How much cash do I need to fork out as a downpayment to purchase a Private Condominium or Executive Condominium in Singapore? What is the cash and CPF needed at the different stages? Can I use my Central Provident Fund (CPF) for purchase? What are the other charges involved in buying a property and can I use my CPF to pay them?
These are the questions we typically received from our clients when they are looking to buy a Singapore Residential Property.
For the purpose of this article, we assumed that you are aware of the loan you can get from the bank or your budget to buy your property. If you need a quick assessment of your financial budget based on your age, income, expenses, existing property portfolio, ABSD applicable, etc., you may use this online property affordability calculator or ask a mortgage banker.
In this article, we will discuss the Cash and CPF that is required to purchase your property based on your loan amount and the stages where CPF can be used. We will also sum up with the minimum cash you need to purchase the property.
Let’s look at two very common scenarios:
- Buying your first property.
- Buying your second property and financing an existing property.
- Scenario 1 is applicable to buying of Private Condo (New or Resale) and Executive Condo (New or Resale).
- Scenario 2 is applicable to buying New Private Condo or Resale Private Condo / Executive Condo.
- ABSD may be payable depending on your nationality and the number of existing properties you own. You may refer to this article “What is ABSD?” to find out the ABSD payable according to your profile.