Frequently Asked Questions
How does the progressive payment scheme work for new launch condos?
Under Singapore's Progressive Payment Scheme (PPS), you pay for a new launch condo in stages tied to construction milestones: 5% booking fee at OTP, 15% on signing the Sale and Purchase Agreement, then 10% at foundation, 10% at reinforced concrete framework, 5% each at partition walls, ceiling, wiring and car park stages, 25% at TOP and the final 15% at the Certificate of Statutory Completion. Your bank loan is disbursed progressively once your downpayment is fully used.
How much cash do I need upfront for a new launch condo?
With a 75% first housing loan, the minimum is 5% of the purchase price in cash (the booking fee at OTP), plus Buyer's Stamp Duty and any ABSD payable within 14 days of signing. The remaining 20% downpayment can come from CPF OA or cash. For a second housing loan, the minimum cash portion rises to 25% of the price.
When are BSD and ABSD payable on a new launch purchase?
Buyer's Stamp Duty and Additional Buyer's Stamp Duty are payable within 14 days of signing the Sale and Purchase Agreement (or exercising the option). Both can be paid with CPF OA savings, with cash covering any shortfall, though buyers typically pay first and seek CPF reimbursement.
When do monthly mortgage payments start for a new launch?
Your monthly instalments begin when the bank makes its first disbursement, usually at the foundation stage once your cash and CPF downpayment is fully utilised. Payments start small because they are based only on the amount disbursed so far, and step up at each construction milestone until the full loan is drawn at CSC.
What is the maximum loan I can take for a private property?
The loan-to-value limit is 75% for your first housing loan, 45% for a second and 35% for a third or subsequent loan. These drop to 55%, 25% and 15% respectively if your loan tenure exceeds 30 years or the loan extends past age 65, and the minimum cash portion for a first loan rises from 5% to 10%.
This calculator provides estimates for new launch condos only. Progressive payment timelines are approximate and vary by project. Results do not account for variable interest rates, bank credit assessment, CPF usage limits, or developer-specific terms. Always verify with your bank, lawyer, and CPF Board before committing. PropertyNet.SG disclaims any liability for errors or decisions based on these estimates.