Condo Down Payment in Singapore: 5% Cash, CPF and the 25% Rule Explained
How much is the down payment for a condo in Singapore? The 25% rule, the 5% cash minimum, when CPF can be used, and worked examples for a new launch like LinkTown Residences.
The condo down payment is the part of the price you pay yourself, before and alongside the bank loan. In Singapore, it is set by the loan-to-value (LTV) rules, not by the developer. For most first-time borrowers the answer is simple: 25% of the purchase price, of which at least 5% must be cash. What trips buyers up is the timing, what CPF can cover, and the stamp duty that sits on top.
This guide walks through the rules, then applies them to a new launch using illustrative prices for LinkTown Residences (Hougang Central Residences), the upcoming condo at the Hougang Central integrated development.
How the condo down payment is worked out
Banks can lend up to a set percentage of the purchase price or bank valuation, whichever is lower. Whatever the bank doesn’t lend, you pay. The main limits for individual buyers, as published by MAS:
| Your situation | Max loan (LTV) | Down payment | Minimum in cash |
|---|---|---|---|
| No outstanding housing loan, tenure ≤30 years and ending by age 65 | 75% | 25% | 5% |
| No outstanding loan, but tenure >30 years or runs past age 65 | 55% | 45% | 10% |
| One outstanding housing loan | 45% | 55% | 25% |
| Two or more outstanding housing loans | 35% | 65% | 25% |
Lower LTV tiers also apply to second and subsequent loans when tenure exceeds 30 years or runs past age 65. The cash minimums for the reduced tiers are based on MAS’s published framework as reported by lenders; confirm your own figures with your bank.
So “25% down” is really shorthand for the most common case: a buyer with no other home loan, a tenure of 30 years or less, and a loan that ends by 65. Stretch the tenure or already own a mortgaged home, and the down payment for private property jumps sharply.
One more wrinkle: if the bank values the unit below your price, the loan is based on the lower figure and you top up the difference in cash. This is less common at a new launch, but it happens. Our guide to bank valuation shortfalls explains it.
The 5% cash rule
At least 5% of the price must be paid in cash on a first loan. You cannot use CPF for this slice. For a new launch, the 5% booking fee paid when you receive the Option to Purchase (OTP) is usually that cash component.
Plan for this early. HDB upgraders sometimes have plenty in CPF but not enough in the bank, and the booking fee is due on the day you pick a unit. If your cash is tied up in your flat, read our HDB upgrader guide on sell-first versus buy-first.
Can CPF be used for the down payment of private property?
Yes, for the portion beyond the minimum cash. Your CPF Ordinary Account (OA) can typically pay:
- The rest of the down payment (the 20% after the 5% cash, on a first loan)
- Buyer’s Stamp Duty, usually by reimbursing yourself after paying
- Monthly loan instalments once the loan starts
There are limits. CPF usage is capped by the Valuation Limit and, beyond that, the Withdrawal Limit (120% of the Valuation Limit) unless you set aside the Basic Retirement Sum. Full usage also requires the remaining lease to cover the youngest buyer to age 95. When you later sell, the CPF you used plus accrued interest goes back to your CPF account. Our full guide on using CPF to buy a private condo covers each of these limits.
If ABSD applies, confirm with CPF how it can be paid in your case, and have cash ready in case OA savings can’t be used or aren’t enough.
When each part of the down payment is due at a new launch
A resale condo down payment is paid in a few weeks. A new launch is spread across the build, under the progressive payment scheme. Your 25% share is paid first, before the bank disburses anything:
- Booking (OTP): 5% in cash, on the day you choose your unit.
- Exercise of the S&P Agreement: 15%, roughly eight weeks after the OTP. Cash, CPF or both.
- First construction stage (foundation): the first 5% of this 10% stage completes your 25%. The bank typically pays the rest of this stage and every stage after.
Buyer’s Stamp Duty, and ABSD if it applies, is due soon after you exercise the S&P (IRAS generally requires payment within 14 days of signing). That means the first two months after booking are the heaviest for cash flow.
Worked examples: downpayment for a condo at a new launch
LinkTown Residences has no official prices yet. Analysts expect an average of about S$2,500–2,600 psf, and indicative unit sizes can be taken from the developers’ recent project, Parktown Residence. The figures below use the lower end of that range purely to illustrate the maths. They are not prices.
| Illustrative unit (at ~S$2,500 psf) | 1BR+Study ~S$1.27m | 2BR ~S$1.70m | 3BR ~S$2.67m |
|---|---|---|---|
| 5% at OTP (cash) | S$63,500 | S$85,000 | S$133,500 |
| 15% at S&P (cash/CPF) | S$190,500 | S$255,000 | S$400,500 |
| 5% at foundation stage (cash/CPF) | S$63,500 | S$85,000 | S$133,500 |
| Total down payment (25%) | S$317,500 | S$425,000 | S$667,500 |
| Buyer’s Stamp Duty | S$35,400 | S$54,600 | S$103,100 |
| Bank loan (75%) | S$952,500 | S$1,275,000 | S$2,002,500 |
Illustrative only, based on analyst estimates and indicative sizes from Parktown Residence; not official LinkTown Residences prices. BSD computed on the published tiers. ABSD excluded (0% for a Singapore Citizen’s first property).
A Singapore Citizen buying a second home would add 20% ABSD. On the S$1.7m example, that is another S$340,000, unless the couple qualifies for the refund for married couples who sell their first home within the IRAS time limit. See our stamp duty guide.
Can you afford the loan as well?
The down payment is only half the test. The bank also checks your Total Debt Servicing Ratio (TDSR), capped at 55% of gross monthly income, using a 4% stress-test rate for private property. On a 30-year tenure, the S$1.275m loan above works out to about S$6,087 a month at 4%, which needs a combined gross income of roughly S$11,100 a month if you have no other debts. The S$2.0m loan for the 3BR example works out to about S$9,560 a month at 4%, needing roughly S$17,400. These are stress-test figures, not actual instalments. Our home loan guide explains the difference.
Run your own numbers with the payment calculator below, or on our LinkTown Residences calculators page.
Progressive payment calculator
Estimates for illustration only, based on published IRAS/MAS rules. Rates change; confirm with IRAS, your bank and your lawyer.
Common condo down payment mistakes
- Counting CPF for the 5% cash. It has to be cash.
- Forgetting stamp duty. BSD on a S$1.7m unit is S$54,600, due within weeks of the S&P, on top of the 25%.
- Assuming full CPF usage. Your Valuation Limit, Withdrawal Limit and age-95 lease check may reduce what OA can pay.
- Choosing a long tenure without checking the LTV. A tenure past 30 years, or past age 65, cuts the loan to 55% and raises the cash minimum.
- Not getting an In-Principle Approval (IPA) first. An IPA tells you your real loan amount before you commit on launch day.
- Ignoring the buffer. Keep cash for legal fees, a possible valuation gap and six months of instalments.
A simple plan before a new launch
- Get a bank IPA and confirm your maximum loan.
- Check your CPF OA balance and Valuation Limit position on the CPF website.
- Set aside the 5% booking fee in cash, plus BSD (and ABSD if relevant).
- Map the 15% S&P payment to cash or CPF, and note the date it falls due.
- Keep a buffer for the next stage and legal fees.
If you are weighing up a unit at LinkTown Residences, we can walk you through the numbers for your situation once indicative prices are out. Register your interest and we’ll share updates as they are announced.
This is general information, not financial advice. Rules summarised as at Sep 2026; verify with MAS, IRAS, CPF and your bank before committing.
