About this calculator
Since the August 2024 cooling measure, both loans cap out at the same 75% loan-to-value — the old HDB-loan advantage of a smaller down payment is gone. What still separates them is everything else. The HDB concessionary loan charges 2.6% — the CPF Ordinary Account rate plus 0.1 point — a rate that has not changed in decades and cannot be repriced by a bank's funding costs. Its down payment can be paid entirely from CPF, with no minimum cash. And HDB runs the MSR and TDSR tests at a gentler 3% floor rate, so the same income qualifies for slightly more. Its costs: a 25-year maximum tenure, an income ceiling (S$14,000 for families buying most flats), and a rate that is currently above what banks charge.
The bank loan is the mirror image. Packages price off SORA — around 1.5%–2.2% in late 2026 — so the instalment is lower today, but the rate resets with the market and the lock-in ends. MAS tests the bank loan at a 4% floor, and at least 5% of the price must be cash: on a S$550,000 flat that is S$27,500 no amount of CPF can cover. Tenure can stretch to 30 years, but past 25 years the LTV limit for an HDB flat falls to 55%, which quietly reverses the benefit. The EHG grant (up to S$120,000 for first-timer families) lands in your CPF either way and shrinks the cash gap under both loans.
How to use it
- Enter the flat price and household income; add other debts if you carry any (they shrink both loans through the TDSR).
- Enter your CPF OA balance and household type — the EHG is added to your CPF pot at your income band if you are a first-timer.
- Set the bank package rate and tenure you have been quoted.
- Compare the table rows: loan size, instalment, the cash still needed after CPF and grants, and total interest. Then flip "Show full results for" to inspect either loan in detail.
The formula
Both loans face the same MSR (instalment ≤ 30% of income) and TDSR (all debts ≤ 55%) caps — the difference is the assessment rate. HDB tests its own loan at 3%, MAS tests bank loans at 4%, so identical incomes produce slightly different ceilings before the shared 75% LTV cap applies. The bank row also enforces the 55% LTV limit that applies when an HDB bank loan runs past 25 years.
Worked example
A first-timer family earning S$9,000 buys a S$550,000 flat with S$60,000 in the OA. At that income the EHG is S$5,000, so the CPF pot is S$65,000. Both loans hit the 75% LTV cap first: S$412,500 borrowed, S$137,500 down. Under the HDB loan the whole down payment can come from CPF, leaving S$72,500 of cash to find after CPF and grants; the instalment at 2.6% over 25 years is S$1,871 and total interest S$148,916. Under a bank loan at 2.00%, the instalment drops to S$1,748 and interest to S$112,020 — but S$27,500 of the down payment must be cash regardless, so the cash still needed is also S$72,500 here, reached by a different route: cheaper money, stricter cash.
Sources: HDB concessionary loan terms and LTV limit (75% from 20 August 2024), MAS bank-loan LTV and minimum-cash rules, MAS Notice 645 assessment rates — current October 2026. Last updated: October 2026.
Frequently asked questions
Is the HDB loan rate really fixed at 2.6%?
It is pegged at the CPF Ordinary Account interest rate plus 0.1 point — 2.6% while the OA rate is 2.5%. The OA rate is reviewed quarterly and has sat at its 2.5% floor for decades, so in practice the HDB loan rate is one of the most stable numbers in Singapore finance. It can change if the OA rate ever moves, but no bank can reprice it on you at the end of a lock-in, because there is no lock-in.
Why do the two loans cap at different amounts for some buyers?
Because the tests use different stress rates. The MSR and TDSR arithmetic is identical, but HDB assesses its own loan at a 3% floor while MAS requires banks to use 4%. At lower incomes, where the ratio caps bind before the 75% LTV cap, the HDB loan can be a few percent larger. At higher incomes both run into the same 75% wall, as in the worked example.
Can I switch from an HDB loan to a bank loan later?
Yes — refinancing an HDB loan into a bank loan is allowed and common when bank rates are low. The reverse is not: once you leave the HDB concessionary loan you cannot come back to it for that flat. That one-way door is the strongest argument for starting with HDB if you value the option, and for modelling the bank saving over the full term rather than the first package period.
What happened to the old 80% / 90% HDB loan?
History. The HDB LTV limit was 80% until 19 August 2024, when it was cut to 75% to match bank loans as a cooling measure (it had been 85% before the 2022 round). Pages still showing a 10% or 20% HDB down payment are working from pre-2024 rules — today the down payment is 25% under either loan, and only the cash-versus-CPF mix differs.
Does the EHG change which loan I should take?
Not directly — the grant lands in your CPF under both. Indirectly it can: because the HDB loan lets CPF cover the entire down payment while a bank loan reserves 5% of the price as compulsory cash, a grant-rich, cash-poor buyer may find the HDB loan is the only one they can complete with. Run your own OA balance here and compare the "cash still needed" row, not just the instalment.
What formula does this hdb loan vs bank loan calculator — singapore calculator use?
Loan = min(75% × price, MSR loan at the floor rate, TDSR loan at the floor rate); floor = 3% for the HDB loan, 4% for a bank loan; HDB rate 2.6%, tenure ≤ 25 years Both loans face the same MSR (instalment ≤ 30% of income) and TDSR (all debts ≤ 55%) caps — the difference is the assessment rate. HDB tests its own loan at 3%, MAS tests bank loans at 4%, so identical incomes produce slightly different ceilings before the shared 75% LTV cap applies. The bank row also enforces the 55% LTV limit that applies when an HDB bank loan runs past 25 years. The worked example on this page applies the formula step by step with real numbers, so you can verify the result by hand.