Condo Down Payment in Singapore: Cash and CPF Minimums by Loan Level

A condo down payment in Singapore is set by one number: the loan-to-value (LTV) limit that MAS applies to your loan. Whatever the bank cannot lend, you pay yourself, and part of that must be in cash. This guide sets out the minimums at each LTV level, how cash and CPF split, when each part falls due on a new launch, and what that means in dollars for LinkTown Residences (Hougang Central Residences), the condo planned above Hougang MRT (NE14).

Down payment by loan-to-value limit

MAS sets the maximum loan as a share of the property’s value. It depends on how many housing loans you already have, the loan tenure and your age.

Your existing housing loans	Max LTV	Down payment	Of which, minimum cash	Balance: cash or CPF
None (tenure up to 30 years and ends by age 65)	75%	25%	5%	20%
None (longer tenure or past age 65)	55%	45%	10%	35%
One	45% (or 25%)	55% (or 75%)	25%	30% (or 50%)
Two or more	35% (or 15%)	65% (or 85%)	25%	40% (or 60%)

Source: MAS, Loan tenure and loan-to-value limits. The lower figure in brackets applies when the tenure is over 30 years for private property, or the loan runs past the borrower’s age 65. The maximum tenure for a private property loan is 35 years.

Three things that change the number

• Age and tenure. A 45-year-old taking a 30-year loan would run past 65, so the 55% LTV applies unless the tenure is shortened. Joint buyers are often assessed on an income-weighted average age; ask your bank how it works out for you.
• An existing HDB loan counts. Upgraders who still owe on their flat when they buy fall into the “one loan” row. That is the main reason many sell first or clear the loan before booking. Our HDB loan vs bank loan guide explains the switch to a bank loan. Our HDB upgrader guide covers the sequencing.
• Valuation, not only price. The loan is based on the lower of the price and the bank’s valuation. If the valuation comes in low, the gap is paid in cash. See what happens with a valuation shortfall.

Paying with CPF

CPF Ordinary Account savings can pay the part of the down payment above the cash minimum, and later the monthly instalments. The limits, kept high level:

• Use is capped by the Valuation Limit (the lower of price and valuation) and a Withdrawal Limit of 120% of it, unless the Basic Retirement Sum is set aside.
• Full use requires the remaining lease to cover the youngest buyer to age 95. A new 99-year lease generally meets this.
• When you sell, the CPF you used plus accrued interest goes back to your CPF account, not your pocket.

Our CPF for private property guide goes into the limits. Check your own figures with CPF Board’s housing calculator.

When the down payment is paid on a new launch

On a new launch under the normal progressive payment scheme, the down payment is not paid in one go. With a 75% loan:

1. Booking (Option to Purchase): 5% of the price, in cash.
2. Sale and Purchase Agreement, about eight weeks later: 15%, which can be cash or CPF.
3. Foundation stage: the stage calls for 10%. The first 5% completes your 25%; the bank starts disbursing for the rest.

After that, each construction stage is funded by the loan, and you pay interest only on what has been drawn. Stamp duty is separate and falls due within 14 days of signing the Sale and Purchase Agreement. The payment scheme page lists every stage through to TOP and CSC, and our step-by-step guide to buying a condo in Singapore shows where the down payment fits in the wider process.

Illustrative down payments at Hougang Central Residences

First loan at 75% LTV

Indicative unit	Price	Down payment (25%)	Minimum cash (5%)	Cash or CPF (20%)	BSD (on top)
1-Bedroom + Study, 506 sq ft	S$1,265,000	S$316,250	S$63,250	S$253,000	S$35,200
2-Bedroom, 678 sq ft	S$1,695,000	S$423,750	S$84,750	S$339,000	S$54,350
3-Bedroom, 1,066 sq ft	S$2,665,000	S$666,250	S$133,250	S$533,000	S$102,850

BSD uses IRAS’s residential rates for Singapore Citizens buying a first home, so no ABSD. At S$2,600 psf, each price and down payment rises by 4%.

Same 2-bedroom, three buyer situations

Situation	Max loan	Down payment	Minimum cash
No housing loan, 25-year tenure, ends by 65	S$1,271,250 (75%)	S$423,750	S$84,750
No housing loan, loan runs past 65	S$932,250 (55%)	S$762,750	S$169,500
Still has an HDB loan	S$762,750 (45%)	S$932,250	S$423,750

The jump in the last row is why the order of selling and buying matters so much for upgraders. The loan in each case also has to pass the 55% TDSR test; the TDSR guide shows the income each unit type needs.

You can test different prices and loan amounts on the stamp duty, loan and payment calculators.

Register to get LinkTown Residences prices as soon as they’re released, so you can work out your own down payment.

Frequently asked questions

What is the minimum down payment for a condo in Singapore?

For a first housing loan at the full 75% loan-to-value, you pay 25% of the price: at least 5% in cash and the other 20% in cash or CPF Ordinary Account savings. If the loan tenure goes beyond 30 years or past age 65, the LTV falls to 55% and you pay 45%, with at least 10% in cash.

How much cash do I need if I still have an HDB loan?

With one outstanding housing loan the LTV cap is 45% (or 25%), so the down payment is 55% or more, and at least 25% of the price must be cash. Many upgraders sell or redeem the HDB loan first.

Can I use CPF for the booking fee on a new launch?

In practice the 5% booking fee paid at the Option to Purchase is paid in cash. CPF Ordinary Account savings can usually go towards the 15% due at the Sale and Purchase Agreement, subject to CPF limits.

Is stamp duty part of the down payment?

No. Buyer’s Stamp Duty and any ABSD are separate and due within 14 days of signing the Sale and Purchase Agreement. Budget for them on top of the down payment.