A useful tool they found was the HDB budget calculator where they could easily input details like their monthly incomes to calculate their mortgage payments and grants.
Mr Foo shares: “The calculator was simple to use and we could see at a glance how much we needed to pay for the monthly mortgage. It also offered information on the grants that we would be eligible for, which makes it a good resource for first-time homeowners.”
Through this fuss-free process, they discovered, to their pleasant surprise, that they were eligible for about $70,000 worth of grants, comprising the Family Grant of $50,000 and the Enhanced CPF Housing Grant of $20,000.
The grants they received helped to offset a significant part of the cost of the flat, which was about $300,000 before the grants, and they were able to pay their mortgage instalments with their CPF savings.
Ms Chen adds: “Besides using the HDB budget calculator to check how much in grants we are eligible for, we found it useful to talk to friends who have recently purchased a flat to get other useful tips.”