Everything You’ve Ever Needed to Ask About HDB Downpayments

Alevin Chan
Last updated Dec 22, 2021

Read this complete guide to HDB downpayments for the answers to everything you need to know – including rates, rules and how it all works. 

Even amidst a pandemic, Singapore’s housing market is apparently getting a little too hot for the comfort of the authorities once more. 

This bullish development may be tempting you to get a unit of your own, given the strong potential for solid returns. 

Whether you’re looking to get into the real estate game, or seeking to buy your very first flat, you’re probably wondering if your finances are up to the task. To find out, you’ll need to know much you’ll need to put up for a downpayment. 

We’ve got you covered. Here’s a complete guide to HDB downpayment, including rates, rules and how it all works.

How much do you have to pay in downpayment when buying an HDB flat?

How much downpayment you have to pay depends on several factors, so it’s difficult to give a straightforward answer. There are two main factors that determine your downpayment: 

  • How are you funding your mortgage – HDB loan or bank loan?
  • What type of flat are you buying – BTO, resale or Executive Condo (EC)?

Downpayment with an HDB loan: 15% of the purchase price

HDB LoanDownpaymentCan I use CPF?When to pay?
BTO flat15%Yes, from OADuring signing of lease agreement. 

If on Staggered Downpayment Scheme, 5% during signing of lease agreement, 10% during collection of keys.
Resale flat15%Yes, from OAUsing CPF: Upon confirming your financial plan through HDB Resale Portal

Cashier’s Order: At resale completion appointment
Executive CondominiumHDB loan not applicable.HDB loan not applicable.HDB loan not applicable.

Downpayment when buying a BTO flat with an HDB loan

Along with the new HDB cooling measures that were recently announced on 16 December 2021, the Loan-To-Value (LTV) Ratio has been changed from 90% to 85%, for all flat applications received on or after 16 December 2021. This means that the downpayment has also increased from 10% previously to 15%.

This 15% downpayment can be paid in cash, using your CPF Ordinary Account balance (CPF-OA), or any combination of the two. 

As standard practice, you will pay the downpayment during the signing of the Agreement of Lease. 

However, if you are eligible for the Staggered Downpayment Scheme, you may opt for the downpayment to be paid in two tranches: 5% during lease agreement signing, and 10% when collecting your keys. 

Downpayment when buying a resale flat with an HDB loan

The details for buying a resale flat with an HDB loan are largely the same. 

The minimum downpayment you need to pay remains at 15% of the purchase price, which can once again be paid in cash, with your CPF-OA, or a mix of both. 

However, when you pay is slightly different. Once your financial plan is confirmed, an online transfer of your CPF funds will be initiated. 

If you’re paying with cash, you’ll need to submit a Cashier’s Order during the resale completion appointment. 

Downpayment with buying an EC with an HDB loan

Purchases of ECs are not eligible for HDB loans, so you’ll have to use a bank loan. See the next section for details.

Downpayment with a bank loan: 20% to 45% of the purchase price

Bank or private loan Downpayment Can I use CPF? When to pay? Notes
BTO flat a) 20% (for loan up to 75%)

b) 20% (for loan up to 55%)

a) Yes, up to 15%. You must pay 5% in cash.

b) Yes, up to 10%. You must pay 10% in cash.

Check with bank a) Balance 5% to be paid during key collection, via CPF and/or cash

b) Balance 25% to be paid during key collection, via CPF and/or cash

Resale flat a) 25% (for loan up to 75%)

b) 45% (for loan up to 55%)

a) Yes, up to 20%. You must pay 5% in cash.

b) Yes, up to 35%. You must pay 10% in cash.

Check with bank n/a
Executive Condominium a) 25% (for loan up to 75%)

b) 45% (for loan up to 55%)

a) Yes, up to 20%. You must pay 5% in cash.

b) Yes, up to 35%. You must pay 10% in cash.

Check with bank n/a

Downpayment when buying a BTO flat with a bank loan

If you’re using a bank loan, you will need to put in a downpayment of at least 20% of the purchase price. 

Of this, 15% can be paid using your CPF-OA funds, while the remaining 5% will have to be paid in cash.

With a bank loan, you can only borrow between 55% and 75% of the purchase price of your BTO flat. This means that there is still a remaining sum (from 5% to 25%, depending on your loan amount) to be settled. 

This remainder is paid when you collect your keys, and you can use your CPF, cash, or a combination of the two.

Downpayment when buying a resale flat with a bank loan

The downpayment when purchasing a resale flat with a bank loan is rather high – you’ll need to clear between 25% and 45% of the purchase price. 

Fortunately, you can fund the downpayment largely with your CPF-OA balance. 

If the value of your bank loan is up to 75% of the purchase price, your downpayment will be 25%. You must pay at least 5% in cash, with the remaining covered by your CPF-OA balance. 

If the value of your bank loan is up to 55% of the purchase price, your downpayment will be a hefty 45%. You must pay at least 10% in cash, with the remaining 35% paid using your CPF savings.

Downpayment when buying an EC with a bank loan

The payment structure is the same when buying an EC using a bank loan.

As with resale flats, you may only borrow between 55% and 75% of your unit’s purchase price when taking out a bank loan. The remainder will have settled in your downpayment.

For bank loans up to 75% of the purchase price, your downpayment will be 25%. At least 5% must be paid in cash, with the remaining covered by your CPF-OA balance. 

For bank loans up to 55% of the purchase price, your downpayment will be 45%. At least 10% must be paid in cash, with the remaining 35% paid via your CPF savings.

What determines the loan ceiling of my bank loan?

Assuming that you are within your Mortgage Servicing Ratio and the Total Debt Servicing Ratio, the upper limit of your bank loan depends on two factors: the tenure of your loan, and how many housing loans you have at the point of application. 

See the following table for a quick summary.

Loan tenureNo outstanding housing loanOne outstanding housing loanTwo or more outstanding housing loans
25 years or less75%45%35%
More than 25 years55%25%15%

When do I have to make the downpayment for my HDB flat?

Now that you know the downpayment amounts for different HDB flats and scenarios, you may be wondering when exactly you need to pay it 

We’ve included the info in the table at the beginning of the article, but to save you the trouble of scrolling all the way up, here’s a quick summary.

Flat typeHousing loan typeWhen to pay downpayment
BTOHDB loanDuring signing of lease agreement. 

If on Staggered Downpayment Scheme, 5% during signing of lease agreement, 5% during collection of keys.
ResaleHDB loanUsing CPF: Upon confirming your financial plan through HDB Resale Portal

Cashier’s Order: At resale completion appointment
BTO, resale or ECBank loanCheck with your bank on the payment schedule

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By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.


Alevin Chan December 22, 2021 81689