How much downpayment do I need for a condo?
For a private condo bought with a first bank loan, you need at least 25% of the price as downpayment, of which at least 5% must be in cash and the rest can come from CPF. This assumes a first housing loan at the maximum 75% loan-to-value limit. On top of this, you must pay Buyer's Stamp Duty.
The full rules
Condo downpayment: the rules
The downpayment is the part of the price your loan does not cover. It is the complement of the loan-to-value (LTV) limit.
| Loan situation | Max LTV | Minimum downpayment | Minimum cash portion |
| First bank loan | 75% | 25% | 5% |
| Second bank loan | 45% | 55% | — (see note) |
| Third+ bank loan | 35% | 65% | — (see note) |
Second and third-loan LTV limits assume a 30-year tenure with age ≤65 at loan maturity.
- The 5% minimum cash applies to bank loans on a first loan. The remaining downpayment can be paid using CPF.
- These limits took effect on 20 August 2024.
Buyer's Stamp Duty (BSD)
BSD is paid on top of the downpayment. Residential rates:
| Portion of price | Rate |
| First $180,000 | 1% |
| Next $180,000 (up to $360,000) | 2% |
| Next $640,000 (up to $1,000,000) | 3% |
| Next $500,000 (up to $1,500,000) | 4% |
| Next $1,500,000 (up to $3,000,000) | 5% |
| Above $3,000,000 | 6% |
BSD rates took effect on 15 February 2023.
Worked example
Worked example: $1,500,000 condo, first bank loan
Downpayment (25% of price):
- Total downpayment: 25% × $1,500,000 = $375,000
- Minimum cash (5%): 5% × $1,500,000 = $75,000
- Remaining (can use CPF): $375,000 − $75,000 = $300,000
- Loan (75% LTV): $1,125,000
Buyer's Stamp Duty:
| Portion | Rate | BSD |
| First $180,000 | 1% | $1,800 |
| Next $180,000 | 2% | $3,600 |
| Next $640,000 | 3% | $19,200 |
| Next $500,000 | 4% | $20,000 |
| Total BSD | $44,600 |
Upfront cash and CPF needed: $375,000 downpayment + $44,600 BSD = $419,600 (at least $75,000 must be cash).
What this means for you
First-time private buyer
A first bank loan gives you the maximum 75% LTV, so you plan for a 25% downpayment plus BSD. At least 5% of the price must be in cash; the rest of the downpayment can come from CPF.
Buyer with an existing home loan
If this is your second housing loan, the maximum LTV drops to 45%, so your downpayment rises to 55% of the price (assuming a 30-year tenure with age ≤65 at maturity). A third or later loan caps LTV at 35%.
Cash-light buyer
Even with strong CPF savings, you cannot avoid the 5% minimum cash on a first bank loan. Budget that cash portion separately from the CPF-funded part and the BSD.
Related questions
What is the minimum downpayment for a condo?
For a first bank loan at the maximum 75% loan-to-value limit, the minimum downpayment is 25% of the purchase price. At least 5% of the price must be paid in cash.
How much of the downpayment must be cash?
For a first bank loan, at least 5% of the purchase price must be in cash. The remaining part of the 25% downpayment can be paid using CPF.
Does the downpayment change if I already have a home loan?
Yes. A second bank loan caps loan-to-value at 45% (55% downpayment) and a third or later loan at 35% (65% downpayment), assuming a 30-year tenure with age ≤65 at maturity.
Do I pay stamp duty on top of the downpayment?
Yes. Buyer's Stamp Duty is separate and paid on top of the downpayment. Rates run from 1% on the first $180,000 up to 6% on any amount above $3,000,000.
When did the current loan limits take effect?
The current loan-to-value limits took effect on 20 August 2024. The Buyer's Stamp Duty rates took effect on 15 February 2023.
More answers: How much downpayment do I need for an HDB flat? · What salary do I need to buy a 1 million dollar condo? · What salary do I need to buy a 1.5 million dollar condo? · What salary do I need to buy a 2 million dollar condo?
Sources: HDB / MAS — loan-to-value limits · IRAS — Buyer's Stamp Duty · Last verified 2026-09-05