How much Downpayment for Condo (Updated 2023)

how much downpayment for condo

When it comes to buying a condo in Singapore, one of the most important factors to consider is the downpayment. A downpayment refers to the upfront payment made by the buyer towards the total purchase price of the property. In this article, we will explore the breakdown of the total downpayment for condo in Singapore. 

Downpayment for Condo: Total upfront cost when purchasing a house in singapore

So how much cash do buyers need to pay upfront for condo downpayment? In Singapore, the downpayment for a condo amounts to 25% of the total purchase price, while the remaining 75% of the total purchase price is the Loan-To-Value (LTV).

How Much Loan Can You Get For Condo

Loan-to-Value (LTV) is a financial ratio that represents the amount of a mortgage loan as a percentage of the value of the property it is being used to purchase. The LTV ratio is calculated by dividing the loan amount by the appraised value of the property.

In Singapore, for buyer with no outstanding loans with financial institutions, the LTV is 75%. However, if you already have an outstanding loan, your LTV is decreased to 45%. This means that you will have to pay the remaining 55% in cash or CPF for your condo downpayment.

Outstanding Condo Downpayment

25% of condo purchase price

  • Minimum cash downpayment for condo: 5% of the condo purchase price 
  • Outstanding that can be paid by cash or CPF: 20% of the condo purchase price

Untitled presentation
The total downpayment for a condo is 25% of the total purchase price

Minimum Cash Downpayment Component

The minimum amount that a buyer has to pay in cash for the outstanding condo downpayment is 5% of the condo purchase price (or 20% of the outstanding condo downpayment cost).

Minimum Downpayment for Condo That Can Be Paid In CPF

20% of the condo purchase price (or the other 80% of the outstanding condo downpayment) can be paid either in cash, CPF or a combination of both. Paying the condo downpayment by CPF is only applicable to Singaporean citizens and Singapore PRs. 

However, on top of the outstanding condo downpayment, buyers will also have to consider other requirements and costs that have to be paid upfront when purchasing a condo in Singapore.


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Downpayment for Condo: Additional Buyer Stamp Duty

One of the additional costs that have to be considered when purchasing a condo in Singapore is the Buyer Stamp Duty. 

Buyer Stamp Duty is a tax levied in Singapore on the purchase of real estate, including condominiums. The Buyer Stamp Duty is computed based on the purchase price of the property for Singaporean citizens. For foreigners, the additional Buyer Stamp Duty is 30% of the condo purchase price, while for PRs, it is 5% of the condo purchase price. 

In conclusion, the downpayment for a condo in Singapore is typically 25% of the total purchase price, with a minimum of 5% of the purchase price required to be paid in cash. It may seem like a large sum of money, but it’s an important investment in your future and there are government grants and schemes available to help first-time home buyers.

Downpayment for Condo: Calculator

To calculate the downpayment for a condo in Singapore, you can use an affordability calculator like the one available on 99.co. By entering information about your financial situation, you can get a more accurate estimate of how much you can afford to spend on a condo.

Read: How much Salary To Buy Condo In Singapore

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