Before we start, tell us which type of property you wish to upgrade to.

     

Now, let’s find out how much proceeds you could get from selling your current property.

S$
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S$
This is the amount that you had withdrawn from your CPF Ordinary Account (OA) for the purchase of your existing property. This along with the accrued interest needs to be deducted from your sales proceeds and refunded back to your CPF Ordinary Account (OA).

To check the amount:
  1. Log in to the CPF website
  2. Select “My Statement”
  3. Look under section C and select “Property”
  4. Select “My Public or Private Housing Withdrawal Details”
S$
To check your outstanding HDB loan amount, click here. Alternatively, if you took a bank loan, you can contact your bank for assistance.
S$

We also take property agent fees and legal fees into consideration.

  S$ 0
  S$ 0
  S$ 0
STEP 2 of 3: Know Your Cash Flow NEXT

Next, let’s look at your finances and find out how much you can spend on your next property.

Will your next property be a single or joint purchase?

  

Tell us more about yourself.

Main Buyer

 
 
S$
This refers to your income before tax, and excludes your employer's contributions to your CPF account.

You can compute this by taking the average of the latest 3 to 6 months of your gross monthly income.

Joint Buyer

 
 
S$
This refers to your income before tax, and excludes your employer's contributions to your CPF account. You can compute this by taking the average of the latest 3 to 6 months of your gross monthly income.

What are your available funds?

Main Buyer

S$
Funds to be used for housing purposes will be taken from your CPF OA. This excludes the CPF Funds refunded from the sale of your current property.
S$
If your previous flat was jointly owned and you are intending to upgrade to the next property as a single owner, you will only be able to use the funds contributed from your own CPF account.
S$

Joint Buyer

S$
Funds to be used for housing purposes will be taken from your CPF OA. This excludes the CPF Funds refunded from the sale of your current property.
S$
If your previous flat was jointly owned and you are intending to upgrade to the next property as a single owner, you will only be able to use the funds contributed from your own CPF account.
S$

What are your monthly financial commitments?

Main Buyer

S$
S$
If you pay off the full outstanding amount for your credit card(s) every month, you can state your financial commitment as S$50 per credit card. Otherwise, you will need to state the full outstanding amount.
S$
e.g. personal loan or others

Joint Buyer

S$
S$
If you pay off the full outstanding amount for your credit card(s) every month, you can state your financial commitment as S$50 per credit card. Otherwise, you will need to state the full outstanding amount.
S$
e.g. personal loan or others

Based on your information, your maximum loan period is XX years.

You can indicate a shorter loan period if you wish to.

years
Regulations require you to pay off your loan before the age of 65.
STEP 3 of 3: View Your Home Upgrade Plan NEXT

A Summary of Your Home Upgrade Plan

Brought to you by HomeBuddy Planner

Maximum
Property Price S$ XXXX

5% Downpayment
in Cash S$

15% Downpayment
in Cash or CPF Funds S$

80% Bank Loan S$

What DBS Home Loan offers
  • Loan Period years
  • Promotional Interest RateView other DBS Home Loan packages and edit the interest rate based on your preference. % p.a.
  • Monthly Instalment S$
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Your Home Upgrade Plan

Brought to you by HomeBuddy Planner.

Here’s a detailed overview of your finances when you upgrade to your next property.

  • Personal Details Main Applicant Joint Applicant
  • Age years old years old
  • Total Available Cash S$ S$
  • Total Available CPF Funds S$ S$

How much you could spend on your next property

Maximum
Property Price S$ XXXX

5% Downpayment
in Cash S$

15% Downpayment
in Cash or CPF Funds S$

80% Bank Loan S$

What you could receive from the sale of your current property
  • Total Net Proceeds from the Sale S$
  • Refund of CPF Funds Withdrawn and Accrued Interest S$
  • Cash S$
What DBS Home Loan offers
  • Loan Amount S$
  • Loan Period years
  • Interest Rate % p.a.
  • Your New Monthly Instalment S$
  • Your Current Monthly Instalment S$
Your monthly home loan instalment will increase by S$
Your monthly cash flow with the new home loan
  • Total Gross Monthly Income S$
  • New Monthly Home Loan Instalment S$
  • Car Loan(s) S$
  • Credit Card(s) S$
  • Other Commitment S$
  • Your Monthly Available Cash Flow S$
Important milestones for the purchase of a HDB flat
Resale Flat

T Day

Pay Option Fee (1% of purchase price or up to S$1,000 in cash) to the seller for the Option to Purchase (OTP).

Note: You must exercise OTP within 3 weeks from OTP issuance.

  1. Decide on a home loan suitable for you and submit your application.
  2. Obtain your home loan approval from the Bank and accept the loan. The bank’s Letter of Offer must be issued before you exercise the OTP.
  3. Complete the HDB Resale Checklist.

T + 3 Weeks

  1. To exercise your OTP, you will need to pay the Option Exercise Fee to the seller. The amount should not exceed S$5,000.
  2. Decide with the seller on an agreed date to submit the Resale Application.

T + 4 Weeks

Submit resale application to HDB.

Pay the 20% Downpayment (5% Cash, 15% CPF Funds) for your new home.

T + 8 to
9 Weeks

Attend your 1 st HDB Appointment

During the appointment, the date for your 2 nd HDB Appointment will be fixed and your financial plan finalised. Ensure you have set aside enough for the Buyer’s Stamp Duty, payable by Cash/CPF Funds.

T + 10 to
11 Weeks

  1. Receive HDB Approval letter for the purchase.
  2. Meet your lawyer to sign the documents and arrange for CPF deduction for your home loan (if applicable) and payment of Stamp Duty and legal fees.
  3. The bank will release the loan to your lawyer to complete your property purchase.

T + 14 to
17 Weeks

Attend your 2 nd HDB Appointment

During the appointment, you will also need to pay the balance (if any) of the purchase price with a Cashier’s Order or NETS.

Your monthly instalments start

Instalments for your home loan can be paid using Cash and/or CPF Funds.

Ensure that you have sufficient funds in your CPF OA or Loan Servicing Account.

Build-To-Order Flat

T Day

Submit an application for your desired flat, there is a S$10 fee payable by credit card.

Be notified of your balloted queue position and place a booking for your flat. You will need to pay an Option Fee (1% of purchase price or up to S$1,000 in cash) by NETS.

Note: You must proceed with the purchase within 3 weeks from OTP issuance.

Decide on a home loan that is suitable for you and submit your application.

Obtain your home loan approval from the Bank and accept the loan.

Meet your lawyer to sign the Agreement for Lease. You would need to submit a Letter of Offer for the home loan you have accepted.

Prepare Cash/CPF Funds for the payment of your 20% Downpayment (5% Cash, 15% CPF Funds), legal fees and stamp duty.

Await completion of your new flat, which will take around 2.5 to 3 years.

Receive HDB’s Letter with Notice To Take Possession.

Receive Bank’s letter on loan disbursement and monthly instalment amount.

Receive issuance of Temporary Occupation Permit (TOP).

Collect your keys from the HDB office and move into your new home.

Your monthly instalments start

Instalments for your home loan can be paid using Cash and/or CPF Funds.

Ensure that you have sufficient funds in your CPF OA or Loan Servicing Account.

Important milestones for the purchase of
an Executive Condominium or Private Property
Completed

T Day

Pay the Option Fee to receive the Option to Purchase (OTP). This is 1% of your property purchase price or up to S$1,000, and is payable in cash.

Note: You must exercise OTP within 2 weeks from OTP issuance.

Decide on a home loan that is suitable for you and submit your application.

Obtain your home loan approval from the Bank and accept the loan.

T + 2 Weeks

Exercise OTP within 2 weeks and pay the remaining deposit, if applicable. Sum of deposit & option fee shouldn’t exceed 5% of purchase price. This is payable in cash.

T + 4 Weeks

Meet your lawyer to sign the Sales & Purchase Agreement (S&P). Make the remaining 15% Downpayment using Cash/CPF Funds.

Pay Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty (if applicable) using Cash/CPF Funds within 2 weeks of exercising your OTP.

Pay the remaining unfinanced portion of Downpayment in Cash/CPF Funds if applicable.

You will also need to prepare funds for the legal fees, which can be paid using Cash/CPF Funds.

Collect keys from seller.

YOUR MONTHLY INSTALMENTS START

Instalments for your home loan can be paid using Cash and/or CPF Funds.

Ensure that you have sufficient funds in your CPF OA or Loan Servicing Account.

Building Under Construction

T Day

Pay the Option Fee to receive the Option to Purchase (OTP). This is 5% of your property purchase price and is payable in cash.

Note: You must exercise OTP within 3 weeks from OTP issuance.

T + 3 Weeks

Decide on a home loan that is suitable for you and submit your application.

Obtain your home loan approval from the Bank and accept the loan. Do note to exercise your OTP.

T + 5 Weeks

Meet your lawyer to sign the Sales & Purchase Agreement (S&P).

Pay Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty (if applicable) using Cash/CPF Funds within 2 weeks of exercising your OTP.

Make the remaining 15% Downpayment using Cash/CPF Funds.

You will also need to prepare funds for the legal fees, which can be paid using Cash/CPF Funds.

T + 8 Weeks

Receive the Bank’s letter for progressive disbursement.

YOUR MONTHLY INSTALMENTS START

Instalments for your home loan can be paid using Cash and/or CPF Funds.

Ensure that you have sufficient funds in your CPF OA or Loan Servicing Account (due on 1 st of each month).

Receive your Temporary Occupation Permit (TOP) and collect the keys to your new home.

Useful information on fees and costs
Legal Fees
(Acting in Sale)
This is the cost of engaging a lawyer to act for the sale of your property. If your current loan is with a bank, you can choose to engage a lawyer from HDB’s panel to lower your fees. S$
Legal Fees
(Loan Redemption)
If your loan is with a bank, the average fee is S$600. S$
Agent Fees This is typically 2% of your current property’s selling price. S$

When you upgrade to a new property: Estimated Fees and Stamp Duties

Buyer’s Stamp Duty This is calculated based on the property purchase price. You need to sum up 1% of the first S$180,000, 2% of the next S$180,000, 3% of the next S$640,000 and 4% of the remaining amount. S$
Agent Fees If you go through an agent, this is typically 1% of your property’s purchase price. S$
Legal Fees Varies according to your property price and the legal processes involved. As a guide, the legal fees for a property with a S$1,000,000 purchase price is about S$2,000. S$ 2,000

Other Fees for HDB

HDB Town Council Fees It ranges between S$20 to S$100 depending on flat type.
Property Insurance If you take a bank loan for your property, you will be required to purchase property insurance. The premium ranges from S$40 to S$60 depending on your flat type.

Other Fees for EC/Private Property

Maintenance Fees It starts from S$300 per month.
Property Insurance If you take a bank loan for your property, you will be required to purchase property insurance. The premium ranges from S$50 depending on your property type.
 
 

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