Minimum Downpayment for Condo in Singapore
For a private condominium in Singapore, the minimum downpayment is 25% of the purchase price. The remaining 75% can be financed via a bank loan (LTV limit is 75% for first property).
Check your monthly repayments with our home loan calculator Singapore or estimate your maximum budget with our affordability calculator.
Cash vs CPF Downpayment Breakdown
The 25% downpayment is split between mandatory cash and CPF:
| Component | Amount | Payment Method |
|---|---|---|
| Minimum cash downpayment | 5% of purchase price | Cash only |
| Remaining downpayment | 20% of purchase price | Cash or CPF OA |
| **Total minimum downpayment** | **25%** | **5% cash + 20% cash/CPF** |
Example: SGD 1.5 Million Condo
| Cost | Amount |
|---|---|
| Purchase price | SGD 1,500,000 |
| Minimum cash (5%) | SGD 75,000 |
| Cash/CPF (20%) | SGD 300,000 |
| Bank loan (75%) | SGD 1,125,000 |
Total Upfront Costs — Beyond Just Downpayment
Most buyers underestimate the total amount needed. Here is the complete picture:
| Cost | Amount (SGD 1.5M condo, SC 1st property) |
|---|---|
| Cash downpayment (5%) | SGD 75,000 |
| CPF or cash (20%) | SGD 300,000 |
| Buyer's Stamp Duty (BSD) | SGD 44,600 |
| Legal fees | SGD 2,500 — 4,000 |
| Agent commission | SGD 0 (buyer usually doesn't pay) |
| Mortgage stamp duty | SGD 500 |
| **Total upfront needed** | **~SGD 426,600** |
For a 2nd property, add ABSD of 20% (SGD 300,000) — total upfront jumps to SGD 726,600. Use our stamp duty calculator to get the exact BSD and ABSD amount.
LTV Limits — How They Affect Your Downpayment
The LTV (Loan-to-Value) limit determines how much the bank can lend you:
| Situation | Max LTV | Min Downpayment |
|---|---|---|
| First property, no other loans | 75% | 25% |
| Second property, first loan outstanding | 45% | 55% |
| Third property or more | 35% | 65% |
| Loan tenure > 30 years or extends past age 65 | 55% | 45% |
Always check your TDSR before committing. Your total monthly debt repayments must not exceed 55% of gross income.
Can You Use CPF for Condo Downpayment?
Yes — you can use your CPF Ordinary Account (OA) savings for:
- The 20% non-mandatory cash downpayment
- Monthly mortgage repayments
- Stamp duty (BSD)
- Legal fees
You cannot use CPF for: - The mandatory 5% cash downpayment - ABSD (if applicable) - Agent commissions
CPF Withdrawal Limit for Private Property
You can withdraw CPF OA up to the Valuation Limit (lower of purchase price or valuation). Once you reach the Valuation Limit, you can continue withdrawing up to the Withdrawal Limit (120% of valuation) only if you have the required CPF Retirement Account savings set aside.
New Launch vs Resale Condo — Downpayment Differences
New Launch Condo (Under Construction)
New launches use a Progressive Payment Scheme:
| Stage | Payment |
|---|---|
| Booking fee | 5% cash |
| Sales & Purchase Agreement | 15% (cash/CPF) |
| Foundation complete | 10% |
| Concrete framework | 10% |
| Partition walls | 5% |
| Roofing | 5% |
| Windows/doors | 5% |
| Car park | 5% |
| Temporary Occupation Permit (TOP) | 25% |
| Notice of Vacant Possession | 15% |
This spreads your payments over 3-5 years, making new launches more manageable for buyers with less upfront capital.
Resale Condo
- Full downpayment needed at completion (8-10 weeks after OTP)
- No progressive payment scheme
- Inspect the unit before committing
How to Calculate Your Budget
Step 1: Calculate your maximum loan using TDSR calculator — total monthly debt cannot exceed 55% of income.
Step 2: From maximum loan, work backwards: - Maximum loan (75% LTV) → divide by 0.75 → maximum property price
Step 3: Check if your CPF + cash covers the 25% downpayment plus stamp duty and legal fees.
Step 4: Use affordability calculator for a complete picture.
Frequently Asked Questions
Can I use my OA CPF savings for the 5% cash downpayment?
No. The 5% minimum cash component must be paid in cash. CPF OA can only be used for the remaining 20% downpayment, stamp duty, and legal fees.
What if I cannot afford the full 25% downpayment?
Consider: buying a lower-priced property, waiting to accumulate more savings, using CPF OA (if you have sufficient savings), or looking at HDB resale (80% LTV available with HDB loan). Use our HDB loan calculator to compare.
Is there a minimum income requirement to buy a condo in Singapore?
There is no official minimum income. However, your income determines your maximum loan via TDSR. For a SGD 1M condo loan (75% LTV, 25-year tenure), you need roughly SGD 8,500/month gross income to meet TDSR requirements.
Can I buy a condo without a home loan?
Yes — a cash purchase avoids LTV limits and TDSR checks entirely. You still pay stamp duty, legal fees, and agent commissions.
Use Our Calculators
- Home Loan Calculator — monthly repayments at current rates
- Affordability Calculator — maximum property price based on income
- TDSR Calculator — check if you meet the 55% limit
- Stamp Duty Calculator — exact BSD and ABSD costs