{"id":30901,"date":"2019-12-18T11:31:36","date_gmt":"2019-12-18T03:31:36","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=30901"},"modified":"2022-06-13T17:24:34","modified_gmt":"2022-06-13T09:24:34","slug":"what-type-of-hdb-can-you-really-afford","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/what-type-of-hdb-can-you-really-afford\/","title":{"rendered":"What type of HDB can you really afford?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><div class=\"sc-1vfodt7-6 dyKfcu\">\n<p><strong><em>This article first appeared on\u00a0<a href=\"https:\/\/blog.seedly.sg\/what-type-of-hdb-flat-can-i-afford\" target=\"_blank\" rel=\"canonical noopener noreferrer\">Seedly\u00a0<\/a>and is part of a content syndication agreement between 99.co and<a href=\"https:\/\/blog.seedly.sg\/what-type-of-hdb-flat-can-i-afford\">\u00a0Seedly.<\/a><\/em><\/strong><\/p>\n<p class=\" block-img\">So\u2026<\/p>\n<\/div>\n<div class=\"sc-1vfodt7-8 fKseiY\">\n<p>You\u2019ve decided to apply for the latest\u00a0<a href=\"https:\/\/blog.seedly.sg\/singapore-step-by-step-guide-applying-bto-hdb\/\" target=\"_blank\" rel=\"noopener noreferrer\">HDB BTO Sales Launch<\/a>\u00a0and now have to decide what HDB flat type to choose.<\/p>\n<p>Should you just buy the largest flat that you can afford?<\/p>\n<p>What if you only wish to live in the flat until you meet the Minimum Occupation Period (MOP) and want to sell it?<\/p>\n<p>Are there any considerations that you should think about when deciding between a 3-Room, 4-Room, or a 5-Room flat?<\/p>\n<p><strong>WAIT<\/strong>.<\/p>\n<figure id=\"attachment_43657\" class=\"wp-caption aligncenter\" aria-describedby=\"caption-attachment-43657\"><img decoding=\"async\" class=\"size-full wp-image-43657\" src=\"https:\/\/cdn-blog.seedly.sg\/wp-content\/uploads\/2019\/11\/19121238\/Guy-Saying-Wait-Wait1.gif\" alt=\"Guy Saying Wait Wait\" width=\"498\" height=\"278\"><figcaption id=\"caption-attachment-43657\" class=\"wp-caption-text\"><em>Source: tenor<\/em><\/figcaption><\/figure>\n<p>Before we get ahead of ourselves, let\u2019s do a little math to find out: what type of HDB flat can you REALLY afford?<\/p>\n<hr>\n<h2>TL;DR: Only Buy As Much House As You Can Comfortably Afford<\/h2>\n<p>For this exercise, we determined what is the <strong>minimum average monthly household income\u00a0<\/strong>needed when considering which type of HDB flat to get.<\/p>\n<p>How did we do this? we\u2026<\/p>\n<ul>\n<li>used the\u00a0<strong>Tengah November 2019 BTO Sales Launch<\/strong>\u00a0prices as a reference (since it\u2019s one of the most recent launches and has most of the existing HDB flat types \u2013 less studio)<\/li>\n<li>assumed that I would be taking an\u00a0<strong>HDB housing loan<\/strong>\u00a0and would put down a 10% downpayment<\/li>\n<li>calculated how much\u00a0<strong>Enhanced CPF Housing Grant<\/strong>\u00a0I would get with respect to my household\u2019s monthly income bracket<\/li>\n<li>applied the\u00a0<strong>Mortgage Servicing Ratio<\/strong>\u00a0of 30%<\/li>\n<\/ul>\n<p>This is what we found out:<\/p>\n<div class=\"table-wrapper\">\n<table id=\"tablepress-2466\" class=\"tablepress tablepress-id-2466\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\">HDB BTO Flat Type<\/th>\n<th class=\"column-2\">Average Price<br \/>\n(excluding grants)<\/th>\n<th class=\"column-3\">Minimum Monthly Household Income<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\">2-Room Flexi<\/td>\n<td class=\"column-2\">$134,700<\/td>\n<td class=\"column-3\">$627<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\">3-Room<\/td>\n<td class=\"column-2\">$232,000<\/td>\n<td class=\"column-3\">$2,100<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n<td class=\"column-1\">4-Room<\/td>\n<td class=\"column-2\">$341,500<\/td>\n<td class=\"column-3\">$3,817<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n<td class=\"column-1\">5-Room<\/td>\n<td class=\"column-2\">$459,500<\/td>\n<td class=\"column-3\">$5,657<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n<td class=\"column-1\">3Gen<\/td>\n<td class=\"column-2\">$473,000<\/td>\n<td class=\"column-3\">$5,910<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Feel free to apply my calculations to your respective BTO or Resale flat purchase to see which type of HDB flat you can comfortably afford.<\/p>\n<hr>\n<h2>How Much Does The Average HDB Flat Cost?<\/h2>\n<p>We\u2019ll be taking <a href=\"https:\/\/blog.seedly.sg\/hdb-bto-sales-launch-november-2019\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Tengah November 2019 BTO Sales Launch<\/strong><\/a>\u00a0as a reference since it\u2019s one of the few HDB projects recently which has\u00a0<strong>(almost) all the various HDB types to choose from<\/strong>, namely:<\/p>\n<ul>\n<li>2-Room Flexi<\/li>\n<li>3-Room<\/li>\n<li>4-Room<\/li>\n<li>5-Room<\/li>\n<li>3Gen<\/li>\n<\/ul>\n<p>The only HDB flat type which this estate doesn\u2019t offer is a studio flat.<\/p>\n<h3>Average Price Of The Various HDB Flat Types (Excluding Grants)<\/h3>\n<p>Using the indicative prices of the BTO project we calculated the average price of the various HDB flat types:<\/p>\n<div class=\"table-wrapper\">\n<table id=\"tablepress-2462\" class=\"tablepress tablepress-id-2462\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\">HDB Flat Type<\/th>\n<th class=\"column-2\">Average Price (Excluding Grants)<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\">2-Room<\/td>\n<td class=\"column-2\">$134,700<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\">3-Room<\/td>\n<td class=\"column-2\">$232,000<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n<td class=\"column-1\">4-Room<\/td>\n<td class=\"column-2\">$341,500<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n<td class=\"column-1\">5-Room<\/td>\n<td class=\"column-2\">$459,500<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n<td class=\"column-1\">3Gen<\/td>\n<td class=\"column-2\">$473,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3>Average Price Of The Various HDB Flat Types (Including Grants)<\/h3>\n<p>Effective 11 Sep 2019, HDB rolled out a new grant,\u00a0<a href=\"https:\/\/blog.seedly.sg\/enhanced-cpf-housing-grant\/\" target=\"_blank\" rel=\"noopener noreferrer\">Enhanced Central Provident Fund Housing Grant<\/a>\u00a0(EHG) which replaced the existing Additional and Special CPF Housing Grant.<\/p>\n<p>Assuming you and your partner are\u00a0<strong>first-timers<\/strong>\u00a0who meet all the\u00a0eligibility criteria for the EHG.<\/p>\n<p>You can expect to receive\u00a0<strong>between $5,000 to $80,000<\/strong>\u00a0in grants.<\/p>\n<p>Naturally, the final amount you qualify will ultimately depend on your average monthly income.<\/p>\n<div class=\"table-wrapper\">\n<table id=\"tablepress-2463\" class=\"tablepress tablepress-id-2463\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\">Average Monthly Household Income* Over 12 Months<\/th>\n<th class=\"column-2\">EHG Grant Amount<\/th>\n<th class=\"column-3\">2-Room<\/th>\n<th class=\"column-4\">3-Room<\/th>\n<th class=\"column-5\">4-Room<\/th>\n<th class=\"column-6\">5-Room<\/th>\n<th class=\"column-7\">3Gen<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\">Not more than $1,500<\/td>\n<td class=\"column-2\">$80,000<\/td>\n<td class=\"column-3\">$54,700<\/td>\n<td class=\"column-4\">$152,000<\/td>\n<td class=\"column-5\">$261,500<\/td>\n<td class=\"column-6\">$379,500<\/td>\n<td class=\"column-7\">$393,000<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\">$1,501 to $2,000<\/td>\n<td class=\"column-2\">$75,000<\/td>\n<td class=\"column-3\">$59,700<\/td>\n<td class=\"column-4\">$157,000<\/td>\n<td class=\"column-5\">$266,500<\/td>\n<td class=\"column-6\">$384,500<\/td>\n<td class=\"column-7\">$398,000<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n<td class=\"column-1\">$2,001 to $2,500<\/td>\n<td class=\"column-2\">$70,000<\/td>\n<td class=\"column-3\">$64,700<\/td>\n<td class=\"column-4\">$162,000<\/td>\n<td class=\"column-5\">$271,500<\/td>\n<td class=\"column-6\">$389,500<\/td>\n<td class=\"column-7\">$403,000<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n<td class=\"column-1\">$2,501 to $3,000<\/td>\n<td class=\"column-2\">$65,000<\/td>\n<td class=\"column-3\">$69,700<\/td>\n<td class=\"column-4\">$167,000<\/td>\n<td class=\"column-5\">$276,500<\/td>\n<td class=\"column-6\">$394,500<\/td>\n<td class=\"column-7\">$408,000<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n<td class=\"column-1\">$3,001 to $3,500<\/td>\n<td class=\"column-2\">$60,000<\/td>\n<td class=\"column-3\">$74,700<\/td>\n<td class=\"column-4\">$172,000<\/td>\n<td class=\"column-5\">$281,000<\/td>\n<td class=\"column-6\">$399,500<\/td>\n<td class=\"column-7\">$413,000<\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n<td class=\"column-1\">$3,501 to $4,000<\/td>\n<td class=\"column-2\">$55,000<\/td>\n<td class=\"column-3\">$79,700<\/td>\n<td class=\"column-4\">$177,000<\/td>\n<td class=\"column-5\">$286,500<\/td>\n<td class=\"column-6\">$404,500<\/td>\n<td class=\"column-7\">$418,000<\/td>\n<\/tr>\n<tr class=\"row-8 even\">\n<td class=\"column-1\">$4,001 to $4,500<\/td>\n<td class=\"column-2\">$50,000<\/td>\n<td class=\"column-3\">$84,700<\/td>\n<td class=\"column-4\">$182,000<\/td>\n<td class=\"column-5\">$291,500<\/td>\n<td class=\"column-6\">$409,500<\/td>\n<td class=\"column-7\">$423,000<\/td>\n<\/tr>\n<tr class=\"row-9 odd\">\n<td class=\"column-1\">$4,501 to $5,000<\/td>\n<td class=\"column-2\">$45,000<\/td>\n<td class=\"column-3\">$89,700<\/td>\n<td class=\"column-4\">$187,000<\/td>\n<td class=\"column-5\">$296,500<\/td>\n<td class=\"column-6\">$414,500<\/td>\n<td class=\"column-7\">$428,000<\/td>\n<\/tr>\n<tr class=\"row-10 even\">\n<td class=\"column-1\">$5,001 to $5,500<\/td>\n<td class=\"column-2\">$40,000<\/td>\n<td class=\"column-3\">$94,700<\/td>\n<td class=\"column-4\">$192,000<\/td>\n<td class=\"column-5\">$301,500<\/td>\n<td class=\"column-6\">$419,500<\/td>\n<td class=\"column-7\">$433,000<\/td>\n<\/tr>\n<tr class=\"row-11 odd\">\n<td class=\"column-1\">$5,501 to $6,000<\/td>\n<td class=\"column-2\">$35,000<\/td>\n<td class=\"column-3\">$99,700<\/td>\n<td class=\"column-4\">$197,000<\/td>\n<td class=\"column-5\">$306,500<\/td>\n<td class=\"column-6\">$424,500<\/td>\n<td class=\"column-7\">$438,000<\/td>\n<\/tr>\n<tr class=\"row-12 even\">\n<td class=\"column-1\">$6,001 to $6,500<\/td>\n<td class=\"column-2\">$30,000<\/td>\n<td class=\"column-3\">$104,700<\/td>\n<td class=\"column-4\">$202,000<\/td>\n<td class=\"column-5\">$311,500<\/td>\n<td class=\"column-6\">$429,500<\/td>\n<td class=\"column-7\">$443,000<\/td>\n<\/tr>\n<tr class=\"row-13 odd\">\n<td class=\"column-1\">$6,501 to $7,000<\/td>\n<td class=\"column-2\">$25,000<\/td>\n<td class=\"column-3\">$109,700<\/td>\n<td class=\"column-4\">$207,000<\/td>\n<td class=\"column-5\">$316,500<\/td>\n<td class=\"column-6\">$434,500<\/td>\n<td class=\"column-7\">$448,000<\/td>\n<\/tr>\n<tr class=\"row-14 even\">\n<td class=\"column-1\">$7,001 to $7,500<\/td>\n<td class=\"column-2\">$20,000<\/td>\n<td class=\"column-3\">$114,700<\/td>\n<td class=\"column-4\">$212,000<\/td>\n<td class=\"column-5\">$321,500<\/td>\n<td class=\"column-6\">$439,500<\/td>\n<td class=\"column-7\">$453,000<\/td>\n<\/tr>\n<tr class=\"row-15 odd\">\n<td class=\"column-1\">$7,501 to $8,000<\/td>\n<td class=\"column-2\">$15,000<\/td>\n<td class=\"column-3\">$119,700<\/td>\n<td class=\"column-4\">$217,000<\/td>\n<td class=\"column-5\">$326,500<\/td>\n<td class=\"column-6\">$444.500<\/td>\n<td class=\"column-7\">$458,000<\/td>\n<\/tr>\n<tr class=\"row-16 even\">\n<td class=\"column-1\">$8,001 to $8,500<\/td>\n<td class=\"column-2\">$10,000<\/td>\n<td class=\"column-3\">$124,700<\/td>\n<td class=\"column-4\">$222,000<\/td>\n<td class=\"column-5\">$331,500<\/td>\n<td class=\"column-6\">$449,500<\/td>\n<td class=\"column-7\">$463,000<\/td>\n<\/tr>\n<tr class=\"row-17 odd\">\n<td class=\"column-1\">$8,501 to $9,000<\/td>\n<td class=\"column-2\">$5,000<\/td>\n<td class=\"column-3\">$129,700<\/td>\n<td class=\"column-4\">$227,000<\/td>\n<td class=\"column-5\">$336,500<\/td>\n<td class=\"column-6\">$454,500<\/td>\n<td class=\"column-7\">$468,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>*Includes ALL working persons\u2019 (applicants and occupiers) income<\/p>\n<h3>What\u2019s The Takeaway Here?<\/h3>\n<p>The\u00a0<strong>lower your monthly household income<\/strong>, the\u00a0<strong>more grants you\u2019ll receive<\/strong>.<\/p>\n<p>This means that (ideally) you should\u00a0<strong>apply for an HDB BTO as early as possible<\/strong>.<\/p>\n<p>Let\u2019s look at two scenarios:<\/p>\n<p><strong>Couple<\/strong><strong>\u00a0A<\/strong><\/p>\n<ul>\n<li>One is a final-year university undergraduate ($0 monthly income)<\/li>\n<li>The other is a fresh grad with a first job ($2,500 monthly income)<\/li>\n<\/ul>\n<p>Their monthly household income would be $2,500 which means they\u00a0<strong>qualify for $70,000 in EHG<\/strong>.<\/p>\n<p><strong>Couple<\/strong><strong>\u00a0B<\/strong><\/p>\n<ul>\n<li>Both have started work for at least one year ($3,000 monthly income each)<\/li>\n<\/ul>\n<p>Their monthly household income would be $6,000 which means they only\u00a0<strong>qualify for $35,000 in EHG<\/strong>.<\/p>\n<p>See? The difference in grants qualified is almost twice.<\/p>\n<p>But before you even apply, make sure that you\u2019re in a committed relationship and avoid\u00a0<a href=\"https:\/\/blog.seedly.sg\/break-up-bto-hdb-application\" target=\"_blank\" rel=\"noopener noreferrer\">breaking-up after you BTO<\/a>\u2026 it\u2019s a really expensive and messy affair.<\/p>\n<h2>How Much Do I Need To Pay For My Monthly Mortgage?<\/h2>\n<p>Without getting into the debate of whether a\u00a0<a href=\"https:\/\/www.99.co\/singapore\/insider\/hdb-loan-or-bank-loan-which-one-fits-you-best\/\" target=\"_blank\" rel=\"noopener noreferrer\">bank loan or HDB housing loan<\/a>\u00a0is better, let\u2019s look at\u00a0<strong>how much you\u2019d need to pay if you took an HDB housing loan<\/strong>.<\/p>\n<p>After making the\u00a0<strong>10% down payment<\/strong>, you would be borrowing the rest at an\u00a0<strong>interest rate of 2.6% per annum for 25 years<\/strong>.<\/p>\n<h3>Monthly Mortgage Of The Various HDB Types<\/h3>\n<p>Here\u2019s what your monthly mortgage would look like:<\/p>\n<div class=\"table-wrapper\">\n<table id=\"tablepress-2464\" class=\"tablepress tablepress-id-2464\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\">Average Monthly Household Income Over 12 Months<\/th>\n<th class=\"column-2\">2-Room Flexi^<\/th>\n<th class=\"column-3\">3-Room<\/th>\n<th class=\"column-4\">4-Room<\/th>\n<th class=\"column-5\">5-Room<\/th>\n<th class=\"column-6\">3Gen<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\">Not more than $1,500<\/td>\n<td class=\"column-2\">$188<\/td>\n<td class=\"column-3\">$585<\/td>\n<td class=\"column-4\">$1,032<\/td>\n<td class=\"column-5\">$1,514<\/td>\n<td class=\"column-6\">$1,569<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\">$1,501 to $2,000<\/td>\n<td class=\"column-2\">$210<\/td>\n<td class=\"column-3\">$607<\/td>\n<td class=\"column-4\">$1,055<\/td>\n<td class=\"column-5\">$1,516<\/td>\n<td class=\"column-6\">$1,592<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n<td class=\"column-1\">$2,001 to $2,500<\/td>\n<td class=\"column-2\">$233<\/td>\n<td class=\"column-3\">$630<\/td>\n<td class=\"column-4\">$1,077<\/td>\n<td class=\"column-5\">$1,539<\/td>\n<td class=\"column-6\">$1,614<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n<td class=\"column-1\">$2,501 to $3,000<\/td>\n<td class=\"column-2\">$256<\/td>\n<td class=\"column-3\">$653<\/td>\n<td class=\"column-4\">$1,100<\/td>\n<td class=\"column-5\">$1,561<\/td>\n<td class=\"column-6\">$1,637<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n<td class=\"column-1\">$3,001 to $3,500<\/td>\n<td class=\"column-2\">$278<\/td>\n<td class=\"column-3\">$676<\/td>\n<td class=\"column-4\">$1,123<\/td>\n<td class=\"column-5\">$1,584<\/td>\n<td class=\"column-6\">$1,660<\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n<td class=\"column-1\">$3,501 to $4,000<\/td>\n<td class=\"column-2\">$301<\/td>\n<td class=\"column-3\">$698<\/td>\n<td class=\"column-4\">$1,145<\/td>\n<td class=\"column-5\">$1,607<\/td>\n<td class=\"column-6\">$1,682<\/td>\n<\/tr>\n<tr class=\"row-8 even\">\n<td class=\"column-1\">$4,001 to $4,500<\/td>\n<td class=\"column-2\">$324<\/td>\n<td class=\"column-3\">$721<\/td>\n<td class=\"column-4\">$1,168<\/td>\n<td class=\"column-5\">$1,629<\/td>\n<td class=\"column-6\">$1,705<\/td>\n<\/tr>\n<tr class=\"row-9 odd\">\n<td class=\"column-1\">$4,501 to $5,000<\/td>\n<td class=\"column-2\">$346<\/td>\n<td class=\"column-3\">$744<\/td>\n<td class=\"column-4\">$1,191<\/td>\n<td class=\"column-5\">$1,652<\/td>\n<td class=\"column-6\">$1,728<\/td>\n<\/tr>\n<tr class=\"row-10 even\">\n<td class=\"column-1\">$5,001 to $5,500<\/td>\n<td class=\"column-2\">$369<\/td>\n<td class=\"column-3\">$766<\/td>\n<td class=\"column-4\">$1,213<\/td>\n<td class=\"column-5\">$1,675<\/td>\n<td class=\"column-6\">$1,750<\/td>\n<\/tr>\n<tr class=\"row-11 odd\">\n<td class=\"column-1\">$5,501 to $6,000<\/td>\n<td class=\"column-2\">$392<\/td>\n<td class=\"column-3\">$789<\/td>\n<td class=\"column-4\">$1,236<\/td>\n<td class=\"column-5\">$1,697<\/td>\n<td class=\"column-6\">$1,773<\/td>\n<\/tr>\n<tr class=\"row-12 even\">\n<td class=\"column-1\">$6,001 to $6,500<\/td>\n<td class=\"column-2\">$414<\/td>\n<td class=\"column-3\">$812<\/td>\n<td class=\"column-4\">$1,259<\/td>\n<td class=\"column-5\">$1,720<\/td>\n<td class=\"column-6\">$1,796<\/td>\n<\/tr>\n<tr class=\"row-13 odd\">\n<td class=\"column-1\">$6,501 to $7,000<\/td>\n<td class=\"column-2\">$437<\/td>\n<td class=\"column-3\">$834<\/td>\n<td class=\"column-4\">$1,281<\/td>\n<td class=\"column-5\">$1,743<\/td>\n<td class=\"column-6\">$1,818<\/td>\n<\/tr>\n<tr class=\"row-14 even\">\n<td class=\"column-1\">$7,001 to $7,500<\/td>\n<td class=\"column-2\" rowspan=\"4\">Not applicable<\/td>\n<td class=\"column-3\">$857<\/td>\n<td class=\"column-4\">$1,304<\/td>\n<td class=\"column-5\">$1,765<\/td>\n<td class=\"column-6\">$1,841<\/td>\n<\/tr>\n<tr class=\"row-15 odd\">\n<td class=\"column-1\">$7,501 to $8,000<\/td>\n<td class=\"column-3\">$880<\/td>\n<td class=\"column-4\">$1,327<\/td>\n<td class=\"column-5\">$1,788<\/td>\n<td class=\"column-6\">$1,864<\/td>\n<\/tr>\n<tr class=\"row-16 even\">\n<td class=\"column-1\">$8,001 to $8,500<\/td>\n<td class=\"column-3\">$902<\/td>\n<td class=\"column-4\">$1,349<\/td>\n<td class=\"column-5\">$1,811<\/td>\n<td class=\"column-6\">$1,886<\/td>\n<\/tr>\n<tr class=\"row-17 odd\">\n<td class=\"column-1\">$8,501 to $9,000<\/td>\n<td class=\"column-3\">$925<\/td>\n<td class=\"column-4\">$1,372<\/td>\n<td class=\"column-5\">$1,834<\/td>\n<td class=\"column-6\">$1,909<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>^Average gross monthly household income for 2-Room Flexi (99-Year Lease) cannot exceed $7,000<\/p>\n<p>If you\u2019re wondering how I got these figures, I used a calculator like\u00a0<a href=\"https:\/\/services2.hdb.gov.sg\/webapp\/BB29MTHLY\/BB29SMTHLY\" target=\"_blank\" rel=\"noopener noreferrer\">HDB\u2019s Enquiry on Monthly Instalment<\/a>\u00a0to work out what is monthly mortgage (after deducting the downpayment and grant from the property price).<\/p>\n<p>For young couples who:<\/p>\n<ul>\n<li>want to keep their expenses low<\/li>\n<li>want to upgrade to a larger property in the future<\/li>\n<li>don\u2019t plan to have children<\/li>\n<\/ul>\n<p>the\u00a0<strong>monthly mortgage for a 3-Room HDB BTO\u00a0<\/strong>is relatively manageable at\u00a0<strong>under $1,000<\/strong>.<\/p>\n<p>Assuming I use the abovementioned\u00a0<strong>Couple B\u2019s income bracket<\/strong>\u00a0($5,501 to $6,000) as an example, they would pay around $789 a month on their mortgage for a 3-Room HDB BTO.<\/p>\n<p>Which works out to be about<strong>\u00a013% of their monthly household income<\/strong>.<\/p>\n<p>So why is understanding this percentage important?<\/p>\n<p>Here\u2019s why\u2026<\/p>\n<h2>What Type Of HDB Flat Should I Be Getting Based On My Monthly Income?<\/h2>\n<p>&nbsp;<\/p>\n<p>This is where we need to be really honest with ourselves and stay within our financial league.<\/p>\n<p>To get a good measure of that,\u00a0I\u2019ll be using the\u00a0<strong>Mortgage Servicing Ratio (MSR)<\/strong>\u00a0which caps the amount that you can spend on mortgage repayments to\u00a0<strong>30% of your gross monthly income<\/strong>.<\/p>\n<p>This way, we have a more realistic way of evaluating how much house you can actually afford.<\/p>\n<p>In cases where the MSR is more than 30%, I\u2019ll indicate it with a \u201cNot Applicable\u201d which means that if you fall within that income bracket and are considering that house, you might want to reconsider your options\u2026<\/p>\n<div class=\"table-wrapper\">\n<table id=\"tablepress-2465\" class=\"tablepress tablepress-id-2465\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\">Average Monthly Household Income Over 12 Months<\/th>\n<th class=\"column-2\">2-Room Flexi<\/th>\n<th class=\"column-3\">3-Room<\/th>\n<th class=\"column-4\">4-Room<\/th>\n<th class=\"column-5\">5-Room<\/th>\n<th class=\"column-6\">3Gen<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n<td class=\"column-1\">Not more than $1,500<\/td>\n<td class=\"column-2\">$627<\/td>\n<td class=\"column-3\" rowspan=\"2\">Not Applicable<\/td>\n<td class=\"column-4\" rowspan=\"5\">Not Applicable<\/td>\n<td class=\"column-5\" rowspan=\"9\">Not Applicable<\/td>\n<td class=\"column-6\" rowspan=\"9\">Not Applicable<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n<td class=\"column-1\">$1,501 to $2,000<\/td>\n<td class=\"column-2\">$700<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n<td class=\"column-1\">$2,001 to $2,500<\/td>\n<td class=\"column-2\">$777<\/td>\n<td class=\"column-3\">$2,100<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n<td class=\"column-1\">$2,501 to $3,000<\/td>\n<td class=\"column-2\">$854<\/td>\n<td class=\"column-3\">$2,177<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n<td class=\"column-1\">$3,001 to $3,500<\/td>\n<td class=\"column-2\">$927<\/td>\n<td class=\"column-3\">$2,254<\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n<td class=\"column-1\">$3,501 to $4,000<\/td>\n<td class=\"column-2\">$1,003<\/td>\n<td class=\"column-3\">$2,327<\/td>\n<td class=\"column-4\">$3,817<\/td>\n<\/tr>\n<tr class=\"row-8 even\">\n<td class=\"column-1\">$4,001 to $4,500<\/td>\n<td class=\"column-2\">$1,080<\/td>\n<td class=\"column-3\">$2,404<\/td>\n<td class=\"column-4\">$3,894<\/td>\n<\/tr>\n<tr class=\"row-9 odd\">\n<td class=\"column-1\">$4,501 to $5,000<\/td>\n<td class=\"column-2\">$1,154<\/td>\n<td class=\"column-3\">$2,480<\/td>\n<td class=\"column-4\">$3,970<\/td>\n<\/tr>\n<tr class=\"row-10 even\">\n<td class=\"column-1\">$5,001 to $5,500<\/td>\n<td class=\"column-2\">$1,230<\/td>\n<td class=\"column-3\">$2,554<\/td>\n<td class=\"column-4\">$4,044<\/td>\n<\/tr>\n<tr class=\"row-11 odd\">\n<td class=\"column-1\">$5,501 to $6,000<\/td>\n<td class=\"column-2\">$1,307<\/td>\n<td class=\"column-3\">$2,630<\/td>\n<td class=\"column-4\">$4,120<\/td>\n<td class=\"column-5\">$5,657<\/td>\n<td class=\"column-6\">$5,910<\/td>\n<\/tr>\n<tr class=\"row-12 even\">\n<td class=\"column-1\">$6,001 to $6,500<\/td>\n<td class=\"column-2\">$1,380<\/td>\n<td class=\"column-3\">$2,707<\/td>\n<td class=\"column-4\">$4,197<\/td>\n<td class=\"column-5\">$5,734<\/td>\n<td class=\"column-6\">$5,987<\/td>\n<\/tr>\n<tr class=\"row-13 odd\">\n<td class=\"column-1\">$6,501 to $7,000<\/td>\n<td class=\"column-2\">$1,457<\/td>\n<td class=\"column-3\">$2,780<\/td>\n<td class=\"column-4\">$4,270<\/td>\n<td class=\"column-5\">$5,810<\/td>\n<td class=\"column-6\">$6,060<\/td>\n<\/tr>\n<tr class=\"row-14 even\">\n<td class=\"column-1\">$7,001 to $7,500<\/td>\n<td class=\"column-2\" rowspan=\"4\">Not Applicable<\/td>\n<td class=\"column-3\">$2,857<\/td>\n<td class=\"column-4\">$4,347<\/td>\n<td class=\"column-5\">$5,884<\/td>\n<td class=\"column-6\">$6,137<\/td>\n<\/tr>\n<tr class=\"row-15 odd\">\n<td class=\"column-1\">$7,501 to $8,000<\/td>\n<td class=\"column-3\">$2,934<\/td>\n<td class=\"column-4\">$4,424<\/td>\n<td class=\"column-5\">$5,960<\/td>\n<td class=\"column-6\">$6,214<\/td>\n<\/tr>\n<tr class=\"row-16 even\">\n<td class=\"column-1\">$8,001 to $8,500<\/td>\n<td class=\"column-3\">$3,007<\/td>\n<td class=\"column-4\">$4,497<\/td>\n<td class=\"column-5\">$6,037<\/td>\n<td class=\"column-6\">$6,287<\/td>\n<\/tr>\n<tr class=\"row-17 odd\">\n<td class=\"column-1\">$8,501 to $9,000<\/td>\n<td class=\"column-3\">$3,083<\/td>\n<td class=\"column-4\">$4,574<\/td>\n<td class=\"column-5\">$6,114<\/td>\n<td class=\"column-6\">$6,364<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>From this table, we can see that\u00a0<strong>most income brackets<\/strong>\u00a0would be\u00a0<strong>able to afford a 2-Room Flexi or 3-Room HDB BTO<\/strong>\u00a0flat comfortably.<\/p>\n<p>$7,000 monthly household income cap for the 2-Room Flexi (99-Year Lease) aside.<\/p>\n<p>If you want a\u00a0<strong>4-Room HDB BTO<\/strong>, your minimum household income should ideally be\u00a0<strong>$3,817 or more.<\/strong><\/p>\n<p>Want to spring for that\u00a0<strong>5-Room HDB BTO<\/strong>? Your minimum household income jumps up to\u00a0<strong>$5,657 or more<\/strong>.<\/p>\n<p>And lastly, your minimum household income to afford a\u00a0<strong>3Gen HDB BTO<\/strong>\u00a0should ideally be\u00a0<strong>$5,910 or more<\/strong>.Considering that we\u2019re using an HDB Housing Loan to service the mortgage, it means that we\u2019ll be using our monthly CPF contributions to pay the monthly mortgage.<\/p>\n<p>Some of you might find yourself in a situation where your monthly CPF contribution is insufficient to cover the cost of your monthly mortgage (eg. using one person\u2019s CPF to make payments for the HDB housing loan).<\/p>\n<p>Should you perform cash top-ups on top of your CPF payments in order to \u2018afford\u2019 that house?<\/p>\n<p>Yes\u2026 and no.<\/p>\n<p>If your cash top-ups come from a\u00a0<strong>steady stream of passive income<\/strong>\u00a0that is unaffected by unfortunate events like you, unfortunately, losing your job, then sure\u2026 why not?<\/p>\n<p>But if you\u2019re using money from your monthly household income to supplement your CPF contributions, then you\u2019ll want to be very careful.\u00a0 BIn the unfortunate event where we\u00a0 either you or your partner are unable to continuously bring in that extra amount of money to meet your monthly mortgage, you\u2019ll find that your finances will be severely stretched.<\/p>\n<\/div>\n<p><strong>PS: If you are lazy to do your own math, you can always use our <a href=\"https:\/\/www.99.co\/calculators\/affordability\">Affordability calculator<\/a>.\u00a0<\/strong><\/p>\n<p><strong><em>This article first appeared on\u00a0<a href=\"https:\/\/blog.seedly.sg\/what-type-of-hdb-flat-can-i-afford\" target=\"_blank\" rel=\"canonical noopener noreferrer\">Seedly\u00a0<\/a>and is part of a content syndication agreement between 99.co and<a href=\"https:\/\/blog.seedly.sg\/what-type-of-hdb-flat-can-i-afford\">\u00a0Seedly.<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article first appeared on\u00a0Seedly\u00a0and is part of a content syndication agreement between 99.co and\u00a0Seedly. So\u2026 You\u2019ve decided to apply for the latest\u00a0HDB BTO Sales Launch\u00a0and now have to decide what HDB flat type to choose. Should you just buy the largest flat that you can afford? What if you only wish to live in&hellip;<\/p>\n","protected":false},"author":40,"featured_media":29919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53631,53632,53589,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","11":"entry","12":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What type of HDB can you really afford? - 99.co<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.seedly.sg\/what-type-of-hdb-flat-can-i-afford\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What type of HDB can you really afford?\" \/>\n<meta property=\"og:description\" content=\"This article first appeared on\u00a0Seedly\u00a0and is part of a content syndication agreement between 99.co and\u00a0Seedly. 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