How Much Do You Really Need to Buy a Condo in Singapore? Down Payment, TDSR and Stamp Duty

The listing price is only half the question. What most buyers really want to know is how much cash and CPF they need on the day, and how large a loan the bank will actually give them. Those are set by three rules, not by the sticker price. Here is exactly how each one works in 2026, with a full worked example.

The three numbers that decide how much you need

Every purchase comes down to your loan ceiling (the loan-to-value limit), your borrowing power (the Total Debt Servicing Ratio), and your taxes (stamp duty). Get these three right and the rest is arithmetic.

1. Your down payment (the loan-to-value limit)

For a first housing loan, a bank can lend up to 75% of the price or valuation, whichever is lower. That leaves a 25% down payment, and at least 5% of the price must be paid in cash. The remaining 20% can come from cash or your CPF Ordinary Account.

The 75% ceiling assumes a loan tenure of 30 years or less that does not stretch past age 65. A longer tenure or older borrower lowers the limit, which raises your cash down payment.

2. How much can you actually borrow (the TDSR)

The loan ceiling is one cap. Your income is the other. Under the Total Debt Servicing Ratio, your total monthly debt, including the new home loan, car loans and any other commitments, cannot exceed 55% of your gross monthly income. Banks stress-test this at a 4% interest rate floor, not the promotional rate, so you can still afford the loan if rates rise.

As a rough guide, servicing a $1.5 million loan over 30 years at that 4% stress rate is about $7,160 a month. Under the 55% cap, and assuming no other debts, that points to a gross household income of roughly $13,000 a month. Real numbers vary with your other commitments, so treat this as a starting frame, not a promise.

3. Stamp duty (BSD and ABSD)

Buyer's Stamp Duty is payable on every residential purchase, on a tiered scale set by IRAS.

On a $2 million home that works out to about $69,600. On top of BSD, Additional Buyer's Stamp Duty applies depending on your profile: a Singapore Citizen pays 0% on a first property, 20% on a second and 30% on a third, while foreigners pay 60%. Our complete ABSD 2026 guide breaks down every rate, and if you are upgrading from an HDB flat, read how HDB upgraders avoid ABSD.

A worked example: a $2 million condo

Here is the full upfront picture for a Singapore Citizen couple buying their first $2 million condo.

The bank lends $1.5 million. You fund the $500,000 down payment, of which at least $100,000 is cash and up to $400,000 can be CPF. Add $69,600 in BSD, no ABSD on a first home, and about $3,500 in legal and valuation fees. Your total upfront outlay is around $573,000, and your minimum cash portion is about $100,000.

The smaller costs people forget

Beyond the big three, budget for the option fee paid when you book (typically 1% for a new launch), conveyancing and mortgage legal fees, a valuation fee, and fire insurance. After you move in, you also carry the monthly maintenance fee and annual property tax. None of these are large on their own, but together they deserve a line in your plan.

Common questions about buying a condo in Singapore

How much cash do I need to buy a condo in Singapore?

At least 5% of the price must be paid in cash. On a $2 million condo that is $100,000. The rest of the 25% down payment can come from cash or your CPF Ordinary Account, and stamp duty can also draw on CPF for a completed property.

What income do I need to buy a $2 million condo?

With a 75% loan of $1.5 million over 30 years, the monthly repayment at the 4% stress rate is about $7,160. Under the 55% TDSR cap and with no other debts, that suggests a gross household income of roughly $13,000 a month. Other loans lower this ceiling.

Can I use CPF for the down payment and stamp duty?

Yes, within limits. The first 5% of the price must be cash, but the remaining 20% of the down payment can come from your CPF Ordinary Account. Buyer's Stamp Duty can also be paid from CPF for a completed property, though you typically pay it first and get reimbursed.

How much is stamp duty on a $2 million condo?

Buyer's Stamp Duty is about $69,600. A Singapore Citizen pays no Additional Buyer's Stamp Duty on a first home, so total stamp duty is around $69,600. Buyers of a second or subsequent property pay ABSD on top.

What is the total upfront cost to buy a $2 million condo?

For a first-home Singapore Citizen, roughly $573,000: a $500,000 down payment, about $69,600 BSD, no ABSD, and around $3,500 in legal and valuation fees. At least $100,000 of that must be cash.

Plan your purchase before you view

If you already have a project in mind, popular options in the typical upgrader budget include Parktown Residence in Tampines, Hougang Central Residence above the MRT, and Lentor Gardens Residences in the Lentor estate. Tell me your budget and income and I will run your exact numbers first. WhatsApp me at +65 88772688.