|How much loan can you take now?|
The monthly instalments of an HDB concessionary loan are capped at 30% of joint applicants’ monthly income. In some cases, the percentage is lower because of the family’s financial commitments. This prevents buyers from over committing to housing at the expense of other living costs.
This is capped at 65 years minus the buyer’s age, or 25 years, whichever is shorter.
If you are using your CPF savings to pay your monthly housing loan instalments, you have to apply for the Home Protection Scheme. This is an insurance scheme administered by the CPF Board. It insures CPF members and their families against losing their homes should members become permanently incapacitated or pass away before their housing loans are paid up. Find out more from the CPF Board.