Work out your monthly HDB flat repayment, how much of it your CPF Ordinary Account covers, and the cash you still need each month. Pre-set to the 2.6% p.a. HDB concessionary rate.
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Property Price
At 2.6% p.a. over 25 years, you pay 36% extra in interest on top of your principal.
Show this estimate to your bank or mortgage broker. Actual rates may vary based on your credit profile.
Monthly repayment S$2,041.51 must be within 55% TDSR limit of your gross income (MAS rule).
The HDB concessionary loan is the housing loan HDB itself extends to eligible Singapore citizens buying an HDB flat — BTO or resale. Its rate is pegged at 0.1% above the CPF Ordinary Account rate, which puts it at 2.6% per annum and has kept it there for years. That peg is the whole point: while bank rates move with SORA, an HDB loan does not. It also lends more against the flat (80% LTV against a bank's 75%), takes no lock-in period, accepts 100% of your CPF OA towards the instalment, and charges nothing to repay early. What it demands in return is eligibility — citizenship, an income ceiling, and no recent private property.
Two separate ceilings apply to an HDB flat purchase, and buyers routinely plan against the wrong one. TDSR caps all your monthly debt at 55% of gross income. MSR caps the housing instalment alone at 30%. Because MSR is the tighter of the two for almost anyone without heavy existing debt, it is usually MSR that decides how much flat you can buy.
On a S$7,000 gross monthly income, MSR allows a housing instalment of S$2,100. TDSR would have allowed S$3,850 across all debts. The binding number is S$2,100 — and at 2.6% over 25 years that supports a loan of roughly S$463,000, not the S$850,000 the TDSR figure might suggest.
For an HDB concessionary loan there is no Valuation Limit and no Withdrawal Limit — you can use your CPF Ordinary Account for the full downpayment and for every monthly instalment until the OA runs dry. That is a meaningful advantage over a bank loan on the same flat, where CPF use is capped at the Valuation Limit and then at 120% of it.
The calculator above has a CPF field for exactly this reason. Enter your expected monthly OA contribution and it shows the cash top-up you actually need each month, which is the number that matters for your household budget.
You can finance an HDB flat with either an HDB concessionary loan or a bank loan. They are not close substitutes — the trade-offs run in opposite directions.
| HDB concessionary loan | Bank loan | |
|---|---|---|
| Interest rate | 2.6% p.a., pegged to CPF OA | ~3.08%–3.25% fixed, or SORA + spread |
| Rate risk | None in practice | Resets when the package expires |
| Maximum LTV | 80% | 75% |
| Lock-in period | None | Typically 1–3 years |
| Early repayment | Free, any time | 0.75%–1.5% penalty during lock-in |
| CPF OA usage | 100%, no valuation limit | Capped at Valuation Limit, then 120% |
| Income ceiling | S$14,000 household | None |
| Can you switch later? | Yes, to a bank | No — you cannot return to an HDB loan |
Refinancing an HDB flat from an HDB loan to a bank loan is permitted. Going back is not. Once you leave, the 2.6% concessionary rate is gone for that flat permanently, and you are exposed to whatever the market does at every repricing from then on.
This is why chasing a bank fixed rate a few basis points below 2.6% is rarely the bargain it looks like. The HDB loan is not really a rate — it is an option on never having to think about rates again. Give it up only if the gap is wide and you are confident you will keep monitoring and repricing for the next twenty years.
The loan mechanics are identical; the timing is not. For a BTO you take progressive drawdown, so instalments start small and build as construction stages complete, and your HLE must still be valid at key milestones. For a resale flat the full loan is disbursed at completion and full instalments begin immediately.
Resale buyers also face the Cash Over Valuation gap: if the agreed price exceeds HDB's valuation, the difference must be paid in cash. Neither CPF nor the loan will cover it, and the 80% LTV is computed on the valuation, not on what you agreed to pay.
This calculator uses the standard amortisation formula — the same one Singapore banks use to build your repayment schedule. Interest each month is charged only on the balance still outstanding, so the interest portion of your instalment shrinks over time while the principal portion grows, even though the instalment itself stays level.
Amortisation formula
M = P × i × (1 + i)n ÷ [(1 + i)n − 1]
M = monthly instalment · P = loan amount · i = annual rate ÷ 12 · n = tenure in months
On a S$450,000 HDB loan at 2.6% p.a. over 25 years, this calculator returns a monthly instalment of S$2,042. Across the full tenure you repay S$612,454 in total, of which S$162,454 is interest — 36.1% on top of what you borrowed.
Change any input above and the schedule recalculates instantly. The result is an estimate based on the rate you enter — it excludes legal fees, valuation fees, fire insurance and any lock-in penalties, and it is not a loan offer or a statement of what you will be approved for.
Regulatory limits and indicative bank rates on this page were last reviewed on . Bank rates are indicative and change frequently — always confirm the current rate directly with the lender before committing. This calculator is an estimate, not a loan offer.
Common questions about hdb loan calculator singapore in Singapore.