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How much cash do I need upfront for a property purchase?
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The amount of cash you need upfront for a property purchase depends on your loan type and eligibility:
- If taking a housing loan from HDB or not taking any loan:
You must pay a 10% initial payment, based on the resale price or valuation price of the flat (whichever is lower). You can use CPF savings, CPF Housing Grant, or a combination. If there is a shortfall, you must pay the balance in cash.
You must pay a 10% initial payment, based on the resale price or valuation price of the flat (whichever is lower). You can use CPF savings, CPF Housing Grant, or a combination. If there is a shortfall, you must pay the balance in cash.
- If taking a bank loan:
- If eligible for a 75% loan ceiling:
- 5% in cash
- 20% with CPF savings, CPF Housing Grant, or cash
- If eligible for a 55% loan ceiling:
- 10% in cash
- Balance with CPF savings, CPF Housing Grant, or cash
- If eligible for a 45% loan ceiling (for a 2nd home loan):
- 25% in cash
- Balance with CPF savings, CPF Housing Grant, or cash
- If eligible for a 75% loan ceiling:
- 5% in cash
- 20% with CPF savings, CPF Housing Grant, or cash
- If eligible for a 55% loan ceiling:
- 10% in cash
- Balance with CPF savings, CPF Housing Grant, or cash
- If eligible for a 45% loan ceiling (for a 2nd home loan):
- 25% in cash
- Balance with CPF savings, CPF Housing Grant, or cash
You will also need to pay stamp duty, conveyancing fees, and possibly other charges in cash if your CPF savings are insufficient. The exact cash amount depends on your loan eligibility, CPF balance, grants, and the property price.