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What Costs to Account For Your HDB BTO February 2022

The HDB BTO balloting season is here again in February 2022. Whether you’re choosing to apply for a flat in Geylang, Kallang/Whampoa, Tengah, or Yishun, here are the different costs to consider.

1. Downpayment

Downpayment is the upfront cash you pay when you buy a house. As a first-time homebuyer, you may be wondering how much money you’ll need to save up for your February 2022 HDB BTO downpayment.

Since HDB hasn’t released the actual starting prices of the Feb 2022 BTO flats yet, SRX’s estimations of the prices will be used based on recent BTO launches and nearby resale transactions.

The estimated downpayment are based on the following assumptions:

  • HDB loan is taken, maximising the 85% loan-to-value (LTV) 
  • 25 years loan tenure, with the current interest rate of 2.6%
  • Median of the SRX price range
  • Not using any CPF grants or savings
  • No other housing loans to service

Feb 2022 Kallang/Whampoa BTO Estimated Downpayment
Flat typeMedian priceLoan Amount (85%)Minimum downpayment (15%)
3-roomS$420,000S$357,000S$63,000
4-roomS$600,000S$510,000S$90,000
Feb 2022 Geylang BTO Estimated Downpayment
Flat typeMedian priceLoan Amount (85%)Minimum downpayment (15%)
3-roomS$425,000S$361,250S$63,750
4-roomS$630,000S$535,500S$94,500
Feb 2022 Tengah BTO Estimated Downpayment
Flat typeMedian priceLoan Amount (85%)Minimum downpayment (15%)
3-roomS$240,000S$204,000S$36,000
4-roomS$350,000S$297,500S$52,500
5-roomS$470,000S$399,500S$70,500
Feb 2022 Yishun BTO Estimated Downpayment
Flat typeMedian priceLoan Amount (85%)Minimum downpayment (15%)
3-roomS$220,000S$187,000S$33,000
4-roomS$340,000S$289,000S$51,000
5-roomS$450,000S$382,500S$67,500

2. Renovation Costs

The average renovation costs for a 4-room resale flat is $43,000.

It’s important to be aware of the potential costs involved when you conduct your home renovation. They vary significantly in price, depending on the size of your HDB flat and the materials used.

Include the following costs in your renovation budget:

  • Carpentry
  • Flooring
  • Hacking
  • Labour costs
  • Item costs
  • Clean up costs

If your finances are stretched, consider opting for a home renovation loan, also known as construction loans in Singapore, from banks or licensed moneylenders.

3. Furniture Expenses

When it comes to furnishing your home, there are a lot of things to consider. However, your budget and needs will serve as your primary guides.

 The average cost of fully furnishing your HDB BTO is $6,453. While this may sound like a large sum, there are ways to cut down your expenses. For example, you can source around different stores, buy in bulk, and shop online for your furniture.

It’s important to do your research before making a purchase. By taking the time to plan, you can find furniture pieces that will perfectly suit your needs and taste.

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