Answer
Private Property Down Payment in Singapore
25% minimum for first property, 55% for second. Here's the full breakdown.
Answer: For your first private property with a bank loan (75% LTV), the minimum down payment is 25% — split into 5% in cash and 20% in cash or CPF OA. On a $1,500,000 condo, that's $75,000 cash + $300,000 cash/CPF. For a second property, LTV drops to 45%, so you need 55% down (25% cash + 30% cash/CPF) — plus 20% ABSD on top. Strategy: use CPF OA for the 20% portion to preserve cash for stamp duty, legal fees, and renovation.
First Property — 25% Down Payment
When you take a bank loan at 75% LTV (the maximum for a first property with tenure ≤ 30 years and borrower age + tenure ≤ 65), you need 25% down payment.
| Purchase Price | 5% Cash (Minimum) | 20% Cash/CPF | Total Down Payment |
|---|---|---|---|
| $1,000,000 | $50,000 | $200,000 | $250,000 |
| $1,500,000 | $75,000 | $300,000 | $375,000 |
| $2,000,000 | $100,000 | $400,000 | $500,000 |
| $3,000,000 | $150,000 | $600,000 | $750,000 |
75% LTV applies when loan tenure ≤ 30 years AND borrower age + tenure ≤ 65. If either is exceeded, LTV drops to 55%.
Second Property — 55% Down Payment + ABSD
If you already own one property and buy a second, LTV drops to 45%. You need 55% down payment, plus ABSD (20% for SC, 30% for PR, 60% for foreigners).
| Purchase Price | 25% Cash | 30% Cash/CPF | 20% ABSD (SC) | Total Upfront |
|---|---|---|---|---|
| $1,500,000 | $375,000 | $450,000 | $300,000 | $1,125,000 |
| $2,000,000 | $500,000 | $600,000 | $400,000 | $1,500,000 |
| $3,000,000 | $750,000 | $900,000 | $600,000 | $2,250,000 |
Married couples (SC+SC) buying jointly can apply for ABSD remission on a second property if selling the first within 6 months.
LTV Tiers — Why Down Payment Changes
| Scenario | Max LTV | Down Payment | Cash Minimum |
|---|---|---|---|
| 1st property, tenure ≤ 30yr, age+tenure ≤ 65 | 75% | 25% | 5% cash |
| 1st property, tenure > 30yr OR age+tenure > 65 | 55% | 45% | 10% cash |
| 2nd property | 45% | 55% | 25% cash |
| 3rd+ property | 35% | 65% | 25% cash |
Cash vs CPF — Allocation Strategy
Use CPF first for the 20% portion
After paying the mandatory 5% in cash, use CPF OA for the remaining 20%. This preserves your cash for stamp duty ($24,600 on a $1,000,000 property), legal fees ($2,500-$4,000), renovation, and the 3-6 month emergency buffer.
Remember the CPF accrued interest cost
CPF used for property must be refunded with 2.5% p.a. compound interest when you sell. Using $200,000 CPF means refunding ~$253,000 after 10 years. If your CPF OA is your main retirement savings, factor this in.
High earners: consider paying more cash
If you have strong cash reserves, paying more cash (and less CPF) means less accrued interest to refund later. This is especially relevant if you plan to sell within 5-10 years.
See Your Actual Numbers
Use the affordability calculator to see your exact down payment, monthly mortgage, and cash needed based on your income and CPF balance.
Affordability CalculatorFAQ
What's the minimum down payment for a private property in Singapore?
For your first property with a bank loan, the minimum is 25% of the purchase price. This is split into 5% in cash and 20% in cash or CPF OA. For example, on a $1.5M condo, the minimum is $75K cash + $300K cash/CPF.
Can I use CPF for the full 25% down payment?
No. The first 5% must be in cash — CPF cannot cover this portion. The remaining 20% can come from CPF OA, cash, or a combination. This is set by MAS rules and applies to all bank loans for private property.
How much down payment for a second property in Singapore?
For a second property, LTV drops to 45%, meaning you need 55% down payment (25% cash + 30% cash/CPF). On top of this, you pay 20% ABSD (for Singapore Citizens). Total upfront on a $2M second property: $1.1M down + $400K ABSD.
Should I use cash or CPF for the down payment?
Use CPF first (after the mandatory 5% cash) to preserve liquid cash for stamp duty, legal fees, renovation, and emergencies. However, remember CPF used must be refunded with 2.5% accrued interest when you sell. If your CPF OA is low, you may need more cash.
What's the down payment if I take an HDB loan instead of a bank loan?
HDB loans only apply to HDB flats, not private property. For HDB flats with an HDB loan, the down payment is 10% (payable by CPF, no cash minimum). Private property must use a bank loan with 25% down (5% cash + 20% cash/CPF).
Related
Last updated Feb 2026. LTV limits set by MAS. ABSD rates effective 27 Apr 2023. Down payment requirements may change with policy updates. This is not financial advice.