Financing The Flat Purchase
When you buy a new home, you are likely to take a housing loan to finance your purchase. This means a long-term financial commitment that could stretch up to 25 years. Plan ahead and be prudent – focus on financial sustainability so that you can service the loan comfortably. Also, you must get your housing loan approved before making your flat purchase.
Check your budget by creating a financial plan. You can use a combination of cash, savings in your CPF Ordinary Account, and housing loan to buy a flat. You should also check if you are eligible for a CPF Housing Grant.
Have your HLE ready if you wish to take a loan from HDB, or approach a financial institution (FI) for an in-principle loan approval for a private mortgage loan.
Make sure you set aside some money for renovation and other necessary expenses to settle into your new home.Step-by-Step Guide to Financial Planning Housing Loan from HDB Housing Loan from Banks CPF Housing Grants