The minimum downpayment for a first private condo in Singapore is 25% of the purchase price as of 2026, of which at least 5% must be paid in cash. For a HDB flat with an HDB Concessionary Loan, the downpayment is 20% (fully payable from CPF if you qualify). For a HDB flat with a bank loan, the downpayment is 25% (5% cash minimum).
The LTV grid for first property
The Loan-to-Value (LTV) limit governs how much you can borrow against a property. Source: MAS LTV framework.
| Loan Type | Max LTV | Min Cash % | Total Downpayment |
|---|---|---|---|
| HDB loan, first HDB | 80% | 0% (full CPF) | 20% |
| Bank loan, first private/HDB | 75% | 5% | 25% |
| Bank loan, second property | 45% | 25% | 55% |
| Bank loan, third+ property | 35% | 25% | 65% |
The 80% LTV for HDB Concessionary Loans was reduced from 85% on 16 December 2021 as a cooling measure.
For private condos and bank-financed HDB flats, the minimum 5% cash component cannot be substituted with CPF — it must come from cash savings or non-CPF sources.
Worked example: S$1.2M condo, first-time SC buyer
| Item | Amount | Source |
|---|---|---|
| Purchase price | S$1,200,000 | — |
| Bank loan (75%) | S$900,000 | Mortgage |
| Cash minimum (5%) | S$60,000 | Cash only |
| CPF / cash flex (20%) | S$240,000 | CPF OA or cash |
| BSD | S$32,600 | Cash or CPF |
| Legal fees (estimate) | S$3,000 | Cash |
| Valuation + admin fees | S$500 | Cash |
| Minimum cash needed | S$63,500 | Out-of-pocket |
| Total upfront (cash + CPF) | S$336,100 | — |
The S$63,500 cash floor assumes BSD is paid from CPF. If CPF balance is insufficient, BSD must also be paid in cash, raising the cash requirement to approximately S$96,100.
Buying a second property: the math changes
For a second residential property bought with a bank loan, max LTV drops to 45% and the minimum cash component rises to 25%. Source: MAS.
On a S$1.2M second property: cash minimum of S$300,000 plus 30% CPF/cash flex of S$360,000 = S$660,000 downpayment, before factoring in ABSD of S$240,000 (20% for SC second property).
The Singapore mortgage framework covers tenure, rates, and loan structuring across property types.
Frequently asked questions
Can I borrow the 5% cash component?
No. The minimum cash downpayment must come from cash savings, fixed deposits, or non-CPF sources. Personal loans for property downpayment are explicitly disallowed under MAS rules.
What if my loan is reduced below 75% LTV?
Banks may offer lower-LTV packages with better rates. Borrowing less reduces TDSR utilisation and increases approval headroom for future loans.
Are stamp duties included in the LTV calculation?
No. LTV is purely the property loan against the purchase price. Stamp duties are payable in addition.