If you are single and hoping to buy your first home soon, the Prime Minister's recent announcement at the 2023 National Day Rally might offer more glimmers of hope to acquire a dream home of your choice. From the second half of 2024, singles who are buying Build to order (BTO) flats will no longer be bound by strict HDB...
PlusLocated in more convenient areas compared to Standard flats within the same estate Subsidy recovery upon selling the flat
Before you apply for a BTO flat, be sure to take note of which category it falls into because it can affect the cost after subsidies and your future rental and sale potential. ‘Plus’ is a new category. And, similar to ‘Prime’ where flats are situated in highly sought-after locations hence, ‘Plus’ flats are subject to tighter resale, rental and MOP conditions.
That said, your next step is to determine how much cash, CPF-OA funds and subsidies you can use to off-set the costs. From there, you will have an idea of how much mortgage loan you will need and whether a HDB loan works out better than a bank loan. However, do note that you can only retain up to S$20,000 of the savings in your CPF-OA, the balance must be used to pay for the flat before a HDB loan can be granted.
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