Step 1: Log in to My HDBPage
- Visit the My HDBPage website: https://www.hdb.gov.sg/myhdbpage
- Enter your Singpass details to log in
Step 2: Click on “My Flat”
- Once you’re logged in, click on the “My Flat” tab in the navigation bar
Step 3: Select “Loan Account”
- Under the “Loan” section, click on “Loan Account”
Step 4: View Your Loan Balance
- Your outstanding HDB loan balance will be displayed under the “Loan Balance” section
Alternative Methods to Check Your Outstanding HDB Loan
1. HDB Branch Visit:
- Visit any HDB branch during operating hours
- Present your NRIC or passport for verification
- A customer service officer will assist you in checking your loan balance
2. HDB Call Centre:
- Call the HDB Call Centre at 1800-225-5432
- Provide your NRIC or passport number
- A customer service representative will guide you through the process of checking your loan balance
Frequently Asked Questions
1. How often should I check my outstanding HDB loan balance?
It’s recommended to check your loan balance regularly, especially before making any financial decisions that may affect your mortgage payments.
2. What are the consequences of not paying my HDB loan on time?
Late or missed loan payments can lead to penalties, interest charges, and even foreclosure of your property.
3. Can I make extra payments on my HDB loan?
Yes, you can make additional payments to reduce your loan balance faster and save on interest costs. However, check with HDB beforehand to confirm any restrictions or fees associated with extra payments.
Strategies to Manage Your HDB Loan
1. Pay Down Your Principal:
Focus on reducing the principal amount of your loan by making extra payments or increasing your regular monthly payments. This will save you money in interest over the long term.
2. Refinance Your Loan:
If interest rates have dropped since you took out your loan, refinancing to a lower interest rate can save you a significant amount of money on your monthly payments and overall loan costs.
3. Consolidate Your Debts:
If you have multiple debts, consolidating them into a single HDB loan can simplify your payments and potentially reduce your overall interest charges.
Benefits of Checking Your Outstanding HDB Loan
1. Financial Planning:
Knowing your outstanding loan balance is essential for planning your finances and making informed decisions about your budget and future financial goals.
2. Debt Management:
Regularly tracking your loan balance helps you stay on top of your debt obligations and avoid any potential financial setbacks.
3. Home Ownership:
Ensuring that your HDB loan payments are up to date protects your home ownership and prevents foreclosure proceedings.
Key Statistics on HDB Loan Borrowers
- As of March 2023, there were approximately 1 million HDB flat owners in Singapore.
- The average HDB loan size is around S$300,000.
- Over 80% of HDB flat owners have a loan-to-value ratio (LTV) of less than 75%.
Tables for Reference
| Loan Amount | Interest Rate | Loan Term | Monthly Payment |
|---|---|---|---|
| S$200,000 | 2.6% | 25 years | S$876 |
| S$300,000 | 2.8% | 30 years | S$1,056 |
| S$400,000 | 3.0% | 35 years | S$1,236 |
| S$500,000 | 3.2% | 40 years | S$1,416 |
| Income Level | Loan Limit | Loan Limit (Young Couples) |
|---|---|---|
| S$6,000 – S$8,000 | S$300,000 | S$360,000 |
| S$8,000 – S$10,000 | S$400,000 | S$480,000 |
| S$10,000 – S$12,000 | S$500,000 | S$600,000 |
| Over S$12,000 | S$600,000 | S$720,000 |
| Loan-to-Value Ratio (LTV) | First-Time Buyers | Second-Time Buyers |
|---|---|---|
| Up to 90% | 85% | – |
| Above 90% | 75% | 55% |
| Interest Rate Type | Interest Rate |
|---|---|
| Fixed | 2.6% – 3.5% |
| Floating | Linked to SIBOR or HDB Board Rate |
