Short answer
Set a budget using TDSR and your cash and CPF, get a loan in-principle, shortlist and view units, pay the option fee to secure one, exercise the option within the period, pay stamp duty, then complete in about 8 to 12 weeks for a resale †. New launches follow a different payment schedule.
† marks a figure we have not confirmed yet. Check the official source before relying on it.
The steps
- Know your budget. Banks cap total debt at 55% of income (TDSR). Work out cash, CPF and loan together. Use the mortgage calculator.
- Check what you may buy. Foreigners pay far higher ABSD, and some property types are restricted. See foreign buyers.
- Get an in-principle loan approval so you know your ceiling before you bid.
- View and shortlist. Check lease, tenure, MRT distance, maintenance fees and recent transactions on URA.
- Secure the unit. For resale, pay an option fee (commonly 1% of price) for an Option to Purchase †. For a new launch, pay a booking fee at the sales gallery.
- Exercise and pay. For resale, exercise the option within the stated period (commonly 14 days) and pay the balance of the deposit †. Pay stamp duty.
- Complete. A resale usually completes in 8 to 12 weeks †. Collect keys and check for defects.
Costs to plan for
- Buyer's stamp duty (BSD) and, if applicable, ABSD
- Legal fees and valuation fee
- Agent commission if you engage one (negotiable; CEA does not set rates)
- Renovation, furnishing and moving
Sources to check
Frequently asked questions
How much downpayment do I need for a condo?
For a first housing loan, banks typically lend up to 75% of the price, so you pay at least 25%, of which at least 5% must be cash (MAS loan-to-value limit; CPF Board).
How long does it take to buy a resale condo?
Usually 8 to 12 weeks from exercising the option to completion †.