For first timer buying flat, u can choose to buy a resale flat
or a new flat. If u are buying the flat from the open market, it
means you are buying a resale flat. Note that not all flats you buy
from HDB is new, some are so called "Re-purchase" flat. Those units
are sold back to HDB. Some of the reasons are backing out of
marriage, by law, a HDB unit must be under 2 persons name.
Next, if you are getting resale flat, you are eligible for housing
grant of up till $40k (for those buying unit near parents). The
requirement is 10% cpf. If you do not have enough, you have to top
up with CASH. The $2k deposit is a MUST but that will be returned
to you later. If you have > 10% cpf, they will deduct
everything. Some couples will chose to park their cpf $ in some
funds, stocks or unit trust before getting their flat. After they
get their flat, they will then sell off the investments to keep a
buffer in their CPF account (in case they lose their jobs).
However, some argue that it is more beneficial to let HDB deduct
everything as it helps to reduce the amount of interest you have to
pay. Anyway, parking $ is only useful if the gain from the
investment more than offset the amount of interest payable.
The above is with the assumption that you are getting HDB loan. The
interest rate is 0.1% above the prevailing CPF interest rate and
the least it can go is 2.6%. Currently, it is 2.6%. However, if you
are borrowing from bank, you need to cough out 5% (as of 1 Jan
2006).
More info here:
http://www.hdb.gov.sg/fi10/fi10201p.nsf/WPDis/Buying%20A%20New%20HDB%20Flat%20(e-Sales)Policies%20-%20Housing%20Loan%20from%20Banks?OpenDocument
You can calculate your monthly payment here:
http://www2.hdb.gov.sg/webapp/BP13FINPLAN/BP13J020