If you are buying a property, here are the four rules-of-thumb to keep in mind.

 

 

Read on to learn how these rules can impact your finances. The following is a case study that compares the buying decisions of John and Jane and how a property purchase can affect their financial health.

 

 

Additionally, here are some other things that you should also look out for.

 

 

For an HDB flat, check your eligibility criteria at HDB website.

 

For a private property, check your eligibility criteria at URA website.

 

 

Work out a budget based on your savings (cash and CPF) and the amount of housing loan you can get. You can use our Home Purchase Planner to explore different loan options, calculate a budget within your means and view how it can impact your retirement. 

 

 

For HDB flat, check with HDB or the seller if you are buying a resale flat from the open market that they will be refunding their CPF principal amount withdrawn and accrued interest used towards the flat so that the CPF charge can be lifted.

 

For private property, check with your lawyer to make sure your property is free of any charges (i.e., CPF charge, mortgage charge) upon completion.

 

 

Apply through HDB if you are taking an HDB loan or your lawyer if you are taking a bank loan.