How Much HDB BTO Flat Can You Afford Earning $10,000 a Month?
Up to $520,000 BTO flat
Assumes a first-timer family household on $10,000 a month combined, $80,000 in CPF OA, $50,000 in cash, and a 25-year HDB loan at 2.6%. Excludes stamp duty, legal fees and any cash-over-valuation.
Max affordable price
$520,000
Max HDB loan
$661,274
Total grants
$0
Monthly instalment
$1,769
A first-timer family earning $10,000 a month combined, above the EHG ceiling but well within the BTO income ceiling. With $80,000 in CPF OA and $50,000 in cash, the household can afford a BTO flat priced up to about $520,000 on a 25-year HDB loan.
The down payment, not the loan, sets the budget. The income would support a loan of up to $661,274, but the 25.0% down payment must come from CPF OA, cash and grants, which total $130,000. That caps the price at $520,000. Each extra $10,000 of savings put towards the down payment raises the budget by about $40,000, up to the $881,699 the loan could support.
At $10,000 the household is above the $9,000 income ceiling for the Enhanced CPF Housing Grant, so it gets no EHG. A BTO flat at this income comes with no grants, although BTO prices are already set below market.
At $520,000, the monthly instalment is about $1,769, 17.7% of income, comfortably under the 30.0% MSR cap. Most households pay this from CPF OA rather than cash, which keeps take-home pay intact but means those OA contributions go to the flat instead of building retirement savings.
Understand the assumptions
Frequently Asked Questions
Can we still buy a BTO flat at $10,000?+
Yes. The income ceiling for BTO flats and HDB loans is $14,000 for families. Above $9,000 you lose the Enhanced Housing Grant, but you can still apply and take an HDB loan.
Is it worth waiting for income to drop to get the EHG?+
Rarely. The grant is assessed on 12 months of income, and giving up salary to qualify usually costs more than the grant is worth.