Answer
Property Down Payment Breakdown — Singapore
The down payment is the biggest upfront hurdle. It changes depending on whether it's your first or second property, your age, loan tenure, and loan type. Here's the complete breakdown.
Answer: First property with bank loan: 25% down (5% cash + 20% CPF) at 75% LTV. Second property: 55% down (25% cash + 30% CPF) at 45% LTV. If borrower age + tenure exceeds 65, LTV drops further. HDB loan is the most generous: 10% down (all CPF) at 90% LTV. On a $1,000,000 condo: first-timer needs $50,000 cash minimum; second-property buyer needs $250,000 cash minimum.
LTV Tiers — How Much Can You Borrow?
Loan-to-Value (LTV) determines what percentage the bank will lend. The rest is your down payment. LTV depends on: property count, loan tenure, and your age.
| Scenario | Max LTV | Down Payment | Min Cash |
|---|---|---|---|
| 1st property, tenure ≤30yr, age+tenure ≤65 | 75% | 25% | 5% |
| 1st property, age+tenure >65 | 55% | 45% | 10% |
| 2nd property, tenure ≤30yr, age+tenure ≤65 | 45% | 55% | 25% |
| 2nd property, age+tenure >65 | 25% | 75% | 25% |
| HDB loan (eligible buyers) | 90% | 10% | 0% |
LTV limits set by MAS. HDB loan only for eligible buyers with household income ≤$14,000. Age = oldest borrower for joint loans.
First Property — Down Payment at Every Price
Bank loan, 75% LTV (age+tenure ≤65)
| Price | 5% Cash | 20% CPF | 25% Total | 75% Loan | BSD |
|---|---|---|---|---|---|
| $800,000 | $40,000 | $160,000 | $200,000 | $600,000 | $18,600 |
| $1,000,000 | $50,000 | $200,000 | $250,000 | $750,000 | $24,600 |
| $1,200,000 | $60,000 | $240,000 | $300,000 | $900,000 | $32,600 |
| $1,500,000 | $75,000 | $300,000 | $375,000 | $1,125,000 | $44,600 |
| $2,000,000 | $100,000 | $400,000 | $500,000 | $1,500,000 | $69,600 |
| $3,000,000 | $150,000 | $600,000 | $750,000 | $2,250,000 | $119,600 |
Second Property — The Cash Crunch
Buying a second property while keeping the first is expensive. LTV drops to 45%, and you pay 20% ABSD (SC) or 30% (PR) on top.
| Price | 25% Cash | 30% CPF | 20% ABSD (SC) | BSD | Total Upfront |
|---|---|---|---|---|---|
| $1,000,000 | $250,000 | $300,000 | $200,000 | $24,600 | $774,600 |
| $1,500,000 | $375,000 | $450,000 | $300,000 | $44,600 | $1,169,600 |
| $2,000,000 | $500,000 | $600,000 | $400,000 | $69,600 | $1,569,600 |
SC second property. ABSD (20%) must be paid in cash within 14 days of S&P. BSD can be paid from CPF. Total upfront = down payment + ABSD + BSD.
How Age + Tenure Affects Your Down Payment
If your age plus loan tenure exceeds 65, LTV drops. This means you need more cash and CPF upfront. Here's the impact on a $1,500,000 first property:
| Age | Max Tenure | Age+Tenure | LTV | Down Payment | Min Cash |
|---|---|---|---|---|---|
| 30 | 30 yrs | 60 | 75% | $375,000 | $75,000 |
| 35 | 30 yrs | 65 | 75% | $375,000 | $75,000 |
| 40 | 25 yrs | 65 | 75% | $375,000 | $75,000 |
| 40 | 30 yrs | 70 | 55% | $675,000 | $150,000 |
| 45 | 25 yrs | 70 | 55% | $675,000 | $150,000 |
| 50 | 20 yrs | 70 | 55% | $675,000 | $150,000 |
For joint borrowers, the older borrower's age is used. Max loan tenure is 30 years (bank) or 25 years (HDB). Total tenure cap is 35 years for private, 30 years for HDB.
HDB Loan vs Bank Loan — Down Payment Comparison
If you qualify for an HDB loan (household income ≤$14,000), the down payment is much lower. Here's the comparison for a $600,000 resale HDB:
| Component | HDB Loan (90% LTV) | Bank Loan (75% LTV) |
|---|---|---|
| Down payment | $60,000 (10%) | $150,000 (25%) |
| Minimum cash | $0 | $30,000 (5%) |
| CPF payable | $60,000 | $120,000 |
| Loan amount | $540,000 | $450,000 |
| Interest rate | 2.6% | 2.6–3.5% |
HDB loan rate is CPF OA rate + 0.1% = 2.6%. Bank rates fluctuate. HDB loan requires household income ≤$14,000 and no private property ownership.
What Counts as "Cash" for the Minimum Component
| Accepted | NOT Accepted |
|---|---|
| Bank savings | CPF (any account) |
| Fixed deposits | SRS funds |
| Cash gifts from family | Unrealised investments (shares, crypto) |
| Sale proceeds from existing property | Insurance policies |
| Overdraft or personal loans (included in TDSR) | Foreign currency (until converted) |
Calculate your exact down payment
Enter your income, CPF balance, target price, and existing property to get your exact down payment, stamp duty, and monthly mortgage numbers.
FAQ
How much down payment do I need for my first property in Singapore?
For a bank loan on your first property, you need 25% down payment — 5% in cash (minimum) and 20% from CPF OA. The bank loans you the remaining 75%. For a $1M condo: $50,000 cash + $200,000 CPF = $250,000 total. If your CPF OA is short, the gap must be covered in cash.
What is the down payment for a second property in Singapore?
If the loan tenure is ≤30 years and (age + tenure) ≤65, the LTV is 45%, meaning 55% down payment — with 25% in cash. For a $1.5M second property: $375,000 cash + $450,000 CPF = $825,000 total down payment. Plus 20% ABSD ($300,000) for SC. Total upfront: $1.17M.
What happens to LTV when age plus tenure exceeds 65?
If (borrower’s age + loan tenure) exceeds 65, the maximum LTV drops by 10 percentage points. First property goes from 75% to 55% LTV; second property goes from 45% to 25% LTV. This means significantly more cash/CPF upfront. A 45-year-old taking a 25-year loan (45+25=70) gets the lower LTV.
Can I use CPF for the entire down payment?
No. The minimum cash component is always required. For 75% LTV, it’s 5% cash. For 55% LTV (age+tenure >65 or second property), it’s 10% cash for first property and 25% cash for second. CPF covers the remainder of the down payment up to the Valuation Limit.
What is the minimum cash down payment for an HDB flat?
For HDB loan: 10% down payment, all payable by CPF (0% mandatory cash). For bank loan on HDB: 25% down, with 5% cash minimum. HDB loans have more generous terms (90% LTV) but are only available to eligible buyers with household income ≤$14,000.
Does stamp duty come on top of the down payment?
Yes. BSD and ABSD are separate from the down payment. BSD on a $1M condo is $24,600 (can be paid from CPF). ABSD for SC first property is $0. For PR first property, add 5% ($50,000) in cash. For SC second property, add 20% ($200,000) in cash. These are payable within 14 days of signing the S&P.
Related
- Down Payment First Condo — focused on first-time buyers
- Minimum Cash Down Payment
- Cash Needed $1,000,000 Condo
- Loan Tenure Age Limit
- TDSR Guide Singapore
Last updated Feb 2026. LTV limits per MAS regulations. BSD rates effective 15 Feb 2023. ABSD rates effective 27 Apr 2023. This is a calculation, not financial advice.