year mark. How much cash do you need to save for your first flat? 5% Downpayment in cash if you are using [a private bank loan](https://www.singsaver.com.sg/personal-loan) Legal fees Home Insurance premiums Renovation and furnishing costs Maintenance fees Property taxes Mortgage repayments We can work this out in steps, using a 3-room BTO flat priced at \$180,000 and a 2-bedroom private condo priced at \$900,000 as our examples. In addition to these costs, we suggest you build an [emergency fund](https://www.singsaver.com.sg/blog/how-much-savings-should-i-have-when-im-35) that can cover 6 months of your mortgage payments if your CPF is not already sufficient for such a provision. 1\. At least 5% downpayment in cash If you are using an HDB Concessionary Loan, you will need to make a downpayment of 15% of the purchase price or valuation, whichever is higher, for flat applications received on or after 16 December 2021. The downpayment can be paid from your CPF Ordinary Account (OA), in cash, or through a combination of both. If you qualify for HDB's [Staggered Downpayment Scheme](https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/schemes-and-grants/staggered-downpayment-scheme), this downpayment can be split into two instalments: 5% to be paid during the signing of the agreement and another 10% when collecting your keys (for flat applications received on or after 16 December 2021). If you are using a private bank loan, you will need to make a downpayment of 25% of the purchase price or valuation, whichever is higher. Do note that a minimum of 5% of this downpayment MUST be in cash, while the remaining 5% can be paid using your CPF OA or cash. The balance 15% can be paid with the monies your CPF OA, in cash, or a combination of both. Note that you must use a private bank loan for ECs. Read more: [How Much Can You Borrow For Your Home Loan?](https://www.singsaver.com.sg/blog/how-much-can-you-borrow-for-your-home-loan) Note that this total downpayment is inclusive of the option fee. The option fee is a non-refundable deposit that must be put down 2 weeks before the sale of the house. This deposit is counted as part of the downpayment, once you exercise the option. Flat type Option fee 4/5-room and Executive flat S\$2,000 3-room S\$1,000 2-room Flexi flat S\$500 For example: In the case of a 3-room BTO flat with a price of S\$180,000, the downpayment is S\$27,000. This can be from your CPF OA, in cash, or a combination of both. In the case of a 2-bedroom private condo at a price of S\$900,000, the downpayment is S\$225,000. Of this S\$225,000, at least S\$11,250 must be paid in cash. The remaining S\$213,750 can be paid through your CPF OA, or a combination of your CPF OA and cash. With some discipline and careful planning, you can [save money for your flat’s down payment before you turn 35](https://www.singsaver.com.sg/blog/how-to-save-money-for-a-flat-before-your-35th-birthday). ![LOGO\_UOB](https://www.singsaver.com.sg/hs-fs/hubfs/assets_singsaver/LOGO_UOB.png?width=330&height=198&name=LOGO_UOB.png)Get a private home loan and with UOB and choose from a wide range of loan packages according to your financing needs. 2\. Legal fees There are legal services involved in processing the paperwork for property ownership. Examples of legal fees include: Stamp duty for Agreement for Lease Conveyancing fees Caveat registration fees Stamp duty for Agreement for Lease is calculated as follows: First S\$180,000: 1% Next S\$180,000: 2% Next S\$640,000: 3% Remaining amount: 4% You can also use the [Stamp Duty Calculator](https://mytax.iras.gov.sg/ESVWeb/default.aspx?target=MSDCalculatorIntro) from the Inland Revenue Authority of Singapore website to calculate the stamp duty payable for your flat purchase. For new HDB flats, conveyancing fees are calculated as follows: First S\$30,000 of property value: S\$0.90 per S\$1,000 Next S\$30,000 of property value: S\$0.72 per S\$1,000 Remaining Amount: S\$0.60 per S\$1,000 There is no need to calculate this manually. Just enter the price of the flat in [the HDB legal fee calculator](https://services2.hdb.gov.sg/webapp/BB14LFEESENQ/BB14PBuyingFlat.jsp). In addition, there is a Caveat Registration Fee of S\$64.45 that must be paid to the Singapore Land Authority. For our sample 3-room BTO flat with a price of S\$180,000, the conveyancing fee would be S\$121. Inclusive of the Caveat Registration Fee, this would be S\$181.45. For the 2-bedroom private condo, the conveyancing fees can range between S\$1,100 to S\$3,000 depending on the bank loan rate. Note that this price varies between law firms, and you can request to use a cheaper law firm than the bank’s default choice. If you use a mortgage broker, they will usually try to find a cheaper law firm for you. If you use HDB’s default law firm, the conveyancing fees can be paid from your CPF. If you are using another law firm (such as one chosen by the bank), you will have to ask the firm whether fees can be paid via CPF or in cash. For our sample condo, we will assume conveyancing fees of about S\$1,500. 3\. Home insurance premiums The basic fire insurance for HDB flats comes from [Etiqa](http://%20https://www.etiqa.com.sg/online/quotation/tiq-home-insurance), and is not a significant cost (S\$1.50 to S\$7.50 depending on the size of your flat for a 5-year premium). Basic fire insurance is mandatory but only covers damage to [‘internal structures, fixtures and areas built and provided by the HDB’](https://www.hdb.gov.sg/cs/infoweb/residential/living-in-an-hdb-flat/fire-insurance) due to fire, smoke and water. For a 3-room BTO flat, it is just S\$4.50 for 5 years. We strongly recommend that all homeowners get a [comprehensive home insurance](https://www.singsaver.com.sg/blog/home-insurance-plans). This insures you against damage to furniture, renovations and personal belongings. It also covers temporary accommodation and storage costs (you will need both in the event of fire), and third-party coverage (if the fire is your fault and your neighbour’s house burns down, they might be able to hold you liable for damages). Although the risk of damage or theft is small, you will also have to repair and refurbish the house after any disaster, and the financial cost of that is considerable. Typical home insurance policies cost between S\$45 to over S\$700 per annum (the most expensive policies may also include accident plans, which cover you and your family in the event of an accident). Policies for private homes cost more as compared to flats. We will assume our sample 3-room BTO flat has an insurance cost of S\$45 per annum, whereas our sample 2-bedroom private condo has an insurance cost of around S\$200 per annum. If you are looking for a home insurance to protect your personal assets, the way to find the best home insurance is to use an insurance comparison tool. One such tool to help you find the most value-for-money home insurance is SingSaver’s latest home insurance comparison tool. Search based on different criteria such as price, coverage and provider and say goodbye to the good old days of endless searching for price quotes from different insurers. 4\. Renovation and furnishing costs The [maximum cap on most renovation loans](https://www.singsaver.com.sg/blog/loan-curbs-in-singapore) is 6 months of your income, or S\$30,000. We will also assume this is the general amount spent on furnishing your unit, whether you pay it all in cash or take a loan. Interest rates on renovation loans range from 3% to 5% per annum, so [be sure to compare between banks](https://www.singsaver.com.sg/personal-loan/home-improvement) before applying. The typical renovation loan tenure is between 3 to 5 years. You could also consider getting a [personal loan for renovations](https://www.singsaver.com.sg/blog/use-personal-loan-home-renovations) if it suits your needs better. 5\. Maintenance fees These are conservancy charges in HDB estates. You will have to check the rates with your town council, but they are generally in the range of S\$20 to S\$90 per month for Singapore citizens (reduced rates). Non-citizens pay a normal rate, which is notably higher (check with your town council for specific details). We will assume our 3-room BTO flat has conservancy charges of S\$45 per month. For condominiums, maintenance fees depend on the management council. These typically range from S\$200 to S\$350 per month, although there are cases when fees are even higher — for high-end developments with a concierge service or elaborate facilities, it is possible to see monthly costs of S\$400 or more. We will assume our sample condo has maintenance fees of S\$250 per month. 6\. Property taxes Property taxes are determined by your home’s Annual Value (AV). The AV is the annual amount that you would get from renting out your property (check with the Inland Revenue Authority of Singapore to determine your home’s AV). You do not need to work out the amount manually. Just use [this online calculator](https://www.iras.gov.sg/Tax%20Calculators/PT%20HDBNew/HDB.html) to determine your tax rate. For our sample three-room flat, we will assume an AV of S\$14,400. The tax payable would be around S\$512 per annum. For our sample condo, we will assume an AV of S\$36,000. The tax payable is S\$2,240 per annum. 7\. Mortgage repayments For HDB flats, the mortgage interest rate is always 0.1% above the prevailing CPF OA rate. This is currently 2.6% per annum as of 30 September 2022. For private property, the mortgage rate fluctuates. However, it is has been around 1.8% per annum since 2008. We will assume a 25-year loan for both our sample properties. The loan for the 3-room BTO flat isS\$144,000 (after downpayment), and this comes to a repayment ofS\$653.28 per month for 25 years. The loan for the condo is S\$675,000 (after downpayment). Assuming the rate stays at around 1.8%, this comes to a repayment of S\$2,791 per month for 25 years. Total initial cost required 3-Room HDB BTO flat 2-Bedroom private condominium Selling price S\$180,000 S\$900,000 Loan amount S\$144,000 (assuming HDB Concessionary Loan and 80% [LTV](https://www.singsaver.com.sg/blog/how-much-can-you-borrow-for-your-home-loan)) S\$675,000 (private bank loan at 75% [LTV](https://www.singsaver.com.sg/blog/how-much-can-you-borrow-for-your-home-loan)) Cash and CPF downpayment S\$36,000 S\$225,000 Legal fees S\$181.45 S\$1,500 Home insurance premiums S\$3.75 per month S\$16.67 per month Maintenance S\$45 per month S\$250 per month Property tax S\$512 per annum S\$2,240 per annum Mortgage S\$653.28 per month S\$2,791 per month Monthly repayment over 25 years S\$744.69 S\$3,244.33 Total initial cost required S\$36,181 S\$226,500 The calculations above are approximate and are subject to change without prior notice. The initial cost of the 3-room HDB BTO flat, taking into consideration all of the above, is around S\$36,181 (including CPF funds used). The monthly cost you have to be prepared to pay is about S\$744.69 per month over 25 years. The initial cost of the private condominium would be S\$226,500 (including CPF funds used). The monthly cost is about S\$3,245 over 25 years. Read these next: [HDB BTO Launches In 2021](https://www.singsaver.com.sg/blog/hdb-bto-launches-2021) [HDB Loan Vs Bank Loan: Which One Should You go For?](https://www.singsaver.com.sg/blog/hdb-loan-vs-bank-loan) [What Type Of HDB Flats Can Single Singaporeans Buy?](https://www.singsaver.com.sg/blog/what-hdb-flats-can-singles-buy) [How To Buy A House in Singapore: A Complete Guide](https://www.singsaver.com.sg/blog/how-to-buy-a-house-in-singapore) [How Much Should You Pay For A Home Renovation In Singapore?](https://www.singsaver.com.sg/blog/average-cost-of-home-renovations-singapore) [A Full Guide to Priority Banking in Singapore (2023)](https://www.singsaver.com.sg/blog/priority-banking-singapore-guide)
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