What you walk away with after the loan and the CPF refund — and whether it covers the downpayment, stamp duty and fees on the condo you want.
BSD 15 Feb 2023 · ABSD 27 Apr 2023 · CPF accrued interest 2.5% · LTV 75%The redemption figure on your latest HDB or bank statement.
Principal only — downpayment plus monthly instalments paid from CPF. Your CPF statement calls this "Amount withdrawn".
Used to estimate accrued interest. Enter your real figure below if you have it.
CPF Board → My Statement → Property. This overrides our estimate.
Sellers usually pay 2% plus GST on an HDB resale.
Completing the sale before the purchase means the condo counts as your first property.
Maximum is 75% on a first housing loan, 45% on a second.
Upgrading has more moving parts than most people expect — timing, the CPF refund, and whether the loan works on your income. Message us and we'll walk through it. No obligation, no signup.
WhatsApp 8838 8838Sale price, less the outstanding loan, less your CPF refund with accrued interest, less commission and legal fees. The CPF refund is the line that surprises people — it doesn't disappear, but it goes back into your CPF account, not your bank account.
On a S$650,000 flat with a S$180,000 loan outstanding and S$150,000 of CPF used over eight years, the accrued interest alone is roughly S$32,800. Together the CPF refund takes about S$183,000 off the proceeds — money you keep, but can't spend on furniture.
The interest your CPF savings would have earned had you not used them for property. It compounds at 2.5% a year on everything you withdrew, and it must be refunded to your CPF Ordinary Account when you sell.
It is not a penalty and it is not lost. It returns to your own CPF account and can be used for the next property, subject to the usual limits. But it reduces the cash you walk away with, and that is what catches upgraders out.
| CPF used | After 5 years | After 10 years | After 20 years |
|---|---|---|---|
| S$100,000 | ~S$13,100 | ~S$28,000 | ~S$63,900 |
| S$200,000 | ~S$26,300 | ~S$56,000 | ~S$127,700 |
| S$300,000 | ~S$39,400 | ~S$84,000 | ~S$191,600 |
Accrued interest only, not the principal. These are estimates on a single lump sum; your actual figure depends on when each withdrawal was made. Check CPF Board → My Statement → Property for your real number.
Selling first avoids ABSD entirely. Buying first means paying 20% ABSD as a Singapore Citizen, or 30% as a PR — on a S$1.4 million condo that is S$280,000 or S$420,000 up front.
Married couples with at least one Singapore Citizen spouse can buy first and apply for ABSD remission, provided the flat is sold within six months of completing the condo purchase. The ABSD is paid first and refunded on a successful application, so the cash still has to be found.
| Sell first | Buy first | |
|---|---|---|
| ABSD | None | 20% (SC) or 30% (PR) |
| LTV | 75% | 45% |
| Risk | May need interim housing | Must sell within 6 months to claim remission |
Five years of Minimum Occupation Period from key collection, not counting periods where you didn't live in the flat. Until the MOP is complete you cannot sell on the open market at all.
Seller's Stamp Duty rarely applies to HDB flats because the MOP already exceeds the SSD holding period.
Yes. The refunded amount, including accrued interest, goes back to your Ordinary Account and can be used for the next property's downpayment and stamp duty, subject to Valuation Limit and Withdrawal Limit rules. It is not cash, so it cannot cover renovation or furniture.
At 75% LTV you need 25% of the price as downpayment, of which at least 5% must be cash. Stamp duty, legal fees and valuation must generally be found in cash too, though CPF can sometimes reimburse duty afterwards.
Common options are a smaller condo, a larger loan if TDSR allows, a longer tenure, or waiting to build cash. Bridging loans exist for timing gaps but are short-term and expensive.
Almost never. The five-year MOP is longer than the SSD holding period, so by the time you can sell, SSD no longer applies.
Only if you can pay the ABSD on the condo and service both loans. Since 2024, private property owners generally cannot retain an HDB flat, so this route is closed for most upgraders. Check current HDB rules before planning around it.
It is an estimate based on a single lump sum compounding at 2.5%. Your real figure depends on the timing of each withdrawal and will differ. Use the CPF statement figure in the override field for an accurate result.
Either way, we're only a message away. No obligation — happy to walk through your numbers and what your options actually are.
WhatsApp 8838 8838Estimates based on published IRAS, HDB, MAS and CPF rules. Accrued interest is approximated and will differ from your CPF statement. Confirm with CPF Board, HDB and your bank before committing.