Down payments in Singapore

How much the down payment is

• HDB loan: 25% of the price, or for a resale flat of the lower of the price and the valuation. HDB sets no minimum cash payment.
• Bank loan at 75% LTV: 25%, of which at least 5% is cash and the rest cash or CPF.
• Bank loan at 55% LTV, when the loan runs past age 65 or for more than 30 years (25 for an HDB flat): 45%, of which at least 10% is cash.
• If you already have a home loan, the bank lends 45% or 35% at most and at least 25% of the price is cash.
• CPF Board counts the cash on the lower of the price and the valuation, so any amount above the valuation is paid in cash too.

BTO flat: when you pay

1. At booking: the option fee of $2,000 for a 4-room or bigger flat, $1,000 for a 3-room and $500 for a 2-room Flexi. It is paid in cash and counts towards the down payment.
2. At the Agreement for Lease, within 9 months of booking: 10% of the price with an HDB loan, or 20% with a bank loan (at least 5% in cash, or 10% at 55% LTV), less the option fee. Stamp duty and legal fees are due as well.
3. At key collection: the other 15% with an HDB loan, or 5% with a bank loan at 75% LTV and 25% at 55%. The loan pays the rest of the price.

Staggered and deferred BTO payments

HDB applies these automatically and tells you at the flat booking appointment if you qualify.

• Staggered Downpayment Scheme: first-timer couples, or a first-timer with a second-timer, who applied for their HDB Flat Eligibility letter by the younger one’s 30th birthday and booked an uncompleted 5-room or smaller flat; and owners right-sizing to an uncompleted 3-room or smaller flat.
• Under it you pay 5% at the Agreement for Lease and 20% at keys with an HDB loan; 10% (at least 5% in cash) and 15% with a bank loan at 75% LTV; or 10% in cash and 35% at 55%.
• Young couples on deferred income assessment, from the June 2024 sales exercise: 2.5% at the Agreement for Lease, in cash with a bank loan, and the rest of the down payment at keys.
• Deferred Downpayment Scheme: buyers aged 55 and above who have not yet sold their flat and book an uncompleted 3-room or smaller flat pay only stamp duty and legal fees at the Agreement for Lease, and the full price at keys.

HDB resale flat

• The Option Fee of $1 to $1,000 and the Option Exercise Fee together come to at most $5,000. They count towards the price.
• After you endorse the resale documents, by HDB’s deadline, you make the initial payment: 25% of the lower of the price and the valuation with an HDB loan or a bank loan at 75% LTV, or 45% at 55%.
• The balance is paid on or before resale completion, mostly by the loan. Any cash over valuation is cash.

New launch condo or EC

• The booking fee for the option is 5% to 10% of the price under the Housing Developers Rules. With a 75% bank loan, MAS requires the 5% booking fee in cash; the next 15% can be CPF or cash.
• The first 20%, including the booking fee, is due when you sign the sale and purchase agreement, within 8 weeks of the option date. The rest of your share is paid at the first construction stages before the bank loan starts.
• An EC is bought with a bank loan: a 5% option fee at booking, then the 15% balance from CPF or cash by the date in the option.

Resale condo or landed home

CEA’s option template leaves the option money and deposit for you and the seller to agree, as a percentage of the price, and the deposit counts towards the price. The calculator takes 5% in cash at the option and the rest of the down payment at completion.

Worked examples

• $400,000 4-room BTO flat with an HDB loan: $2,000 at booking, $38,000 at the Agreement for Lease and $60,000 at keys, all but the option fee from CPF or cash. The loan is $300,000.
• Same flat on the Staggered Downpayment Scheme: $2,000, then $18,000, then $80,000.
• Same flat with a 75% bank loan: $2,000, then $78,000, of which $18,000 is cash, then $20,000 at keys.
• $600,000 resale flat with an HDB loan: up to $5,000 in option fees, then a $145,000 initial payment from CPF or cash.
• $1.5 million new launch with a 75% bank loan: a $75,000 booking fee in cash, $225,000 at signing from CPF or cash and $75,000 at the foundation stage, before the $1,125,000 loan starts.

Questions

Sources

• HDB: Booking of flat
• HDB: Plan your finances for a new flat
• HDB: Sign the Agreement for Lease
• HDB: Approval of resale application
• HDB: Process for buying an EC
• MAS: Loan tenure and loan-to-value limits
• CPF Board: Can I use my CPF savings for the down payment?
• CPF Board: HDB option fee and housing expenses
• Housing Developers Rules, Forms 4 and 5 (payment schedules)
• CEA: Buying or selling a private home on your own

Rules and fees change. Check the linked official pages before you commit, and ask a lawyer about your own sale or purchase.

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