You can choose to take a HDB loan first to reduce the amount required for your downpayment now. You then have the option of "switching to" a bank loan before collecting your keys, but do note the following: 1) Since you haven't collected the keys yet, it will still be considered a "new purchase", so you will probably still need to pay the additional 15% downpayment (of which at least 5% of the purchase price must be in cash) 2) The application, approval and loan disbursement process with the bank will take about 2 months. This may end up delaying the key collection (since you cannot collect the keys until loan disbursement) Alternatively, you can collect the keys first, and then refinance to a bank loan after you have paid the HDB loan for about 3 months (to prove to the bank that you're credit-worthy). This also means you don't need to worry about the downpayment since it is refinancing. Hope this helps!