Eligibilty (Private Property)

• Applicant(s) should have a minimum income of S$24,000 per annum or a combined income of S$36,000 per annum (Bonuses, commission, overtime and other income sources can be taken into consideration at the banks’ or financial institutions’ discretion).
  
• Individuals aged up to 70 years old for 99 years and below leasehold properties or 82 years old for freehold or 999 years leasehold properties.
• Most lenders have a minimum age requirement of 21.

Eligibilty (HDB)

• Applicant must be Singapore Citizen or Permanent Resident.
• Applicant(s) should have a minimum combined income of S$24,000 per annum (Bonuses, commission, overtime and other income sources can be taken into consideration at the banks’ or financial institutions’ discretion).
  
• Individuals aged up to 70 years old.
  
• Most lenders have a minimum age requirement of 21.
  
• All mortgagors must be borrowers and vice-versa.
  
• Maximum of 4 borrowers.

Costs Involved

• Stamp Duties
  For new purchase: Stamp duty is calculated based on the purchase price.
  - 1st 180K – 1%
  - next 180K – 2%
  - above 360K – 3%

• Legal Fees
  Legal fees usually cost between S$1750 to S$5000 depending on factors such as property type and choice of lawyer. CPF can be used to pay the legal fees, which is billed upon completion of your mortgage and/or purchase. 

• Cash Outlay Due To Difference Between Purchase Price And Valuation Price
  If the bank’s or financer’s valuation is lower than your purchase price, you will have to pay the difference in cash before any loan can be disbursed. 

• Fire Insurance
  All lenders require you to insure your property against fire. The value is determined by a valuer and the premium is paid annually. At present, all banks and most financial institutions’ packages come with free fire insurance from 1 to 5 years. 

• Home Protection Scheme (HPS)
  CPF Board requires all members who are using CPF to pay their monthly instalments for their HDB loan to be insured under HPS. However, this is subject to members' eligibility for coverage based on their health. HPS insures members up to 65 years of age.

Required Documents

• Latest computerised payslip
• Latest income tax assessment or CPF contribution history (minimum past 2 years for self-employed)
  
• Letter of appointment (customers without payslip or on overseas posting)
  
• Option to Purchase (applicable to new purchase)
  
• Sale & Purchase Agreement of existing property (if applying for a bridging loan)
• CPF Statement of Account (if using CPF Funds)
  
• Statement of CPF withdrawn under Residential Properties Scheme (RPS) (if upgrading from private property)
  
• Statement of CPF withdrawn under Public Housing Scheme (PHS) (if upgrading from HDB)
  
• Past 6 months housing loan statements from mortgage lender (if refinancing)
  
• Past 6 months personal account bank statements (not mandatory)
• Photocopy of N.R.I.C (front and back) or Passport (foreigners)
• Valuation report (applicable for HDB resale)
  
• Home loan application form (duly completed and signed)

Useful CPF links

Using CPF to buy a house

CPF Residential Properties Scheme

Appointment of Lawyers

• Purchase and financing (if any) of property (acting on your behalf)
  
• Housing loan application (acting on behalf of the bank or financial institution if you are taking a loan)
  
• Withdrawal of funds from the CPF Board (if you are using CPF funds) 

You will need to pay the legal fees charged by the lender’s lawyer, as well as the CPF Board lawyer. There is no need to appoint three different lawyers. Generally, home purchasers appoint lawyers who can act for the CPF Board as well as the particular bank or financial institution from which they are seeking financing.