Quick Answer
In this example, a S$600,000 resale flat valued at S$580,000, with an HDB loan, S$60,000 of CPF and S$85,000 of grants, needs about S$33,890 in cash before the keys, or S$119,890 with renovation, furniture and moving. S$25,200 must be cash whatever your CPF: option and exercise fees, HDB fees and cash over valuation.
The Useful Number: In the example, a S$600,000 resale flat valued at S$580,000 needs about S$33,890 in cash before you get the keys, and S$25,200 of that must be cash whatever your CPF.
Why Is The Cash Number Bigger Than The Downpayment?
A home loan covers up to 75% of the price, so people expect to find the other 25%. In practice the cash comes from several places. The option fee and exercise fee go to the seller in cash, and for an HDB resale flat they total at most S$5,000. Stamp duty is due within weeks. Anything you pay above the valuation, called Cash-Over-Valuation (COV), cannot come from a loan or CPF.
Then come legal fees, HDB’s Request for Value fee, renovation, furniture and moving. Most of these arrive before you have moved in, so a plan needs dates as well as a total.
How Much Cash Does A S$600,000 Resale Flat Need?
Take a couple buying a 4-room resale flat for S$600,000, valued by HDB at S$580,000, with an HDB loan. They have S$60,000 in CPF Ordinary Account (OA) savings and a household income of S$9,000 a month, which the tool estimates as S$85,000 of grants. HDB decides if they qualify.
The loan is 75% of S$580,000, or S$435,000. The initial payment is S$140,000 after the S$5,000 paid to the seller. Stamp duty is S$12,600. CPF and grants pay the stamp duty, legal fees and most of the initial payment, but the S$1,000 option fee, S$4,000 exercise fee and S$200 of HDB fees (S$5,200 in all) and the S$20,000 COV are cash. With S$8,690 of the initial payment that CPF cannot cover, they need about S$33,890 in cash before the keys. Add S$72,500 for renovation, S$13,000 for furniture and S$500 for moving, and the total cash is about S$119,890.
- Option, Exercise, HDB Fees: S$5,200
- COV, Cash Only: S$20,000
- Initial Payment Left: S$8,690
- Cash Before The Keys: S$33,890
Data as of . Source: MyNiceHome — HDB resale buying guide; CPF Board — Guide for first-time resale flat buyers.
What Changes The Cash You Need?
The loan type matters most. A bank loan needs at least 5% of the price in cash, or 10% if the loan runs over 25 years for a flat. With a bank loan and the same CPF and grants, the example needs about S$49,200 in cash before the keys, roughly S$15,300 more, because the bank wants at least S$29,000 of the price in cash. Grants matter too: without them the same couple needs about S$118,890 in cash before the keys.
A new BTO flat spreads the payments over three or four years, with the option fee at booking, part of the downpayment at signing and the rest at key collection. Private homes and Executive Condominiums (ECs) have their own option fees and ABSD rules; the tool shows those fees as estimates you can edit. It does not model CPF interest, the CPF Valuation and Withdrawal Limits or fire insurance.
What Should You Do Next?
Keep the cash-only payments in a separate account, because CPF cannot help with them. Then estimate your renovation in the renovation cost guide, and check how much you could borrow in the TDSR and MSR guide. Confirm every amount and date in your HDB letters before you pay.
Quick Check
Three statements from this guide. Tap True or False to check what you have read. Nothing is saved.
Card 1 Of 3
Cash-Over-Valuation (COV) can be paid with a home loan or CPF.
Why? Card 1 Of 3
In the example, the S$20,000 above the S$580,000 valuation is cash, whatever your CPF.
Card 2 Of 3
In the example, CPF and grants pay the S$1,000 option fee.
Why? Card 2 Of 3
For an HDB resale flat the two together are at most S$5,000, and they count as part of the price.
Card 3 Of 3
A bank loan needs at least 5% of the price in cash, or 10% if the loan runs over 25 years for a flat.
Why? Card 3 Of 3
In the example, a bank loan raises the cash needed before the keys from about S$33,890 to about S$49,200.
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Home Cash Plan →Frequently Asked Questions
Can I Use CPF For The Option Fee Or Cash Over Valuation?
No.
The option fee and exercise fee are paid to the seller in cash, and for an HDB resale flat they total at most S$5,000. Cash over valuation, the price above HDB’s valuation, cannot be covered by a loan or CPF.
Why Does A Bank Loan Need More Cash?
A bank loan needs at least 5% of the price in cash, or 10% if the loan runs over 25 years for a flat.
An HDB loan has no cash minimum if your CPF OA can cover the initial payment. In the example the bank loan needs about S$15,300 more cash before the keys.
When Is Stamp Duty Due?
IRAS gives 14 days after you sign a document in Singapore.
For an HDB resale flat, HDB sets the deadline after you endorse the resale documents. CPF OA can pay stamp duty if you have enough.
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Sources & Assumptions
- HDB — Resale Flat Buying Guide (MyNiceHome) ↗
- HDB — Option To Purchase ↗
- CPF Board — Guide For First-Time Resale Flat Buyers ↗
- IRAS — When To Pay Stamp Duty ↗
- MAS — Loan Tenure And Loan-To-Value Limits ↗
Sources checked 28 October 2026. These are examples only. Check the stated assumptions and limits before you use a result.
Example only. Rules checked on 28 October 2026. Private and EC fees, bank-lawyer fees, furniture and moving are estimates. HDB decides grants and your HDB letters set the real amounts and dates.