Answer
CPF for Condo Down Payment — How Much OA Can You Use?
The down payment is where most upgraders get confused. How much must be cash? How much can come from CPF? Here's the exact breakdown — no ambiguity.
Answer: For a private condo with a bank loan (75% LTV), the 25% down payment splits into 5% minimum cash and 20% from CPF OA (or additional cash). On a $1,500,000 condo, that's $75,000 cash + $300,000 from CPF OA. CPF usage is capped at the Valuation Limit (lower of purchase price or bank valuation).
The 25% Down Payment Breakdown
When you buy a condo with a bank loan at 75% LTV (the maximum for your first property), you need 25% down payment. MAS mandates that at least 5% must be in cash. The other 20% can come from your CPF Ordinary Account.
| Condo Price | 5% Cash (min) | 20% CPF OA | 75% Bank Loan |
|---|---|---|---|
| $1,000,000 | $50,000 | $200,000 | $750,000 |
| $1,200,000 | $60,000 | $240,000 | $900,000 |
| $1,500,000 | $75,000 | $300,000 | $1,125,000 |
| $1,800,000 | $90,000 | $360,000 | $1,350,000 |
| $2,000,000 | $100,000 | $400,000 | $1,500,000 |
Assumes 75% LTV (first property, tenure ≤ 30 years, age + tenure ≤ 65). Lower LTV = higher down payment.
When LTV Drops to 55% or 45%
If loan tenure exceeds 30 years or your age + tenure exceeds 65, LTV drops to 55%. For a second property, it's 45%. The down payment jumps significantly — and the cash minimum changes too.
| Scenario | LTV | Cash Minimum | CPF OA Portion | Total Down Payment |
|---|---|---|---|---|
| 1st property, standard | 75% | 5% | 20% | 25% |
| 1st property, long tenure | 55% | 10% | 35% | 45% |
| 2nd property | 45% | 25% | 30% | 55% |
For second property, the 25% cash minimum is a big jump. On a $1,500,000 condo, that's $375,000 in cash alone.
The Valuation Limit Rule
CPF sets a Valuation Limit (VL) — the lower of the purchase price or the property's market valuation by the bank. You can only use CPF OA up to this limit for the down payment, loan repayments, and stamp duty combined.
Example: No COV
Condo priced at $1,500,000, bank values it at $1,500,000. VL = $1,500,000. You can use CPF OA for the full 20% ($300,000) and ongoing instalments — no issue.
Example: With COV
Condo priced at $1,600,000, bank values it at $1,500,000. VL = $1,500,000. The $100,000 Cash Over Valuation (COV) must be paid fully in cash. CPF can only be used based on the $1,500,000 valuation.
CPF Withdrawal Limit
Beyond the Valuation Limit, there's also a CPF Withdrawal Limit (WL) for private properties. You can use CPF OA up to 120% of the Valuation Limit for the purchase (including down payment, stamp duty, and monthly instalments).
| Property VL | CPF Withdrawal Limit (120%) | After hitting WL |
|---|---|---|
| $1,000,000 | $1,200,000 | Cash or FRS set-aside required |
| $1,500,000 | $1,800,000 | Cash or FRS set-aside required |
| $2,000,000 | $2,400,000 | Cash or FRS set-aside required |
Once you hit the WL, you can still use CPF if you've set aside your Full Retirement Sum (FRS, currently $213,000 in 2026) in OA + SA combined. Otherwise, monthly payments must be in cash.
What If Your CPF OA Isn't Enough?
Top up in cash
The shortfall between your OA balance and the 20% must be covered in cash. There's no way to borrow more to cover a down payment shortfall.
Wait for CPF refund from HDB sale
If you're selling your HDB, all CPF used (principal + accrued interest) gets refunded to your OA. This refund can be used for the condo purchase. Timing matters — you need the refund to clear before the condo payment deadline.
Lower your target price
If cash and CPF OA don't cover the 25%, the property is beyond your reach right now. Better to know this before committing than after.
See your CPF + cash split instantly
The pipeline calculator shows exactly how much cash and CPF you need for any condo price — factoring in your HDB sale proceeds, CPF refund, and borrowing power.
FAQ
Can I use 100% CPF for condo down payment?
No. MAS requires a minimum 5% cash down payment for private property (bank loan). The remaining 20% of the 25% down payment can come from CPF OA. So the split is: 5% cash + 20% CPF OA (or cash). If your loan is 75% LTV, total down payment is 25% of the purchase price.
What is the CPF Valuation Limit?
The Valuation Limit (VL) is the lower of the purchase price or the bank’s valuation. You can only use CPF OA up to the VL. If you pay $1.6M for a condo valued at $1.5M, you can only use CPF based on $1.5M — the $100K difference (cash-over-valuation) must be paid in cash.
Can I use CPF OA for the option fee?
No. The 1% option fee (resale) or 5% booking fee (new launch) must be paid in cash or cashier’s order. CPF OA can only be used after you exercise the OTP and the conveyancing process begins. Plan to have this cash available upfront.
What if my CPF OA balance isn’t enough for the 20%?
You cover the shortfall in cash. For example, if the 20% CPF portion is $300K but you only have $180K in OA, you need to top up the remaining $120K in cash. There’s no way around this — the 25% down payment must be fully paid before loan disbursement.
Can I use CPF SA for condo down payment?
No. Only CPF Ordinary Account (OA) can be used for property purchases. Special Account (SA) and MediSave cannot be used for housing. If you’ve done SA shielding or transferred OA to SA, that money is locked away from property use.
Does CPF usage affect my monthly mortgage payments?
Yes. After the down payment, you can continue using CPF OA for monthly mortgage instalments. Your monthly OA contribution (employer + employee) goes toward the mortgage. If OA contribution doesn’t cover the full instalment, the remainder comes from cash.
Related
- Down Payment for First Condo — full cost breakdown beyond CPF
- CPF Withdrawal Limits for Property — the 120% rule explained
- CPF OA Housing Limit — how much OA can go to property
- Minimum Cash Down Payment for Condo — 5% vs 10% vs 25%
- Affordability Calculator — max condo from income + CPF
Last updated Feb 2026. Based on CPF Board and MAS regulations. This is general information, not financial advice.