Paying the downpayment for a condominium is one of the first financial commitments when buying private property in Singapore. Purchasing a condo remains expensive, and with prices gradually increasing, it is essential to understand how much of the bill must be paid upfront.
This guide breaks down the initial costs of buying a condo in Singapore, including how your citizenship status, number of existing homes, and property loans affect your downpayment amount.
Your citizenship status and the number of properties you already own play a major role in determining ABSD, which is payable in addition to the downpayment.
Current ABSD Rates (2025):
| Buyer Type | ABSD Rate |
|---|---|
| Singapore Citizen buying first property | 0% |
| Singapore Citizen buying second property | 20% |
| Singapore Citizen buying third and subsequent properties | 30% |
| Singapore Permanent Resident (PR) buying first property | 5% |
| PR buying second property | 30% |
| PR buying third and subsequent properties | 35% |
| Foreigners buying any property | 60% |
| Entities (company or association) | 65% |
| Housing developers | 35% (+5% non-remittable for developers) |
| Trustee purchasing residential property | 65% |
Example: A Singapore Citizen buying a second property worth $1 million will incur 20% ABSD, which is $200,000 upfront.
Unlike ABSD, BSD applies to all buyers regardless of citizenship or property count. It is calculated based on either the purchase price or the market value, whichever is higher.
BSD Rates (Residential):
| Purchase Price/Market Value | BSD Rate |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1.5 million | 5% |
| Amount above $3 million | 6% |
The LTV limit determines how much loan you can borrow and directly affects your required cash or CPF downpayment.
| Outstanding Housing Loans | LTV Limit | Minimum Cash Downpayment |
|---|---|---|
| 0 | 75% or 55%* | 5% (for 75% LTV), 10% (for 55% LTV) |
| 1 | 45% or 25%* | 25% |
| 2 or more | 35% or 15%* | 25% |
*Lower LTV applies if loan tenure exceeds 30 years (25 years for HDB) or if the loan extends beyond the borrower’s age of 65.
Example: For a $2 million condo, if your LTV is 75%, the minimum downpayment is 25% ($500,000), of which 5% ($100,000) must be in cash.
Assuming a $2 million condo purchase, here are the estimated upfront costs:
| Buyer Group | BSD | ABSD | LTV | Downpayment | Cash Required | Total Upfront Cost |
|---|---|---|---|---|---|---|
| SC, 1st Home | $69,600 | 0% | 75% | $500,000 | $100,000 | $569,600 |
| SC, 2nd Home | $69,600 | 20% ($400,000) | 45% | $1,100,000 | $500,000 | $1,569,600 |
| Buyer Group | BSD | ABSD | LTV | Downpayment | Cash Required | Total Upfront Cost |
|---|---|---|---|---|---|---|
| PR, 1st Home | $69,600 | 5% ($100,000) | 75% | $500,000 | $100,000 | $669,600 |
| PR, 2nd Home | $69,600 | 30% ($600,000) | 45% | $1,100,000 | $500,000 | $1,769,600 |
| Buyer Group | BSD | ABSD | LTV | Downpayment | Cash Required | Total Upfront Cost |
|---|---|---|---|---|---|---|
| Foreigner | $69,600 | 60% ($1,200,000) | 75% | $500,000 | $500,000+ | $1,769,600 |
Note: Foreigners must pay the full downpayment in cash, as CPF funds cannot be used.
Buyer’s Quick Reference Guide
| Duty Type | Who Pays? | Rate (Residential) | Example on $2M Condo |
|---|---|---|---|
| Buyer’s Stamp Duty (BSD) | All buyers | First $180k – 1% Next $180k – 2% Next $640k – 3% Next $500k – 4% Next $1.5M – 5% Above $3M – 6% | $69,600 |
| Additional Buyer’s Stamp Duty (ABSD) | Depends on citizenship & property count | Citizens: 0–30% PRs: 5–35% Foreigners: 60% Entities: 65% | Up to $1.2M |
| Outstanding Home Loans | LTV Limit | Downpayment (%) | Minimum Cash Portion |
|---|---|---|---|
| 0 loans | 75% | 25% | 5% |
| 0 loans (longer tenure >30 yrs / beyond age 65) | 55% | 45% | 10% |
| 1 loan | 45% | 55% | 25% |
| 2+ loans | 35% | 65% | 25% |
| Buyer Type | BSD | ABSD | Downpayment (CPF/Cash) | Minimum Cash | Total Upfront* |
|---|---|---|---|---|---|
| Singapore Citizen (1st home) | $69,600 | – | $500,000 | $100,000 | $569,600 |
| Singapore Citizen (2nd home) | $69,600 | $400,000 (20%) | $1,100,000 | $500,000 | $1,569,600 |
| PR (1st home) | $69,600 | $100,000 (5%) | $500,000 | $100,000 | $669,600 |
| PR (2nd home) | $69,600 | $600,000 (30%) | $1,100,000 | $500,000 | $1,769,600 |
| Foreigner (any home) | $69,600 | $1,200,000 (60%) | $500,000 | $500,000+ | $1,769,600 |
*Excludes legal fees ($3K) & valuation fees (
Legal fees: $2,500–$4,000
Valuation fees: $300–$500
Agent fees (resale only): Typically 1–2% of purchase price
Fire insurance & mortgage insurance: Varies by bank and loan size
Citizens buying their first home face the lowest upfront costs, with no ABSD and the ability to use CPF.
PRs pay more due to ABSD, even for their first property.
Foreigners bear the highest costs, with a 60% ABSD and full cash requirement.
LTV limits are critical — clearing existing property loans can significantly reduce upfront cash needs.
Always factor in legal fees, valuation fees, and insurance premiums, which can add $3,000–$5,000+ to initial costs.
Plan your purchase timeline to sell an existing property before committing to another, reducing ABSD and improving LTV eligibility.
Secure an HFE letter or bank In-Principle Approval (IPA) early to confirm your loan eligibility.
Budget beyond the downpayment — renovation, moving costs, and ongoing maintenance fees can add significantly.
If buying jointly, explore ownership structures (tenancy-in-common vs. joint tenancy) for estate planning and tax efficiency.
Profile: 32-year-old Singapore Citizen, no prior property, condo valued at $1.5M
Loan tenure: 25 years (within age 65, so LTV = 75%)
Calculation:
BSD: $44,600
ABSD: Nil (first property)
Downpayment: 25% of $1.5M = $375,000
Minimum 5% cash = $75,000
Balance 20% ($300,000) can be paid via CPF OA or cash
Loan amount: 75% = $1,125,000
Total upfront cost: $419,600 (includes BSD)
Takeaway: First-time citizens enjoy the lowest upfront requirements, with CPF covering most of the downpayment.
Profile: 40-year-old Singapore PR, already owns one HDB, now purchasing $2M condo
Loan tenure: 28 years (within age 65, LTV capped at 45%)
Calculation:
BSD: $69,600
ABSD: 30% = $600,000
Downpayment: 55% of $2M = $1,100,000
Minimum 25% cash = $500,000
Remaining 30% ($600,000) can be CPF/cash
Loan amount: 45% = $900,000
Total upfront cost: $1,769,600 (includes BSD + ABSD + downpayment)
Takeaway: PRs pay high ABSD for a second property, making upfront costs almost as high as the property loan itself.
Profile: 38-year-old foreigner, no existing property, buying $2M condo
Loan tenure: 25 years (within age 65, so LTV = 75%)
Calculation:
BSD: $69,600
ABSD: 60% = $1,200,000
Downpayment: 25% of $2M = $500,000
Entire $500,000 must be paid in cash (foreigners cannot use CPF)
Loan amount: 75% = $1,500,000
Total upfront cost: $1,769,600 (includes BSD + ABSD + downpayment)
Takeaway: Foreigners face the steepest entry costs due to the 60% ABSD and the requirement to pay fully in cash.
The minimum downpayment is 25% of the purchase price, provided you qualify for the maximum Loan-to-Value (LTV) of 75%. Out of this, at least 5% must be paid in cash, while the rest can come from CPF savings.
If eligible for 75% LTV, the cash portion is $50,000 (5% of $1 million). The remaining $200,000 downpayment can be covered by CPF.
Yes. CPF Ordinary Account (OA) savings can be used to pay part of the downpayment and monthly installments, but a minimum cash component must still be fulfilled.
Citizens: 0% on first home, 20% on second, 30% on third and subsequent.
PRs: 5% on first home, 30% on second, 35% on third and subsequent.
Foreigners: 60% on all residential property purchases.
ABSD must be paid within 14 days of signing the Sale & Purchase Agreement if signed in Singapore, or within 30 days if signed overseas.
Yes. Married couples (with at least one Singapore Citizen) can apply for ABSD remission if they sell their first property within 6 months of buying a new completed home, or within 6 months of TOP for new launches.
Your LTV limit will be lowered to 55% or less, meaning a higher upfront downpayment is required.
If you already have one housing loan, your LTV cap falls to 45% or 25%, depending on loan tenure and age.
Common requirements include:
Identity documents (NRIC/Passport)
Income proof (CPF contribution history, payslips, or Notice of Assessment)
Existing loan statements
Option to Purchase (OTP) or Sale & Purchase Agreement
Yes. Under Free Trade Agreements, citizens or PRs of the US, Switzerland, Liechtenstein, Norway, and Iceland are treated the same as Singapore Citizens for ABSD on their first property.
No. Residential properties are charged up to 6%, while commercial/industrial properties are capped at 5%.
Not always. The government has anti-avoidance measures, and any arrangement designed purely to evade ABSD may still be taxable. Legal advice is strongly recommended.
Legal fees range between $2,500–$4,000, while valuation fees are typically $300–$500.
Only if the discount reflects the actual market value and is documented in the Sale & Purchase Agreement. Otherwise, BSD is based on the higher of market value or stated price.
BSD: Payable by all buyers, based on purchase price or market value.
ABSD: An additional tax, dependent on citizenship and number of properties owned.
Yes. A combination of cash, CPF, and bank loan is the standard structure for condo purchases in Singapore.
Both must be paid within 14 days of signing the agreement in Singapore (30 days if signed overseas).
No. While developers sometimes offer rebates or discounts, BSD and ABSD cannot be waived or absorbed on behalf of the buyer.
Yes. After the lock-in period, homeowners may refinance to a new bank loan with more favorable interest rates, potentially reducing monthly installments.
New launch: Payment is staggered through a progressive payment scheme tied to construction milestones.
Resale: Payment is upfront in a lump-sum structure, with the downpayment and duties payable soon after exercise of OTP.
Yes, rental income may be factored into your Total Debt Servicing Ratio (TDSR) if it is supported by tenancy agreements and consistent records.
If the loan tenure extends beyond the age of 65, or exceeds 30 years, the maximum LTV is reduced, increasing your upfront downpayment.
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