Cash and CPF are different pots of money

An HDB loan does not impose the same mandatory cash downpayment as a bank loan. CPF OA can fund the HDB downpayment, subject to applicable usage rules and available savings. For a bank loan at a 75% loan-to-value limit, the standard schedule includes at least 5% of the price in cash.

Write down each applicant’s usable OA and available cash separately. An amount that can be paid with CPF is not necessarily cash-free for you: insufficient usable OA leaves a cash gap.

Official sources: CPF Board: using CPF for a downpayment ↗ · HDB: payment schedule by financing option ↗

Put the appointments on your savings plan

At flat booking, budget for the option fee shown by HDB for your flat type. At Agreement for Lease, budget for the applicable initial downpayment, stamp duty and legal fees. At key collection, the remaining purchase price must be covered by the loan and other available funds.

Under the ordinary current HDB-loan schedule, the downpayment is 10% at Agreement for Lease and 15% at key collection. Staggered or deferred schemes and older application cohorts can differ. Use the schedule in your own HDB documents.

Official sources: HDB: booking a flat ↗ · HDB: signing the Agreement for Lease ↗

Worked example: a $500,000 flat with a full 75% loan

Assume a $500,000 purchase, an approved $375,000 HDB loan, no grant, the ordinary 10%/15% schedule and no special payment scheme. The price contribution outside the loan totals $125,000: $50,000 at lease signing and $75,000 at keys, before accounting for amounts already paid.

If the approved loan is instead $325,000, the amount outside the loan becomes $175,000. That extra $50,000 is a funding gap even though the advertised loan-to-value ceiling remains 75%. This is arithmetic for planning, not a loan offer.

Official sources: HDB: loan limits and downpayment overview ↗

Stamp duty is additional to the downpayment

For a residential property with a $500,000 dutiable value, Buyer’s Stamp Duty is $9,600: $1,800 on the first $180,000, $3,600 on the next $180,000 and $4,200 on the remaining $140,000. IRAS generally uses the higher of price or market value. This example excludes legal fees and any other applicable duties.

Keep a separate move-in budget for renovation, furniture, appliances and your emergency reserve. Test the plan against a lower loan or slower savings growth before increasing your maximum project price.

Official sources: IRAS: current stamp duty rates ↗ · CPF Board: other HDB purchase expenses ↗