How it played out
- Turning 35 and becoming eligible
As an unmarried Singapore Citizen turning 35, she became eligible to buy under the Single Singapore Citizen Scheme, something she had researched years in advance to plan her finances around.
- Understanding the narrower flat options
She learned that single buyers are largely restricted to resale flats (rather than BTO, except in select 2-room Flexi projects), and began focusing her search accordingly.
- Checking the Singles Grant
Her HFE letter confirmed she qualified for the Singles Grant given her income was under the relevant ceiling, at roughly half the quantum a family buyer might receive for a comparable flat type — still a meaningful reduction in her net cost.
- Budgeting on a single income
With MSR capping her comfortable instalment at 30% of her $4,200 income (roughly $1,260/month), she focused her search on smaller flat types and more modestly priced estates rather than stretching for a larger unit.
- Finding a 2-Room Flexi resale flat
She found a resale 2-room Flexi unit that fit her budget, valuing the lower absolute price and lower upkeep over a larger flat she could technically finance but would stretch her monthly cash flow.
- Financing with an HDB loan
She took an HDB concessionary loan at 2.6% p.a., valuing rate stability as a sole income earner over potentially cheaper but less predictable bank packages.
- Moving in
The purchase completed in just under 10 weeks from OTP exercise, and she moved into her first home as a sole owner.