Buying a house is often the single most expensive financial commitment for most people. This decision can be scary if you have not done your sums. It is worse if you have committed to a home you cannot afford.
Use our simple checklist to avoid potential pitfalls.
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I have saved for the downpayment (which is at least 10% of the cost) of my new home.
Besides the downpayment, you may need to set aside cash for cash-over-valuation, stamp duty, legal fees, renovation and home furnishings if required.
I keep my total debt, including my housing loan, within 35% of my gross income.
Buy a home that fits your budget.
I will pay off my housing loan before I turn 55 years old.
Get a loan that ends before you turn 55; and make capital repayments whenever possible. The CPF contributions to your Ordinary Account will reduce with age, thus you may have less CPF to repay your housing loan.
I am aware of the limits on CPF withdrawals for home purchases.
Attend the housing talk conducted by CPF Board to understand CPF and HDB rules and regulations.
I will buy fire and mortgage insurance for my home.
Get covered under Home Protection Scheme and other private insurance schemes to protect your family and your home contents.