Buying an HDB flat in Singapore involves a lot of planning and financial considerations. Most of the buyers who do not have enough funds to buy a property can consider other options such as loans from the Housing and Development Board or the banks. Grants are also available for the first time buyers who want to purchase flats with a certain market value.

How to Get Housing Loans from HDB?
Applicants for HDB flats can apply for HDB housing loans in accordance with the mortgage loan policy guidelines. Applicants may apply for up to two concessionary housing loans if they meet the eligibility criteria. An applicant who has received a housing loan previously can apply for the next concessionary rate housing loan for moving to a bigger HDB flat. However, those who buy a private property after selling an HDB flat will not be eligible for a second HDB housing loan. Buyer's age, the prevailing loan ceiling, income level and available balance in the CPF account are factors that determine whether a loan will be sanctioned to an applicant.

Applicants must meet certain eligibility criteria in order to get housing loans from the Housing and Development Board:

The applicant should not have taken two or more concessionary interest rate loans.
The applicant has availed one HDB interest rate loan and one housing subsidy.
The applicant has taken one housing subsidy, one HDB concessionary interest rate loan and a residential property which was disposed off last is not a private property.
The applicant must not own any private residential property in Singapore or overseas that includes executive condos or HUDC flats.
The applicant should not have disposed any private residential property within 30 months before the date on which he/ she has applied for HDB loan eligibility (HLE).
The applicant should own an industrial/ commercial property or a hawker/ market stall and be operating a business himself/ herself.
Those who are eligible for a housing loan from HDB can consult the on line sales financial plan to calculate the loan amount and monthly installments. Couples applying for a loan for the first time can opt for the Staggered Down Payment Scheme (SDS), which allows down payment for the loan in two stages. To qualify for the SDS scheme, an applicant and his/ her spouse must be at least 30 years old at the time of application. The down payment for the loan which got reduced to 10% from 20% in the year 2005 (19 July) can be paid in two stages. Applicants who have applied for a flat on or after this date shall have to pay 5% at the time of signing of agreement for lease. The rest of the down payment (i.e. 5%) can be paid at the time of taking possession of the new flat after two to three years.