How Much Do You Need To Buy Your First Home In Singapore?
Updated: 23 Sept 2026
Written byAfina Najib
Senior Content Editor - Singapore
Disclaimer: The information on this page is for general educational and informational purposes only and should not be considered financial or investment advice.
If you're buying your first home in Singapore, it can be confusing to know all the fees and costs involved beyond the headline price. This is the best guide to buying your first home in Singapore for working out what you realistically need in the bank — covering the full cost of buying a house in Singapore, from downpayment to legal fees to your first year of mortgage repayments.
Be sure to also check the latest Enhanced CPF Housing Grants and income ceilings if you're a first-timer family or single buyer.
How much does it cost to buy a home in Singapore?
Property prices vary significantly by location, flat/unit type, and market conditions. The ranges below are indicative for 2026 — always check the latest HDB BTO launch pricing or a live property portal for your specific target area, since location can swing prices by hundreds of thousands of dollars even within the same flat type.
2026 Property Prices in Singapore (Indicative)
| Type | HDB BTO (Non-Mature) | HDB BTO (Mature Estates) | Resale Flats | Executive Condominiums | Private Condominiums |
|---|---|---|---|---|---|
| 2-Room Flexi | $150,000–$230,000 | $200,000–$300,000 | – | – | – |
| 3-Room | $250,000–$350,000 | $350,000–$450,000 | $450,000–$600,000 | – | – |
| 4-Room | $350,000–$450,000 | $400,000–$550,000 | $600,000–$900,000+ | $1.0m–$1.3m | $1.3m–$1.8m |
| 5-Room | $450,000–$600,000 | $500,000–$700,000+ | $700,000–$1.1m+ | $1.3m–$1.6m | $1.8m–$2.2m |
Resale prices in mature, central towns (e.g. Central Area, Queenstown, Bukit Merah) now regularly exceed $1 million for 4- and 5-room flats, while outer towns (Woodlands, Sembawang, Jurong West) remain considerably lower. Private condo figures are broad market estimates — verify against current URA transaction data before publishing.
Why are resale flats more expensive?
A resale flat costs more because home prices tend to appreciate over time, and there's no 3–4 year BTO wait. Established estates also have more built-up amenities, which is why BTO flats in mature estates cost more than non-mature ones.
Resale flats can carry a premium called Cash Over Valuation (COV), which varies from zero to tens of thousands of dollars depending on the estate. Million-dollar resale flats are no longer rare — they're now appearing regularly in towns like Queenstown, Bukit Merah, and Toa Payoh, not just as one-off records.
Private Condominiums vs Executive Condominiums
Prices above are general figures — condos near Orchard (District 9) and other prime districts command a significant luxury premium above these ranges.
As a general guideline, a new EC remains roughly 20% cheaper than an equivalent private condo, narrowing to around 9% after its 5-year Minimum Occupancy Period (MOP), and further to around 5% beyond that.
Before You Compare
Confirm your loan type
HDB loan or bank loan both now require a 25% downpayment
Check current mortgage rates
Rates have shifted significantly, don't rely on old benchmarks
Factor in the full cost stack
Downpayment is rarely the biggest ongoing cost, see the full breakdown
Build in a buffer beyond CPF
Aim for 6 months of mortgage payments in an emergency fund
How much cash do you need to save for your first flat?
- Downpayment (25% for both HDB and bank loans, following the August 2024 LTV change)
- Legal fees
- Home insurance premiums
- Renovation and furnishing costs
- Maintenance fees
- Property taxes
- Mortgage repayments
We'll work through this using a 3-room BTO flat priced at $280,000 and a 2-bedroom private condo priced at $1,100,000 as examples.
Build an emergency fund covering 6 months of mortgage payments if your CPF isn't already sufficient for that buffer.
1. Downpayment: 25% for both HDB and bank loans
Since 20 August 2024, the Loan-to-Value (LTV) limit for HDB Concessionary Loans was lowered from 80% to 75%, aligning it with bank loans. This means both loan types now require a 25% downpayment, not the 15–20% figure that circulated before the change.
For HDB Loans (75% LTV):
- 5% at signing of the Agreement for Lease (CPF or cash)
- 20% at key collection (CPF or cash — no mandatory cash portion)
For Bank Loans (75% LTV):
- 10% at signing / exercising the Option to Purchase (at least 5% must be cash)
- 15% at key collection (CPF or cash)
- Note: bank loans are mandatory for ECs — HDB loans aren't available for executive condominiums
This total downpayment is inclusive of the option fee, a non-refundable deposit due 2 weeks before the sale:
| Flat Type | Option Fee |
|---|---|
| 4/5-room and Executive flat | S$2,000 |
| 3-room | S$1,000 |
| 2-room Flexi flat | S$500 |
Example: A 3-room BTO flat priced at S$280,000 with an HDB loan requires a S$70,000 downpayment (25%), payable from CPF OA, cash, or a combination.
A 2-bedroom private condo priced at S$1,100,000 with a bank loan requires a S$275,000 downpayment (25%). Of this, at least S$55,000 must be cash; the remaining S$220,000 can come from CPF OA, cash, or a mix.
Eligible first-timer families can offset this with the Enhanced CPF Housing Grant (up to $120,000 for families, $60,000 for singles), credited directly to CPF OA.
Compare Best Home Loans To Apply
Read more: How Much Can You Borrow For Your Home Loan?
2. Legal fees
Legal costs include Buyer's Stamp Duty (BSD), conveyancing fees, and caveat registration fees.
BSD is calculated progressively:
- First S$180,000: 1%
- Next S$180,000: 2%
- Next S$640,000: 3%
- Next S$500,000: 4%
- Above S$1.5m (up to $3m): 5%
- Above S$3m: 6%
Use the Stamp Duty Calculator from IRAS for your exact figure.
Conveyancing fees for new HDB flats follow this scale:
- First S$30,000 of property value: S$0.90 per S$1,000
- Next S$30,000: S$0.72 per S$1,000
- Remaining amount: S$0.60 per S$1,000
Use HDB's legal fee calculator rather than calculating manually. There's also a Caveat Registration Fee of S$64.45 payable to the Singapore Land Authority.
For our sample 3-room BTO flat at S$280,000, conveyancing fees come to roughly S$180, plus the caveat fee — about S$245 total.
For the private condo, conveyancing fees typically range S$1,100–S$3,000 depending on the bank's panel law firm; you can request a cheaper firm. We'll assume S$1,800 for our sample condo.
If you use HDB's default law firm, fees can be paid from CPF. Other firms may require you to check if CPF payment is accepted.
3. Home insurance premiums
HDB Fire Insurance is administered by Etiqa (appointed 16 August 2024 to 15 August 2029, succeeding FWD) and is not a significant cost — typically S$1.99 to S$6.68 for a 5-year premium depending on flat size. This is mandatory but only covers structural damage to internal structures, fixtures, and areas built and provided by HDB due to fire, smoke, and water.
We strongly recommend all homeowners also get comprehensive home insurance, which covers furniture, renovations, personal belongings, temporary accommodation, and third-party liability. Typical annual premiums range S$45 to over S$700, depending on coverage.
We'll assume our 3-room BTO flat carries a comprehensive policy at S$50/year, and the condo at S$100/year.
Compare Home Insurance Plans To Apply
4. Renovation and furnishing costs
Most renovation loan caps sit around 6 months of income or S$30,000–S$50,000, depending on the lender. We'll assume S$40,000 is spent on renovation and furnishing for our worked example.
Renovation loan interest rates typically range 3%–5% p.a. — compare between banks before applying. A personal loan for renovations may also suit your needs better.
5. Maintenance fees
HDB conservancy charges generally run S$20–S$90/month for citizens (non-citizens pay higher rates — check with your town council). We'll assume S$50/month for our 3-room BTO flat.
Condo maintenance fees depend on the management council, typically S$200–S$400+/month for high-end developments with concierge or elaborate facilities. We'll assume S$280/month for our sample condo.
6. Property taxes
Property tax is based on your home's Annual Value (AV) — use IRAS's online calculator rather than computing manually.
For our sample 3-room flat, assuming an AV of S$16,000, tax payable is roughly S$580/year. For our sample condo, assuming an AV of S$42,000, tax payable is roughly S$2,900/year.
7. Mortgage repayments
For HDB flats, the mortgage rate remains pegged at 0.1% above the CPF OA rate — currently 2.6% per annum, unchanged through Q3 2026.
For private property, mortgage rates have moved significantly: after peaking above 3% in 2023–2025, most bank packages now sit in the 1.3%–2.0% per annum range as of 2026, though this shifts regularly with SORA movements — check live rates before finalising any figure.
Assuming a 25-year loan: the S$210,000 HDB loan (75% LTV on our S$280,000 flat) comes to roughly S$953/month at 2.6%. The S$825,000 bank loan (75% LTV on our S$1,100,000 condo) comes to roughly S$3,270/month at an illustrative 1.8% — this will vary meaningfully depending on the exact package and rate type (fixed vs floating) you choose.
| Cost Category | 3-Room HDB BTO Flat | 2-Bedroom Private Condominium |
|---|---|---|
| Selling price | S$280,000 | S$1,100,000 |
| Loan amount (75% LTV) | S$210,000 | S$825,000 |
| Downpayment (25%) | S$70,000 | S$275,000 (min. S$55,000 cash) |
| Legal fees | ~S$245 | ~S$1,800 |
| Home insurance premiums | ~S$50/year | ~S$100/year |
| Renovation & furnishing | ~S$40,000 (one-time) | ~S$40,000 (one-time) |
| Maintenance | ~S$50/month | ~S$280/month |
| Property tax | ~S$580/year | ~S$2,900/year |
| Mortgage rate | 2.6% p.a. (HDB) | ~1.3%–2.0% p.a. (bank, illustrative 1.8%) |
| Est. monthly mortgage repayment | ~S$953 | ~S$3,270 |
| Est. total initial cash/CPF outlay | ~S$110,300 | ~S$316,800 |
The calculations above are illustrative and approximate, based on assumed sample prices — actual figures depend on your specific flat/unit, bank package, and prevailing rates. Please verify current mortgage rates and promo terms before publishing.
Decision Guide
About the author
Afina Najib
Spending most of her young writer's phase working as a freelancer, Afina's written for various industries ranging from e-commerce, travel to health and finance. Her expertise lies in her ability to make complex subjects like finance easy to consume for everyday readers.
The information on this page is for educational and informational purposes only and should not be considered financial or investment advice. While we review and compare financial products to help you find the best options, we do not provide personalised recommendations or investment advisory services. Always do your own research or consult a licensed financial professional before making any financial decisions.