New launch progressive payments
A new launch is paid for in stages as it is built. Your own money goes first, then the bank loan is drawn stage by stage, so you pay interest only on what has been drawn until the home is ready.
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Result
Worked exampleYour own funds, before the loan starts
$500,000
25% of $2,000,000. At least $100,000 in cash, starting with the booking fee; the rest in cash or CPF.
Stamp duty
$69,600
BSD $69,600. Due within 14 days of signing the sale and purchase agreement.
Interest before TOP
$19,500
On the loan drawn so far, over about 4 years
| Stage and share | You pay | Loan pays |
|---|---|---|
| Booking fee, 5% | $100,000 | $0 |
| Sale and purchase agreement, 15% | $300,000 | $0 |
| Foundation, 10% | $100,000 | $100,000 |
| Concrete framework, 10% | $0 | $200,000 |
| Partition walls, 5% | $0 | $100,000 |
| Roofing and ceiling, 5% | $0 | $100,000 |
| Frames, wiring, plumbing, 5% | $0 | $100,000 |
| Car park, roads, drains, 5% | $0 | $100,000 |
| TOP, 25% | $0 | $500,000 |
| Legal completion, 15% | $0 | $300,000 |
| Loan (75% of the price) | $1,500,000 |
|---|---|
| Most of the loan drawn before TOP | $700,000 |
| Interest before TOP | $19,500 |
| Monthly instalment after TOP, at 1.5% over 21 years | $6,943 |
Interest year by year before TOP
| Year | Loan drawn | Interest |
|---|---|---|
| 1 | $0 | $0 |
| 2 | $300,000 | $3,000 |
| 3 | $500,000 | $6,750 |
| 4 | $700,000 | $9,750 |
- Your own 25% is used first, and the 25% due at TOP comes from the loan, so the loan drawn before TOP peaks at $700,000, well under the full loan.
- For a home under construction, CPF can pay the stamp duty directly. The booking fee is paid in cash.
- We assume you pay only interest on the loan drawn so far until TOP, and that the building stages are spread evenly until TOP. From TOP you pay the full instalment over what is left of the loan tenure: 21 years of the 25 years, as the tenure counts from the first drawdown. Your bank may also ask for some principal during building, and real stages rarely fall evenly.
A planning aid, not advice. It uses the rules shown below and the figures you enter. Banks, IRAS and CPF Board decide the actual figures for your case.
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What you entered: Purchase price: $2,000,000 Housing loans you still have: None, this is my first Buyer 1: Residency: Singapore Citizen Buyer 1: Homes in Singapore this buyer already owns: None Loan tenure: 25 years Years from the option to TOP: 4 years Year 1: 1.5% Year 2: 1.5% Year 3: 1.5% Year 4: 1.5% Year 5 and after: 1.5% The results: Own funds before the loan: $500,000 Of which in cash, at least: $100,000 Stamp duty (BSD and ABSD): $69,600 Loan: $1,500,000 Interest before TOP: $19,500 Monthly instalment after TOP: $6,943
The rules behind the numbers
Each table shows where the rule comes from and when we last checked it against that source. Rules change: check the source before you commit.
Progressive payment scheme
| Stage | Share of the price | When it is due |
|---|---|---|
| Booking fee, for the option to purchase | 5% | When you take the option |
| Signing the sale and purchase agreement | 15% | Within 8 weeks of the option date (20% with the booking fee) |
| Foundation work done | 10% | During building |
| Reinforced concrete framework done | 10% | During building |
| Partition walls done | 5% | During building |
| Roofing and ceiling done | 5% | During building |
| Door and window frames, wiring, plastering and plumbing done | 5% | During building |
| Car park, roads and drains done | 5% | During building |
| Temporary Occupation Permit (TOP) | 25% | When the home is ready and you get the keys |
| Legal completion | 15% | After TOP; part is held by a stakeholder until the Certificate of Statutory Completion |
The booking fee is at least 5% and at most 10% of the price; these calculators use 5%, the usual figure. Each building stage is due within 14 days of the developer's notice that it is done.
- Source: Housing Developers Rules, rule 8 and the Form 5 payment schedule. Last checked against this source on 29 September 2026.
How the loan is drawn before the home is ready
| Rule | Figure used |
|---|---|
| Who pays first | Your own share of the price, in cash and CPF; then the loan pays each stage |
| Interest before TOP | Only on the loan drawn so far, at the rate you enter for each year |
| Timing of the building stages | Spread evenly from the option to TOP |
| After TOP | Principal and interest on the whole loan, over the loan tenure less the years to TOP, as the tenure counts from the first drawdown |
- These are our own planning assumptions, not rules. Banks set their own drawdown and repayment terms, and real building stages rarely fall evenly.
Buyer's stamp duty
| Purchase price or market value | Residential |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Remaining amount | 6% |
Worked out band by band on the purchase price or the market value, whichever is higher, and rounded down to the dollar.
- Source: IRAS: Buyer's Stamp Duty (BSD). Last checked against this source on 27 September 2026.
Additional buyer's stamp duty
| Buyer | First home | Second home | Third and later home |
|---|---|---|---|
| Singapore Citizen | 0% | 20% | 30% |
| Singapore Permanent Resident | 5% | 30% | 35% |
| Foreigner | 60% | 60% | 60% |
| A company or other entity | 65% | 65% | 65% |
| A trustee, for a living trust | 65% | 65% | 65% |
When buyers have different profiles, the highest rate that applies to any of them is charged on the whole price. ABSD is rounded down to the dollar.
- Source: IRAS: Additional Buyer's Stamp Duty (ABSD). Last checked against this source on 16 August 2026.
- Source: IRAS: Additional Buyer's Stamp Duty (ABSD), entities and trusts. Last checked against this source on 27 September 2026.
Loan limits and cash downpayment
| Housing loans you have | Loan limit | Longer loans | Cash | Cash, longer loans |
|---|---|---|---|---|
| None | 75% | 55% | 5% | 10% |
| One | 45% | 25% | 25% | 25% |
| Two or more | 35% | 15% | 25% | 25% |
"Cash" is the least of the downpayment that must be paid in cash rather than CPF. The limits for longer loans apply when the loan tenure is more than 30 years (more than 25 years for an HDB flat), or when the loan runs past age 65. These calculators use the 30-year test for private homes; the HDB resale calculator uses 25 years for a bank loan on an HDB flat.
- Source: MoneySense: Buying a property, how much can you afford?. Last checked against this source on 16 August 2026.
Planning figures
| Rule | Figure used |
|---|---|
| Interest rate | 1.5% a year |
| Loan tenure | 25 years |
These are our own planning figures, not a bank quote and not a rule. Banks set their own rates; use the rate you are offered.
- Our planning figures, last set on 16 August 2026.
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