Buyers usually focus on the downpayment and forget everything else that has to be paid before you get the keys. Here is the full itemised list for a resale condo bought as a first property with a bank loan.
The downpayment: 25%, split cash and CPF
For a first property financed with a bank loan, the minimum downpayment is 25% of the purchase price, of which at least 5% must be cash, no CPF, no cash gifts in kind. The remaining 20% can come from CPF Ordinary Account (OA) savings or additional cash. The bank finances the remaining 75% (the Loan to Value limit).
On $1.5 million: 5% cash is $75,000, and the further 20% from CPF or cash is $300,000, totalling $375,000 for the downpayment alone.
Mechanically, this arrives in two payments
- Option fee, 1% of price: payable when you sign the Option to Purchase. This is part of the 5% cash requirement, not an extra cost.
- Exercise fee: the remaining 4% cash, due when you exercise the Option to Purchase, completing the 5% cash portion.
Then the costs that are not part of the downpayment
| Item | Typical amount on $1.5M |
|---|---|
| Buyer's Stamp Duty | $44,600 |
| Legal / conveyancing fees | $2,500 – $5,000 |
| Bank valuation report | $300 – $700 |
Total cash and CPF required
Adding it up: $375,000 downpayment plus roughly $44,600 Buyer's Stamp Duty plus $2,500 to $5,000 legal fees plus a few hundred for valuation puts the total upfront requirement at around $422,000 to $425,000 on a $1.5 million resale condo bought as a first property.
If this is a second property
For a second property, the Loan to Value limit drops to 45%, and the minimum cash component rises to 25% rather than 5%. Add 20% Additional Buyer's Stamp Duty for a Singapore Citizen, $300,000 on $1.5 million, on top of the numbers above. The total upfront cash and CPF requirement roughly doubles.
A note on using CPF
CPF Ordinary Account funds used for the purchase must be refunded with accrued interest, currently 2.5% per annum, when the property is eventually sold. That refund obligation reduces net cash proceeds at exit, so it is worth factoring in even at the buying stage.
Frequently asked questions
Can I use CPF for the entire downpayment on a resale condo?
No. At least 5% of the purchase price must be cash; only the remaining 20% of the standard 25% downpayment can come from CPF Ordinary Account savings or additional cash.
Does using CPF for the downpayment cost me anything later?
Yes. CPF used for a property purchase must be refunded with accrued interest, currently 2.5% per annum, when the property is eventually sold, which reduces net cash proceeds at that point.
Want your exact cash and CPF requirement confirmed?
Winfred models your CPF OA balance, Buyer's Stamp Duty, ABSD if relevant, and total cash needed before you commit to any Option to Purchase.
Book a free 30 minute callWinfred Quek is an Associate Marketing Consultant at Crestbrick Pte Ltd (CEA Licence No. L31010886H). CEA R073319H. This page is for general information only and does not constitute financial, investment, or legal advice. Rates and rules reflect the position as at 3 Aug 2026; verify current figures with IRAS, HDB, or MAS before making any decision.