How much is the down payment for resale and what is the duration for full settlement?

When purchasing a resale HDB flat in Singapore, the downpayment requirements can vary depending on whether you are using an HDB loan or a bank loan.

HDB Loan

For an HDB loan, the downpayment is 25% of the purchase price. This can be paid using your CPF Ordinary Account (OA) funds, cash, or a combination of both. Here’s a breakdown:

- Downpayment at Signing of Agreement for Lease: 10% of the purchase price (can be paid using CPF or cash).
- Downpayment at Key Collection: 15% of the purchase price (can be paid using CPF or cash).

For example, if you are buying a resale flat for $600,000, the downpayment would be $150,000 (25% of $600,000).

Bank Loan

For a bank loan, the downpayment is also 25% of the purchase price, with a minimum of 5% paid in cash and the remaining 20% paid in cash, CPF OA funds, or a combination of both.

- Downpayment at Signing of Agreement for Lease: 5% in cash + 5% in CPF or cash.
- Downpayment at Key Collection: 15% in CPF or cash.

Using the same example of a $600,000 resale flat, the downpayment would be $150,000 (25% of $600,000), with $30,000 (5%) paid in cash and $120,000 (20%) paid in CPF or cash.

Full Settlement Timeline

The full settlement process typically involves the following stages:

1. Option Fee and Booking: After selecting the flat, you pay an option fee and book the flat.
2. Signing of Agreement for Lease: This usually occurs within 9 months after booking the flat. Here, you make the first portion of your downpayment.
3. Key Collection: Once the flat is ready, you collect the keys and pay the balance of the downpayment.

The entire process from booking to key collection can take around 9-12 months for resale flats, depending on the completion status of the property. However, for BTO flats, this period can be significantly longer, typically ranging from 3 to 5 years or more, as it includes the construction time.

For the most accurate and up-to-date information, it is advisable to check the latest updates on EdgeProp Singapore or consult with a real estate agent.