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Enter the flat price, your income and CPF once. See what each loan lends you, what it costs each month and over the years, and how much cash it needs upfront.
Rules as of October 2026, from HDB, MAS and CPF Board. Free, no sign-up.
What's different
At a 4% bank rate, the bank loan is S$306 a month more than the HDB loan, and S$91,782 more in interest over the loan. The bank loan needs S$10,000 more cash upfront. It also leaves S$10,000 more in your CPF OA.
Concessionary loan from HDB
Monthly instalment
S$1,871
23% of your gross monthly income
75% of the price, the most either loan can lend.
From a bank or finance company
Monthly instalment
S$2,177
27% of your gross monthly income
75% of the price, the most either loan can lend. You keep S$10,000 in CPF OA.
Estimates for a resale HDB flat with at least one Singapore Citizen buyer and no housing loan today, using CPF OA balances as they are now. Both loans assume the rate stays the same for the whole tenure. HDB and your bank decide the actual loan. Not financial advice.
Guide
The HDB concessionary loan charges 2.6% a year: the CPF Ordinary Account rate of 2.5% plus 0.1%. The OA rate is 2.5% from 1 Oct to 31 Dec 2026, so the HDB rate stays at 2.6% for now.
HDB works out how much you can borrow at a higher 3% a year (or the loan rate, if that is higher). You still pay 2.6%. This 3% sizing floor applies to HDB loan eligibility applications from 30 Sep 2022.
Sources: My Nice Home: Housing Loans for HDB Flat Buyers (updated 23 Aug 2026) ; MAS media release, 29 Sep 2022 .
An HDB loan covers up to 75% of the flat's price or HDB's valuation, whichever is lower. A bank loan for an HDB flat has the same 75% limit for a first housing loan. The other 25% is the downpayment.
On an HDB loan, all 25% can come from your CPF OA. On a bank loan, at least 5% of the price must be cash. HDB also uses your OA savings above S$20,000 per buyer towards the flat, which makes the loan smaller.
| Rule | HDB loan | Bank loan |
|---|---|---|
| Maximum loan-to-value (LTV) | 75% | 75% |
| Downpayment | 25%, can be fully from CPF OA | 25%, at least 5% in cash |
| Interest rate used here | 2.6% a year (CPF OA rate plus 0.1%) | Your assumed rate (default 4%) |
| Rate used to size the loan | 3% a year | The higher of 4% or your rate |
| Maximum tenure | 25 years, until the applicants' average age is 65, or the remaining lease minus 20 years, whichever is shortest | 25 years, or until age 65 (income-weighted average age), to keep the 75% limit |
| Limit on repayments | MSR: 30% of gross monthly income | MSR 30% and TDSR 55% of gross monthly income |
| CPF OA balance kept | Up to S$20,000 each; the rest goes to the housing payment | Any amount you choose |
| Household income ceiling | S$16,000 families, S$24,000 extended families, S$8,000 singles | None |
Sources: HDB: Housing loan from HDB ; HDB: Measures to Cool the HDB Resale Market (20 Aug 2024) ; MAS: Loan Tenure and Loan-to-Value Limits .
The HDB rate moves only when the CPF OA rate does, which has a legislated minimum of 2.5%. A bank rate follows the market, so it can sit below 2.6% for a while and above it later.
The calculator holds your bank rate for the whole loan, so treat the bank column as one scenario. Try a lower and a higher rate to see the range. Whatever rate you enter, banks still size the loan at 4% or more.
Sources: MAS: Calculating TDSR for Property Loans ; MAS: MSR and TDSR Rules .
You can refinance an HDB loan with a bank later. Once you take a bank loan, you can't switch back to an HDB loan.
So the HDB loan keeps both options open, and the bank loan closes one. Which matters more depends on the rest of your plan.
Source: My Nice Home: Housing Loans for HDB Flat Buyers (updated 23 Aug 2026) . HDB's guide, on a bank loan: "Not able to refinance to an HDB loan". Checked 25 Oct 2026.
You apply for an HDB Flat Eligibility (HFE) letter before you buy. It tells you whether you can buy the flat, take an HDB loan and get CPF housing grants.
Above the ceiling, a bank loan is the way to finance an HDB flat. The calculator shows that case when your income is over the limit.
Sources: HDB: Application for an HDB Flat Eligibility (HFE) letter ; HDB: Increase in Income Ceilings (23 Aug 2026) .
Rules change, and the date that counts is usually when you sign, apply or earn the income. This calculator uses the rules in force today; upcoming changes are listed so you can see what applies later.
The HDB loan income ceiling rose from S$14,000 to S$16,000 a month for families, to S$24,000 for extended families (1.5 times the family ceiling), and from S$7,000 to S$8,000 for singles.
Applies to: HDB Flat Eligibility (HFE) letter applications from 24 Aug 2026
Source: HDB, Increase in Income Ceilings (23 Aug 2026)The loan-to-value limit for HDB housing loans fell from 80% to 75%, the same as for bank loans. The downpayment rose from 20% to 25%.
Applies to: Resale applications received from 20 Aug 2024; new flats from the October 2024 sales exercise
Source: HDB, Measures to Cool the HDB Resale Market (20 Aug 2024)Foreigners now pay 60% ABSD on any home; Singapore Citizens pay 20% on a second home and PRs 30%. First-home rates for Citizens (0%) and PRs (5%) did not change.
Applies to: Homes bought from 27 Apr 2023
Source: IRAS, Additional Buyer's Stamp Duty (ABSD)Value above S$1.5 million is now charged at 5%, and above S$3 million at 6%. Rates below S$1.5 million did not change.
Applies to: Homes bought from 15 Feb 2023
Source: IRAS, Buyer's Stamp Duty (BSD)The loan-to-value limit for HDB housing loans fell from 85% to 80%.
Applies to: Resale applications received, and new flat sales exercises launched, from 30 Sep 2022
Source: MAS, Measures to Promote Sustainable Conditions in the Property Market (29 Sep 2022)HDB now works out how much you can borrow at 3% a year (or the 2.6% loan rate, if higher), not at the 2.6% it charges. You still pay 2.6%.
Applies to: HDB loan eligibility applications received from 30 Sep 2022
Source: MAS, Measures to Promote Sustainable Conditions in the Property Market (29 Sep 2022)Banks must size residential loans at no less than 4% a year (up from 3.5%) when checking TDSR and MSR.
Applies to: Options to Purchase granted from 30 Sep 2022
Source: MAS, Measures to Promote Sustainable Conditions in the Property Market (29 Sep 2022)The loan-to-value limit for HDB housing loans fell from 90% to 85% of the price or value.
Applies to: Resale applications received from 16 Dec 2021, and new flat sales exercises launched after that date
Source: MAS, Measures to Cool the Property Market (15 Dec 2021)The Total Debt Servicing Ratio for bank loans fell from 60% to 55% of gross monthly income.
Applies to: Options to Purchase granted from 16 Dec 2021
Source: MAS, Measures to Cool the Property Market (15 Dec 2021)ABSD for a first home stayed at 0% for Singapore Citizens and 5% for PRs; foreigners rose from 20% to 30%. Second-home rates rose too.
Applies to: Options to Purchase granted from 16 Dec 2021
Source: MAS, Measures to Cool the Property Market (15 Dec 2021)A 4% band was added for the value of a home above S$1 million (the top rate was 3%).
Applies to: Homes bought from 20 Feb 2018
Source: IRAS, Buyer's Stamp Duty (BSD)Good to know
Up to 75% of the flat's price or valuation, whichever is lower, as long as the instalment fits within 30% of your gross monthly income at HDB's 3% sizing rate. The loan must be repaid within 25 years, or by the time the applicants' average age reaches 65, whichever is sooner. The calculator above applies these limits to your numbers.
Source: My Nice Home: Housing Loans for HDB Flat Buyers (updated 23 Aug 2026)
At S$5,000 a month, the 30% limit allows an instalment of S$1,500. Sized at 3% over 25 years, that supports an HDB loan of about S$316,000, if you're young enough for the full 25 years. A single buyer at S$5,000 is under the S$8,000 ceiling. Enter your own age and CPF above to see your figure.
Source: My Nice Home: Housing Loans for HDB Flat Buyers (updated 23 Aug 2026)
2.6% a year as of October 2026, which is 0.1% above the CPF OA rate. The OA rate is 2.5% for 1 Oct to 31 Dec 2026.
Source: My Nice Home: Housing Loans for HDB Flat Buyers (updated 23 Aug 2026)
The HDB loan must be repaid by the time the applicants' average age reaches 65, so at an average age of 65 there is no tenure left. A younger co-applicant lowers the average age. A bank loan can run past 65, but its LTV limit then falls from 75% to 55%.
It depends on the bank rate over the whole loan. If the bank rate stays below 2.6%, the bank loan costs less in interest. If it rises above, it costs more. Enter a few bank rates above to see the difference on your loan.
Figures as of October 2026. Rules change, so confirm with the agency before you commit.
Either loan runs for decades. Perfingo plans your home, CPF, family and retirement together, so you can see what each instalment means at 45, 55 and 65.
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A simplified estimate. For more accuracy, use the Perfingo app.
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