I Wish I Knew this Before Applying for BTO 🏠

It’s always hard to find full information before applying for a BTO. 🏡 With so many different grants, schemes, and processes, it can get confusing! So here’s a compilation to help you out.

1. HFE Application

To start, apply for the HDB Flat Eligibility (HFE) letter through the HDB Flat Portal. 📝 This confirms your eligibility for a BTO flat, CPF housing grants, and HDB loans. Expect processing to take about 2-4 weeks. Remember, your HFE expires in 9 months, so apply at least a month before the ballot date! ⏳

2. Budget and Loan Calculation

If you’re a first-time BTO applicant like I was, you’ll usually go for the HDB loan. 💰 You can secure up to 75% of the price with a minimum 25% downpayment (in cash or CPF). For staggered payments, pay 5% on your second appointment, then the remaining 20% during key collection. Have questions about grants and payment timelines? Drop me a DM! 💬

3. BTO Sales Launch

HDB releases new flats quarterly. 📅 If your HFE is ready and you have your downpayment prepared, keep an eye on the HDB portal for available locations and flat types. They usually release locations first, with average prices closer to the date.

4. Application Submission and Balloting

Submit your application within the designated week. The application fee is $10 for 3-room flats and larger, and $5 for 2-room flats. 🎟️ Balloting results are usually out in a few weeks!

5. Unit Booking

If your application is successful, congratulations! 🎉 When notified, head to your first appointment to choose your unit. You’ll need options in mind! After selecting, pay the option fee:

• $500 for 2-room Flexi

• $1,000 for 3-room

• $2,000 for 4-room and larger

This fee is deducted from your downpayment.

6. Signing the Agreement for Lease

This typically happens about 4 months after booking. 📜 Downpayment requirements are:

• HDB loans: 10% of the purchase price

• Bank loans: 25% (5% in cash; remaining 20% from CPF or cash)

Be ready for legal fees (1-3% of the property price) and stamp duty, calculated as follows:

• 1% on the first $180,000

• 2% on the next $180,000

• 3% on the next $640,000

You may qualify for grants like the Enhanced Housing Grant (EHG) depending on your income.

7. Waiting Period

Expect a construction duration of about 3-5 years. 🏗️ Save for renovations and furnishing during this time!

8. Key Collection

Upon completion, settle any remaining fees and get ready for your monthly mortgage payments. For renovations, budget at least $15,000 - $35,000 (or more if you want it fancy)! ✨

9. Monthly Mortgage Payments

Calculate your monthly mortgage based on the loan amount, with HDB loan interest fixed at 2.6%. You can also use CPF savings to help cover these payments. 💳