For a first bank-financed condo (as of 2026-06), the minimum downpayment is 25% of the purchase price — at least 5% must be cash (cannot be substituted with CPF) and the remaining 20% can come from CPF OA, cash, or a mix. For a second property the downpayment rises to 55% (min 25% cash); for a third or more it is 65% (min 25% cash). On a S$1.5 million first condo that means S$75,000 in cash plus up to S$300,000 from CPF OA — before BSD and legal fees, which sit on top.
Singapore's property financing framework is built around a single number: the Loan-to-Value (LTV) limit set by the Monetary Authority of Singapore. The LTV tells you the maximum fraction of the purchase price a bank can lend you; the remainder — the downpayment — is yours to fund. But the LTV alone does not tell you how that downpayment must be structured. MAS rules impose a hard floor on the portion that must arrive as cash, and that floor varies depending on how many outstanding housing loans you hold at the time of purchase. Getting these numbers wrong at the offer stage is expensive: option fees are non-refundable, and exercise deadlines are fixed. This reference sets out the exact percentages, the cash-versus-CPF split, the long-tenure exception, and the HDB-specific rules — then works through a S$1.5 million first-condo example so every figure is concrete (as of 2026-06).
The LTV grid: downpayment by loan count
The table below summarises the MAS rules for residential property loans as of 2026-06. "Loan count" refers to the number of outstanding housing loans at the point you take the new loan — including any HDB loan still outstanding. Verify the current limits at MAS: Macroprudential Measures on Residential Property Loans before committing.
| Outstanding loans at time of purchase | Max LTV | Downpayment required | Minimum cash component | Balance (CPF OA or cash) |
|---|---|---|---|---|
| None (first housing loan) | 75% | 25% | 5% | 20% |
| One outstanding loan (second property) | 45% | 55% | 25% | 30% |
| Two or more outstanding loans (third+ property) | 35% | 65% | 25% | 40% |
The long-tenure exception
If the loan tenure exceeds 30 years, or if the loan period extends past the borrower's 65th birthday, the LTV limit for a first loan drops from 75% to 55%. This raises the total downpayment to 45%, with the same 5% cash floor. The practical impact: a 35-year-old buyer seeking a 31-year mortgage (loan expires at age 66) triggers this reduction. Use the mortgage calculator to model tenure against LTV before locking in a term.
HDB flats: different rules apply
For HDB flats purchased with an HDB Concessionary Loan, the LTV is 75% (revised from 80% on 20 Aug 2024), the downpayment is 20% — and uniquely, the entire 20% can be paid from CPF OA with zero cash required. For an HDB flat purchased with a bank loan, the LTV limit is 75% and the same 5% cash floor applies, identical to a private condo. The distinction matters: an HDB owner who sold their flat and still has an HDB loan listed as "outstanding" on HDB's records may be treated as already holding one loan when they apply for a condo bank loan, pushing them into the 45% LTV tier. Always verify your loan-count status with your bank before signing the OTP.
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 LTV for HDB Concessionary Loans was reduced from 85% to 80% on 16 December 2021, then further reduced to 75% on 20 Aug 2024 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.
Worked example: S$1.5 million first condo
The figures below use a S$1,500,000 purchase price and a first-time Singapore Citizen buyer with a standard 25-year bank loan (within the 30-year and age-65 thresholds) — the 75% LTV applies in full (as of 2026-06).
| Component | % of price | Amount | Eligible funding source |
|---|---|---|---|
| Bank loan (max 75% LTV) | 75% | S$1,125,000 | Mortgage |
| Minimum cash downpayment | 5% | S$75,000 | Cash only — CPF not permitted |
| Remaining downpayment | 20% | S$300,000 | CPF OA, cash, or a mix |
| Total downpayment | 25% | S$375,000 | Min S$75,000 must be cash |
| Buyer's Stamp Duty (BSD) on S$1.5M | — | S$44,600 | CPF OA or cash (on top of downpayment) |
| Option fee (typically 1%) | — | S$15,000 | Cash only (applied to cash downpayment later) |
BSD on S$1.5M is computed as: 1% on first S$180,000 = S$1,800; 2% on next S$180,000 = S$3,600; 3% on next S$640,000 = S$19,200; 4% on remaining S$500,000 = S$20,000 — total S$44,600 (rates per IRAS BSD schedule). BSD is separate from and in addition to the downpayment — a detail that consistently surprises first-time buyers who plan their cash reserves around only the 5%+20% split. Use the total purchase cost calculator to arrive at the full upfront outlay including BSD, legal fees, and stamp duty on the mortgage.
Second property: the numbers at S$1.5 million
With one outstanding housing loan, LTV falls to 45%, so a S$1.5 million second property requires a 55% downpayment of S$825,000 — of which at least S$375,000 (25%) must be cash. Additional Buyer's Stamp Duty (ABSD) for a Singapore Citizen's second residential property is currently 20% of the purchase price (S$300,000 on a S$1.5M purchase), payable on top of BSD and separate from the downpayment. The combined pre-mortgage outlay is substantial: check your affordability profile before committing to a second property purchase. ABSD rates are confirmed at IRAS ABSD rates.
CPF OA withdrawal limits for private property
Even if you have a large CPF OA balance, not all of it is available for private property. Under the CPF housing withdrawal rules, you can withdraw CPF OA for a private property up to the purchase price or valuation (whichever is lower) minus the CPF Minimum Sum / Basic Retirement Sum component. For buyers aged 55 and above, the Basic Retirement Sum must be set aside before CPF can be used for housing. Younger buyers typically have no such restriction at the point of purchase, but the CPF annual contribution limit of S$37,740 (2026) means it takes years to accumulate a large OA balance. Always confirm your available OA balance with CPF Board before the option exercise date.
Step by step
- Confirm your outstanding loan count. Obtain a letter from HDB (if you have an HDB loan) or check with your bank to confirm how many housing loans are formally outstanding. This single number determines your LTV tier and hence your total downpayment obligation.
- Check the long-tenure rule. Calculate: current age + intended loan tenure. If the result exceeds 65, or if the tenure exceeds 30 years by itself, your LTV drops to 55% and total downpayment rises to 45%. Use the mortgage calculator to find the tenure that keeps you in the standard 75% LTV bracket.
- Compute your minimum cash requirement. Multiply the purchase price by your applicable cash-floor percentage (5% for a first loan, 25% for second or third+). This is the hard cash minimum — no CPF substitution is permitted for this portion.
- Check your CPF OA balance for the remaining downpayment. Log in to My CPF Portal and navigate to Home Ownership to see your available OA balance and any applicable withdrawal limits. Factor in the Basic Retirement Sum set-aside if you are 55 or above.
- Add BSD and legal fees on top. Use the total cost calculator to add BSD, legal conveyancing fees (typically S$2,500–S$4,000 for a condo purchase), and valuation fees. These sit outside the downpayment structure entirely and must be funded from cash or CPF OA separately.
- Account for the option fee. The option fee (typically 1% of the purchase price, payable on OTP grant) must be in cash and is usually credited back against the cash downpayment on exercise. It is not an additional cost but it must clear your bank account first — plan your cash timing accordingly.
- Run the full affordability check. Confirm that the monthly mortgage on the remaining 75% (or lower LTV) stays within the Total Debt Servicing Ratio (TDSR) limit of 55% of gross monthly income. The affordability calculator models income, existing debts, and interest-rate stress scenarios against the TDSR and MSR ceilings.
- Verify the rules have not changed before exercising. MAS cooling measures can change LTV limits, ABSD rates, or cash-floor requirements with limited notice. Always re-confirm the figures at MAS: Macroprudential Measures in the week before signing the OTP.
Frequently asked questions
Can I use a personal loan or credit line to fund the 5% minimum cash downpayment?
No. MAS rules prohibit using unsecured borrowing — including personal loans, renovation loans drawn before legal completion, and credit card cash advances — to fund the minimum cash downpayment on a property. Banks are required to check whether the downpayment funds were borrowed, and doing so could constitute a misrepresentation on your mortgage application. The 5% (or 25% for second and third properties) must come from genuine cash savings, fixed deposits, proceeds from the sale of assets, or gifts that are demonstrably non-repayable. Your bank's legal conveyancer will typically require a statutory declaration confirming the source of downpayment funds (as of 2026-06).
If I sell my HDB flat before buying a condo, does the HDB loan count as an outstanding loan?
Once the HDB flat is fully sold and the HDB loan is discharged — meaning legal completion has occurred and HDB records the loan as settled — it no longer counts as an outstanding housing loan for LTV purposes. The critical date is legal completion of the HDB sale, not the OTP exercise date or the date you hand over the keys. If you are buying a condo before the HDB sale completes, the HDB loan will still appear as outstanding and you will be treated as having one existing loan, reducing your condo LTV to 45%. Many buyers sequence the transactions so that HDB completion precedes the condo OTP exercise to preserve the 75% LTV. Confirm your loan-discharge status in writing from HDB before signing the condo OTP (as of 2026-06).
Does the 5% cash floor apply if I am paying cash for the entire property?
The minimum cash component rule only applies when you are taking a housing loan. If you are purchasing entirely without a mortgage — a full-cash transaction — there is no regulatory requirement that any particular portion be funded from cash as opposed to CPF OA. You could theoretically draw down CPF OA for the full purchase price (subject to the CPF withdrawal limit for private property, which is the purchase price or valuation less the Basic Retirement Sum set-aside). In practice, most full-cash buyers do pay in cash because the CPF withdrawal limit, processing time, and Basic Retirement Sum rules make full-CPF purchases administratively complex. Check with CPF Board for the exact withdrawal ceiling applicable to your age and OA balance (as of 2026-06).
How does the downpayment calculation work for a joint purchase where one party has an existing loan?
When two or more buyers purchase a property jointly, MAS applies the LTV limit based on the borrower with the most outstanding housing loans among all the joint borrowers. If Buyer A has no outstanding loan and Buyer B has one outstanding loan, the joint purchase is treated as if both are buying with one outstanding loan — the LTV limit is 45% and the minimum cash downpayment is 25% of the purchase price. The stricter rule applies regardless of how ownership is split. This means a financially clear co-buyer is effectively penalised for buying alongside a co-borrower who already has an outstanding mortgage. Borrowers in this situation sometimes consider structuring the purchase with only the clear buyer on the mortgage (the co-owner takes a smaller ownership share as a non-borrower), but this has ABSD and legal implications that require advice from a qualified property lawyer (as of 2026-06).
Are the option fee and exercise fee part of the downpayment, or separate payments?
Both form part of the total purchase price paid but are staged differently. The option fee — paid when the seller grants you the Option to Purchase — is typically 1% of the purchase price for private property and must be in cash. The exercise fee — paid when you exercise the option, typically within 14 to 21 days — is usually a further 4% for a total of 5%, again in cash. Together these 5% cash payments satisfy the minimum cash downpayment requirement on a first-loan purchase. They are not additional costs on top of the 5% — they are the mechanism by which you pay that 5%. On legal completion (typically 8 to 12 weeks later), the remaining 20% downpayment (from CPF OA or cash) and the mortgage drawdown are paid to the seller. BSD and legal fees are paid at or around the exercise date separately. Always confirm the exact fee staging with your conveyancing solicitor before signing the OTP (as of 2026-06).