Median 4-room HDB flat in Bishan needs $215,520 before the loan for a first-time citizen buyer in 2Q2026
Published 6 Nov 2026
This is an illustrative example built on the quarter's median price and a stated buyer profile. It is not a real purchase, not a valuation of any home, and not advice on whether or how to buy. Every figure in it is computed from recorded transactions and the tax and financing rules recorded as in force.
A Singapore citizen buying a first home at the 2Q2026 median for a 4-room HDB flat in Bishan would need $215,520 before the loan, in an illustrative example built on a $789,000 price. The loan-to-value limit, not the income tests, sets the borrowing cap.
The example is computed by this site's position engine from HDB resale records on data.gov.sg. Bishan recorded 54 such sales in 2Q2026, and the median was down 3.1% y-o-y from $814,444.
Upfront cost before the loan is $215,520
The buyer is a Singapore citizen aged 35 with a household income of $10,000 a month, buying a first home as an owner-occupier. Buyer's stamp duty is $18,270, and additional buyer's stamp duty is $0 at 0%.
No minimum cash applies, and $197,250 is payable in CPF or cash. The table below sets out each item.
| Item | Amount |
|---|---|
| Price (median of the quarter's sales) | S$789,000 |
| Buyer's stamp duty | S$18,270 |
| Additional buyer's stamp duty (0%) | S$0 |
| Stamp duty in total | S$18,270 |
| Maximum loan (75.0% of price) | S$591,750 |
| Minimum cash | S$0 |
| CPF or cash | S$197,250 |
| Total before the loan (stamp duty, cash, CPF or cash) | S$215,520 |
Loan is capped by the 75% loan-to-value limit
The example uses an HDB loan over 25 years. The loan-to-value limit allows $591,750, or 75.0% of the price, against $1,159,820 under the TDSR and $632,629 under the MSR.
The monthly instalment is $2,806 at 3%, or 28.1% of the stated income. The stress rate for the servicing test is also 3%, so the instalment is the same under both.
| Item | Value |
|---|---|
| Loan type | HDB loan |
| Tenure | 25 years |
| Loan-to-value cap | 75% (HDB loan, 75% LTV over 25 years) |
| Loan allowed by LTV | S$591,750 |
| Loan allowed by TDSR | S$1,159,820 |
| Loan allowed by MSR | S$632,629 |
| Binding limit | the loan-to-value limit |
| Monthly instalment at 3% | S$2,806 |
| Monthly instalment at the 3% stress rate | S$2,806 |
| Instalment as a share of the stated income | 28.1% |
Holding the flat for five years costs $129,694
Interest accounts for $82,597 of the five-year cost, and property tax and maintenance for $5,086. Costs going in are $21,540 and costs coming out are $20,470.
The price would need to rise 16.8% over the five years to cover that total. The calculation assumes a sale commission of 2% and $3,000 in legal fees, plus 9% GST.
| Item | Amount |
|---|---|
| Costs going in (stamp duty, fees) | S$21,540 |
| Interest over five years | S$82,597 |
| Property tax and maintenance over five years | S$5,086 |
| Costs coming out | S$20,470 |
| Total cost of the hold | S$129,694 |
Buyer profile changes the stamp duty at the same price
Buyer's stamp duty is $18,270 for every profile in the table. Additional buyer's stamp duty ranges from 0% for a citizen buying a first home to 60% for a foreigner.
A permanent resident buying a first home pays $57,720 in total stamp duty at an ABSD rate of 5%. A citizen buying a second home faces an ABSD rate of 20% and a loan-to-value cap of 45%.
| Buyer | BSD | ABSD rate (%) | ABSD | Total | LTV cap (%) |
|---|---|---|---|---|---|
| Singapore citizen, first home | S$18,270 | 0.0 | S$0 | S$18,270 | 75.0 |
| Singapore citizen, second home | S$18,270 | 20.0 | S$157,800 | S$176,070 | 45.0 |
| Permanent resident, first home | S$18,270 | 5.0 | S$39,450 | S$57,720 | 75.0 |
| Foreigner | S$18,270 | 60.0 | S$473,400 | S$491,670 | 75.0 |
Bishan median rests on 54 sales
The median price per area was $7,738 psm, and the median size was 103 sqm. The 54 sales in 2Q2026 compare with a median of $814,444 a year earlier, a change of -3.1%.
| Item | Value |
|---|---|
| Sales in the quarter | 54 |
| Median price | S$789,000 |
| Median per area | S$7,738 psm |
| Median size | 103 sqm |
| Median price a year earlier | S$814,444 |
| Change | -3.1% |
At the same price, total stamp duty is $176,070 for a Singapore citizen buying a second home and $491,670 for a foreigner.
Method: an illustrative example, not a real purchase. The price is the median of the quarter's recorded sales named. The buyer is a Singapore citizen first-time owner-occupier aged 35. The stated household income is S$10,000 a month, with no other debt. The loan is the maximum, over 25 years at 3%. Stamp duty, loan limits, instalments and the five-year hold cost are computed by this site's position engine under the rules recorded as in force for the quarter. The rule versions used are bsd 2023-02-15, absd 2023-04-27, ssd 2025-07-04, ltv 2024-08-20, tdsr 2022-09-30, property_tax 2025-01-01, costs 2020-01-01. Further assumptions: sale at today's indicative mid value after 5 years. Seller pays 2% commission and S$3,000 legal fees, plus 9% GST. Mortgage interest from a standard amortisation schedule at the given rate. Loan of S$591,750 (75% of the price), the maximum available. Property tax on an assumed annual value of S$14,931 (35% of market rent). Maintenance at the configured norm. Rates are versioned data in config/rules.yaml, checked against IRAS and MAS publications on 2026-09-18. The newest version applied here took effect 2025-07-04. Rules change with each cooling-measure round. Private figures are from URA Data Service caveats, HDB figures from data.gov.sg resale records, both loaded weekly by this site's ingest. Medians are of the non-excluded transactions in the period named. Sales flagged by the hygiene rules (related-party transfers, bulk deals, outliers) are left out. Every figure is indicative and drawn from recorded transactions, not a formal valuation.