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.
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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 type | Median price | Loan Amount (85%) | Minimum downpayment (15%) |
| 3-room | S$420,000 | S$357,000 | S$63,000 |
| 4-room | S$600,000 | S$510,000 | S$90,000 |
Feb 2022 Geylang BTO Estimated Downpayment
| Flat type | Median price | Loan Amount (85%) | Minimum downpayment (15%) |
| 3-room | S$425,000 | S$361,250 | S$63,750 |
| 4-room | S$630,000 | S$535,500 | S$94,500 |
Feb 2022 Tengah BTO Estimated Downpayment
| Flat type | Median price | Loan Amount (85%) | Minimum downpayment (15%) |
| 3-room | S$240,000 | S$204,000 | S$36,000 |
| 4-room | S$350,000 | S$297,500 | S$52,500 |
| 5-room | S$470,000 | S$399,500 | S$70,500 |
Feb 2022 Yishun BTO Estimated Downpayment
| Flat type | Median price | Loan Amount (85%) | Minimum downpayment (15%) |
| 3-room | S$220,000 | S$187,000 | S$33,000 |
| 4-room | S$340,000 | S$289,000 | S$51,000 |
| 5-room | S$450,000 | S$382,500 | S$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.
The Cost Of Procuring Electronic Appliances
The modern world is characterized by the widespread proliferation of electronic appliances like ACs, TVs, dishwashers, vacuum cleaners, etc. While getting a hdb bto 2022 flat, you need to make sure that you get all the appliances and amenities that you would need.
Now, purchasing electrical equipment can be quite expensive, and strain your budget. There are some methods that you can opt for to cut down on these costs, namely, by getting ones that are pre-owned, getting one that would provide significant energy savings in the long run, or by getting one that comes at subsidized prices. You can even consider getting these appliances online since that would ensure that you receive a discount on the final prices.
A loan from a licensed moneylender in Singapore can help you overcome this financial burden in an efficient manner, providing you with much-needed cash to procure all the appliances that you would need to set up your residence.
The HDB BTO method can be a great method to consider if you are looking to get your own house in Singapore, and the allotments that they offer are pretty good as well. But just getting the shell of the house isn’t adequate, and there are a lot of significant costs that are involved with creating the house of your dreams. It is crucial that you follow the aforementioned steps to stick to the budget, and everything from furniture to electronics can be attained for a bargain. A loan for the same would help you create your dream nest in the way that you always envisaged it to be, and a licensed moneylender in Singapore would be the best option for the same.
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