Before you take the plunge, take note of these five points:

1. You cannot delete the name of your fiancé/fiancée even though you’ve broken up
It is unfortunate but true. When booking a flat under the Fiancé/Fiancée Scheme, you are not allowed to delete the name of your fiancé/fiancée so as to include a new fiancé/fiancée. You also cannot replace the fiancé/fiancee's names with that of your parents (or new partner), even if consent has been given by your ex-fiancé/fiancée to the flat. Should you break up and let go of the flat, you will forfeit the deposit. Depending on the type of flat, it could be anywhere from 5% to 20%.

2. Family planning is key while waiting for Build-to-Order (BTO) flats
Congratulations if you succeed in getting a BTO flat. The BTO scheme is HDB’s main mode of supply for flats but they will only be ready three to four years after allocation. This long wait has been blamed for Singapore’s low birth rate, where couples delay having children until the flat is ready. If you are one of the many couples already in your late 20s and early 30s, it is essential to ask each other if or when you want to start a family. If you can’t wait to own your home, resale flats are an option but be prepared to fork out a hefty cash-over-valuation fee and a higher purchase price.

3. Age matters
If your partner is 30 years old or younger at point of application, and you are both first-time applicants, you qualify for the Staggered Downpayment Scheme. This applies to new two, three, four or five-room flat under construction in any of the HDB's sale exercises.

You can make the downpayment in two stages. If you are taking a housing loan from the HDB, you will pay the 10% downpayment – 5% at the time of signing of the Agreement for Lease, then the balance 5% at the time of key collection.

If you are taking a housing loan from a bank/financial institution, you will pay 10% of the purchase price (5% of purchase price in cash + balance 5% with your CPF savings) at time of signing the Agreement for Lease. When you collect your keys, you pay the balance 10% of the purchase price with your CPF savings.

4. Remember the Extras
Don’t forget the additional fees that you will need to fork out when buying a flat. You will need to pay the Option Fee, Stamp and Legal Fees, and GST. (The Option fee will be refunded to you if you have enough money in your CPF Ordinary Account to pay the downpayment.) There is also fire insurance as well as Home Protection Scheme premiums if you are using your CPF savings to pay your monthly instalments.

5. Read the fine print
Go over your lease before you sign on the dotted line. You don’t want any nasty legal surprises on your matrimonial home. Yes, this may be HDB but it is probably your biggest financial commitment so it is simply common sense to read the fine print.