First Home Buying Complete Checklist Singapore: Your Step-by-Step Process
Buying your first home in Singapore follows a structured 8-10 step process, starting with eligibility checks and ending with key collection. This First Home Buying Complete Checklist Singapore: Complete Buying Process Guide outlines every essential action for first-time buyers, ensuring you navigate HDB resale or BTO purchases safely with Homejourney's trusted verification tools.
Homejourney prioritizes your safety by verifying listings and providing transparent guidance, connecting to our broader First Home Buying Checklist Singapore: Homejourney Guide ">First Home Buying Checklist Singapore: Homejourney Guide pillar for prices, trends, and financing.
Step 1: Confirm Eligibility and Apply for HFE Letter
Begin by checking your eligibility for HDB flats via the HFE (HDB Flat Eligibility) letter, mandatory before any purchase. First-time buyers under 35 qualify for most schemes; families have no income ceiling for resale flats, but grants cap at S$14,000 monthly income.
Apply online through HDB Flat Portal—it confirms grants like CPF Housing Grant (up to S$80,000 for families), Enhanced CPF Housing Grant (EHG, up to S$80,000 if income ≤S$9,000), and Proximity Housing Grant (PHG, S$20,000-S$30,000 if within 4km of parents).
- Action: Gather NRIC, income docs, and apply—processing takes 1 week.
- Tip: Singles need S$7,000 income ceiling for some grants; check Ethnic Integration Policy (EIP) quotas on HDB site.
Use Homejourney's Property Search ">property search to filter eligible flats early.
Step 2: Plan Your Budget and Finances
Calculate affordability using MSR (Monthly Servicing Ratio, ≤30% of income) and TDSR (Total Debt Servicing Ratio, ≤55%). Factor downpayment (25% for bank loans, 20% HDB), Buyer Stamp Duty (BSD from 1% on first S$180,000), and ABSD (0% for first-timers as Singaporean).
CPF Ordinary Account (OA) covers payments if lease lasts till age 95; minimum 20 years remaining. Example: A S$500,000 resale 4-room flat needs ~S$125,000 downpayment (bank loan).[1][2]
| Cost Item | Estimate (S$) |
|---|---|
| Downpayment (25% of S$500k) | 125,000 |
| BSD | ~10,600 |
| Legal Fees | 2,000-3,000 |
| Renovation | 20,000-50,000 |
Compare HDB vs bank loans via Bank Rates ">Homejourney bank rates or read our HDB Loan vs Bank Loan: First-Time Buyer Guide | Homejourney ">HDB Loan vs Bank Loan guide.
Step 3: Select Property Type and Location
Choose between BTO (new, 3-5 year wait, cheaper: S$300k non-mature estates) or resale HDB (immediate, pricier: S$451k mature like Bedok).[1] Prioritize MRT proximity (e.g., 5-10 min walk), schools, and side-gates for convenience—insider tip: Check LTA for future MRT lines via OneMap.[3]
- No income ceiling for standard resale; Plus/Prime need ≤S$14,000.
- View flats: Inspect leaks, wiring, inventory (fridges stay if listed).[6]
Search verified options on Projects ">Homejourney projects directory.
Step 4: Secure Option to Purchase (OTP)
After viewing, negotiate and pay OTP fee (S$1,000-$10,000, non-refundable if you back out). Have HFE ready—valid 21 days for resale. Get In-Principle Approval (IPA) for loans first via banks or HDB.[3][5]
Red flag: Avoid unverified sellers; Homejourney verifies all listings for trust.
Step 5: Arrange Financing and Exercise Option
Finalize loan (HDB: 2.6% interest, 75% LTV; bank: up to 75% lower of price/valuation). Use CPF for stamp duties, instalments. Pay option exercise fee (4% purchase price, ~S$20k on S$500k flat).[2]
Improve approval odds: Pay down debts—see How to Improve Your Loan Approval Chances | Homejourney Guide ">How to Improve Your Loan Approval Chances.
Step 6: Sign Sale & Purchase Agreement and Pay Deposits
Engage lawyer (S$2k-3k fees, payable via CPF). Sign within 14 days of OTP; pay remaining downpayment. HDB approves resale within 8-15 weeks.[2]
- Check EIP/SPR quotas online.
- Timeline: 2-3 months total for resale.
Common Mistakes to Avoid in First Home Buying
Don't skip HFE—leads to rejected OTPs. Overlook hidden costs like 5% agent fees or renovations. Real example: Buyers in Choa Chu Kang saved S$150k vs Bedok by choosing non-mature estates.[1] Avoid rushing without IPA; see 7 Mortgage Mistakes First-Time Buyers Make in Singapore | Homejourney ">7 Mortgage Mistakes First-Time Buyers Make.
Disclaimer: This is general advice; consult HDB, lawyers, or financial advisors for personalized guidance. Rates as of 2026; verify latest on official sites.
Step 7-8: HDB Approval, Completion, and Key Collection
HDB vets (8 weeks resale, longer BTO). Pay balance on completion day; collect keys. Post-purchase: Budget aircon servicing via Aircon Services ">Homejourney aircon services.
FAQ: First Home Buying in Singapore
Can I use CPF for all payments? Yes, if lease covers age 95; prorate if shorter. Minimum 20 years for any CPF use.[2]
Resale vs BTO: Which for first-timers? Resale for speed (move in 3 months); BTO for savings but wait 4 years. Check First Home Buying Checklist Singapore: Prices & Trends | Homejourney ">prices & trends.[1][2]
What documents for HFE? NRIC, income proof, Singpass. Free application.
Foreigners buying first home? Possible for resale with ABSD 60%; PRs better rates. Verify eligibility.
Timeline for resale HDB? 2-4 months from OTP to keys.[2]
Ready for your first home Singapore? Start safely with Homejourney's verified Property Search ">property search and connect to our pillar guide for full trends. Build confidence—your trusted partner awaits.
