Answer
Down Payment for Your First Condo in Singapore
The down payment is the single biggest cash hurdle for first-time condo buyers. Here is exactly how much you need and where it comes from.
Answer: 25% of the purchase price. Minimum 5% in cash, remaining 20% from CPF OA. For a $1M condo: $50,000 cash + $200,000 CPF = $250,000 total down payment. The bank loans you the remaining 75%. If your CPF OA is short, you cover the gap with more cash.
The 25% Down Payment Breakdown
When you take a bank loan for your first residential property, the maximum Loan-to-Value (LTV) is 75%. That means you fund 25% yourself — split between cash and CPF:
| Component | % of Price | On $1M | Source |
|---|---|---|---|
| Cash (minimum) | 5% | $50,000 | Savings, fixed deposits, gifts |
| CPF OA | 20% | $200,000 | Your CPF Ordinary Account |
| Total down payment | 25% | $250,000 | |
| Bank loan | 75% | $750,000 | Monthly mortgage repayments |
LTV of 75% applies when loan tenure does not exceed 30 years and (borrower age + tenure) does not exceed 65.
Down Payment at Every Price Point
First property, bank loan, 75% LTV
| Condo Price | 5% Cash | 20% CPF | 25% Total | 75% Loan |
|---|---|---|---|---|
| $800,000 | $40,000 | $160,000 | $200,000 | $600,000 |
| $1,000,000 | $50,000 | $200,000 | $250,000 | $750,000 |
| $1,200,000 | $60,000 | $240,000 | $300,000 | $900,000 |
| $1,500,000 | $75,000 | $300,000 | $375,000 | $1,125,000 |
| $2,000,000 | $100,000 | $400,000 | $500,000 | $1,500,000 |
What Counts as "Cash"
The 5% minimum cash component has strict rules on what qualifies:
| Accepted as Cash | NOT Accepted |
|---|---|
| Bank savings | CPF (any account) |
| Fixed deposits | SRS funds |
| Cash gifts from family | Shares or investments (until liquidated) |
| Sale proceeds from existing property | Insurance policies |
| Borrowings from financial institutions | Crypto holdings |
What If Your CPF OA Falls Short
If your CPF OA does not have enough for the 20% portion, you make up the difference in cash. Here is what that looks like for a $1M condo:
| CPF OA Balance | CPF Used | Extra Cash Needed | Total Cash |
|---|---|---|---|
| $200,000+ | $200,000 | $0 | $50,000 |
| $150,000 | $150,000 | $50,000 | $100,000 |
| $100,000 | $100,000 | $100,000 | $150,000 |
| $50,000 | $50,000 | $150,000 | $200,000 |
| $0 | $0 | $200,000 | $250,000 |
For a $1M condo. 25% = $250,000 total down payment. 5% = $50,000 minimum cash.
Do Not Forget Stamp Duty
The down payment is not the only upfront cost. You also pay Buyer's Stamp Duty (BSD) — and if you are a PR or buying your second property, Additional Buyer's Stamp Duty (ABSD). BSD can be paid from CPF OA, but ABSD must be cash.
| Condo Price | Down Payment (25%) | BSD | Total Upfront (SC 1st) |
|---|---|---|---|
| $800,000 | $200,000 | $19,400 | $219,400 |
| $1,000,000 | $250,000 | $24,600 | $274,600 |
| $1,200,000 | $300,000 | $32,600 | $332,600 |
| $1,500,000 | $375,000 | $44,600 | $419,600 |
| $2,000,000 | $500,000 | $69,600 | $569,600 |
SC first property = 0% ABSD. PRs add 5% ABSD on top.
Second Property — Much Higher Down Payment
If you already own a property, the LTV drops to 45%, meaning you need a 55% down payment with 25% in cash. Plus ABSD on top. Here is the comparison for a $1.5M condo:
| Component | 1st Property | 2nd Property |
|---|---|---|
| Down payment | 25% = $375,000 | 55% = $825,000 |
| Cash minimum | $75,000 | $375,000 |
| ABSD (SC) | $0 | $300,000 |
| BSD | $44,600 | $44,600 |
| Total upfront | $419,600 | $1,169,600 |
Calculate your exact numbers
Enter your income, CPF balance, and target price to see your full affordability picture — down payment, stamp duty, and monthly mortgage.
FAQ
Can I use all CPF for the condo down payment?
No. The minimum 5% of the purchase price must be paid in cash. You cannot substitute it with CPF. For a $1M condo, that means $50,000 must come from your bank account, fixed deposits, or other cash sources. The remaining 20% can come from CPF OA.
What if my CPF OA balance is empty or not enough?
You need to make up the shortfall in cash. If your CPF OA has $100,000 but the 20% portion is $200,000, you need to pay the remaining $100,000 in cash — on top of the 5% cash minimum. Your total cash outlay increases significantly.
Is the 5% cash down payment mandatory?
Yes. For a bank loan on your first property (75% LTV), the 5% cash component is mandatory. There is no way around it. This is set by MAS regulations and applies to all residential property purchases financed by a bank loan.
What about the down payment for a 2nd property?
For a second property, the maximum LTV drops to 45%, meaning you need a 55% down payment. Of that, 25% must be in cash. On a $1.5M second property: $375,000 cash + $450,000 CPF = $825,000 total down payment. Plus 20% ABSD ($300,000) in cash. It adds up fast.
Can parents help with the condo down payment?
Yes. The cash portion can come from anyone — parents, spouse, savings. The bank does not restrict the source of cash for the down payment, though they may ask for documentation. CPF, however, can only come from your own OA balance. Your parents cannot use their CPF for your property.
Related
Last updated Feb 2026. LTV limits per MAS regulations. BSD rates effective 15 Feb 2023. This is a calculation, not financial advice.