The “right” flat may be one that suits one’s personal budget and needs, instead of the biggest flat or one in the most central locations.PHOTO: HDB

What flat can I afford with a combined monthly household income of $4,000?

The Housing Board offers a range of Build-To-Order (BTO) flats, from two-room flexi to three-generation flats, in various towns across Singapore.

These provide many options to buyers, and help them find a home that meets their budget and needs.

For a couple earning a combined monthly household income of $4,000, we have illustrated three possible housing budgets and monthly instalment options.

The budgets include housing grants that eligible first-timer households can enjoy, comprising the Additional CPF Housing Grant (AHG) for those earning up to $5,000, and the Special CPF Housing Grant (SHG) for those buying a four-room or smaller flat in a non-mature estate (see table).

Buying a home is a long-term financial commitment.

Making a prudent choice now, where you pay less in monthly instalments and are able to save more, will allow you to have peace of mind.

Keeping an open mind on the flat size and location will generally mean more choices and affordable options.

For example, you can receive up to $40,000 more in grants when you buy a smaller flat or one in a non-mature estate.

Brought to you by MND Singapore, published in The Straits Times.

See also: 6 tips on saving for your HDB flatthings to know before moving in with your husbandadvice on whether you should buy or rent your first home, and the things to know before buying your first home.

Looking to save further? See how to save on your wedding banquet,wedding venues, and overall wedding budget.