What are the payment requirements of a resale condo priced at $2.5 million?

To purchase a resale condo in Singapore, here are the key payment requirements for a $2.5 million property:

Down Payment

• You need to pay a minimum of 25% of the purchase price as a down payment. For a $2.5 million condo, this would be $625,000.
• Within this 25%, at least 5% must be paid in cash. So, for a $2.5 million condo, the minimum cash down payment would be $125,000.
• The remaining 20% of the down payment can be paid using your Central Provident Fund (CPF) savings or a combination of CPF and additional cash.

Loan

• If you qualify for the maximum 75% loan, you can borrow up to $1,875,000 (75% of $2,500,000).

Additional Costs

• Buyer's Stamp Duty (BSD): This is a tax on the purchase of the property. For a $2.5 million condo, the BSD would be calculated as follows:
  • 1% on the first $180,000
  • 2% on the next $180,000
  • 3% on the next $640,000
  • 4% on the remaining $1,480,000
    This totals to approximately $74,600.
• Other Costs: You will also need to consider other expenses such as legal fees, agent fees, and any other miscellaneous costs associated with the purchase.

Payment Stages

• The payment for a resale condo is typically made in one lump sum at the time of purchase, as there is no progressive payment scheme available for resale properties.

For a detailed breakdown and to ensure you have all the necessary information, it is advisable to consult with a financial advisor or a real estate agent who can guide you through the specific requirements and costs involved. You can also use the tools available on EdgeProp to help you calculate and plan your property purchase.