One of the most common questions from first-time and upgrading buyers: how much cash do I actually need to buy a private condo or Executive Condominium in Singapore? Can I use my CPF? What are the extra costs on top of the purchase price?
This guide breaks down the cash and CPF needed at each stage of your purchase, including downpayment, stamp duties, legal fees, and other charges. We cover two common scenarios: buying your first property and buying a second property while financing an existing one.
If you need a quick estimate of your total budget, try our Property Affordability Calculator.
How Property Purchase Payments Work
When you buy a private residential property or EC in Singapore, the payment happens in stages:
- Booking fee (5%): Paid in cash when you sign the Option to Purchase (OTP)
- Downpayment balance: Paid upon exercising OTP / signing S&P. Can be cash and/or CPF OA, depending on whether you have an existing housing loan
- Bank loan: The remaining portion, up to your Loan-to-Value (LTV) limit (75% with no existing loan, or 45% with one existing loan)
On top of the purchase price, you will also need to pay Buyer's Stamp Duty (BSD), potentially Additional Buyer's Stamp Duty (ABSD), legal fees, and other charges.
Understanding Your LTV Limit
The amount of bank loan you can get depends on whether you have an existing housing loan:
| Scenario | Max LTV | Min Cash | Min Cash + CPF |
|---|---|---|---|
| No existing loan, tenure ≤30 yrs, age + tenure ≤65 | 75% | 5% | 25% |
| No existing loan, tenure >30 yrs or age + tenure >65 | 55% | 10% | 25% |
| 1 existing loan, tenure ≤30 yrs, age + tenure ≤65 | 45% | 25% | 55% |
| 1 existing loan, tenure >30 yrs or age + tenure >65 | 25% | 25% | 55% |
For full details on LTV and TDSR, refer to our guide on How TDSR and LTV Affect Your Property Loan or visit MAS | Loan-to-Value Limits.
Current Buyer's Stamp Duty (BSD) Rates
BSD is payable on all property purchases. The current rates (effective 15 February 2023) are:
| Purchase Price / Market Value | BSD Rate |
|---|---|
| First $180,000 | 1% |
| Next $180,000 ($180,001 to $360,000) | 2% |
| Next $640,000 ($360,001 to $1,000,000) | 3% |
| Next $500,000 ($1,000,001 to $1,500,000) | 4% |
| Next $1,500,000 ($1,500,001 to $3,000,000) | 5% |
| Amount exceeding $3,000,000 | 6% |
BSD can be paid using cash and/or CPF OA funds. For more details, visit IRAS | Buyer's Stamp Duty.
Current ABSD Rates
Additional Buyer's Stamp Duty applies depending on your nationality and the number of properties you own. The current rates (effective 27 April 2023) are:
| Profile of Buyer | ABSD Rate |
|---|---|
| Singapore Citizen buying 1st property | 0% |
| Singapore Citizen buying 2nd property | 20% |
| Singapore Citizen buying 3rd and subsequent | 30% |
| Singapore PR buying 1st property | 5% |
| Singapore PR buying 2nd property | 30% |
| Singapore PR buying 3rd and subsequent | 35% |
| Foreigner buying any property | 60% |
| Entity buying any property | 65% |
ABSD can be paid using cash and/or CPF OA funds. For more details, visit IRAS | Additional Buyer's Stamp Duty.
Scenario 1: Buying Your First Property (75% LTV)
Assuming you are a Singapore Citizen buying your first private condo or EC at $1,500,000, with no existing housing loan and a loan tenure of 30 years or less:
| Payment Stage | % of Price | Amount | Payment Method |
|---|---|---|---|
| Booking fee (OTP) | 5% | $75,000 | Cash only |
| Upon exercising OTP / signing S&P | 15% | $225,000 | Cash and/or CPF OA |
| Balance 5% before loan disbursement | 5% | $75,000 | Cash and/or CPF OA |
| Bank loan | 75% | $1,125,000 | Monthly repayments via Cash/CPF |
| Duties and Fees | |||
| Buyer's Stamp Duty (BSD) | $44,600 | Cash and/or CPF OA | |
| ABSD | $0 | N/A (SC 1st property) | |
| Legal fees (estimated) | $3,000 to $3,500 | Cash and/or CPF OA | |
| Valuation fee | $300 to $500 | Cash only | |
| Mortgage stamp duty | ~$500 | Cash and/or CPF OA | |
| Total Cash + CPF needed (excl. bank loan) | ~$423,900 | ||
| Minimum cash needed | ~$75,500 | ||
* Minimum cash assumes the remaining 20% downpayment, BSD, legal fees, and mortgage stamp duty are paid from CPF OA. The 5% booking fee and valuation fee must be paid in cash.
Scenario 2: Buying a Second Property With Existing Loan (45% LTV)
Assuming you are a Singapore Citizen buying a second private condo at $2,000,000, with an existing housing loan and loan tenure of 30 years or less:
| Payment Stage | % of Price | Amount | Payment Method |
|---|---|---|---|
| Booking fee (OTP) | 5% | $100,000 | Cash only |
| Upon exercising OTP / signing S&P | 20% | $400,000 | Cash only (25% cash rule) |
| Balance 30% before loan disbursement | 30% | $600,000 | Cash and/or CPF OA |
| Bank loan | 45% | $900,000 | Monthly repayments via Cash/CPF |
| Duties and Fees | |||
| Buyer's Stamp Duty (BSD) | $69,600 | Cash and/or CPF OA | |
| ABSD (SC 2nd property, 20%) | $400,000 | Cash and/or CPF OA | |
| Legal fees (estimated) | $3,000 to $3,500 | Cash and/or CPF OA | |
| Valuation fee | $300 to $500 | Cash only | |
| Mortgage stamp duty | ~$500 | Cash and/or CPF OA | |
| Total Cash + CPF needed (excl. bank loan) | ~$1,573,600 | ||
| Minimum cash needed | ~$500,500 | ||
* Minimum cash assumes the 30% balance, BSD, ABSD, legal fees, and mortgage stamp duty are paid from CPF OA. When you have an existing housing loan, the first 25% of the purchase price must be paid fully in cash.
Key Takeaways
- The 5% booking fee is always in cash. This is the non-negotiable minimum when you sign the OTP.
- With no existing housing loan, you can borrow up to 75% and only need 5% in cash. The remaining 20% can come from CPF OA.
- With an existing housing loan, the LTV drops to 45% and the first 25% must be fully in cash.
- ABSD adds significant cost for second and subsequent property purchases. At 20% for a Singapore Citizen's second property, this alone is $400,000 on a $2M purchase.
- BSD and ABSD can both be paid using CPF OA funds, subject to available balance.
- Always factor in legal fees ($3,000 to $3,500) and valuation fees ($300 to $500) on top of downpayment and stamp duties.
For a personalised breakdown based on your income, age, and property budget, use our Affordability Calculator or speak to our consultants.
Useful Tools
- Affordability Calculator - Work out your budget based on income and existing commitments
- Stamp Duty Calculator - Calculate your BSD and ABSD instantly
Related Guides
- What is Buyer Stamp Duty and ABSD?
- How TDSR and LTV Affect Your Property Loan
- How to Upgrade from HDB to Condo Without Paying ABSD
- Getting Cash Out of Your Property via Home Equity Loan
- Using CPF to Buy a Second Property
Official Resources
- IRAS | Buyer's Stamp Duty (BSD)
- IRAS | Additional Buyer's Stamp Duty (ABSD)
- IRAS | Stamp Duty Remissions and Reliefs
- MAS | Loan-to-Value Limits
- MAS | Total Debt Servicing Ratio (TDSR)
- CPF Board | Using CPF to Buy a Home
Last reviewed April 2026. Stamp duty rates, LTV limits, and ABSD rates are subject to change. Always verify with the relevant authorities before making a purchase decision.
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