Private Property Mortgage Singapore
Private Property Mortgage — SORA & Fixed Packages Compared
EC, condo, or landed — each has different financing rules, LTV limits, and bank appetite. We compare SORA-pegged and fixed packages from 12+ banks and recommend based on your specific property type and buyer profile.
EC vs condo vs landed — how financing differs
Each property type has different rules for LTV, CPF usage, and lender appetite. Here is what you need to know before making an offer.
Executive Condominium (EC)
Eligible for HDB CPF Housing Grant if income ≤ $16,000/month. Minimum occupation period applies before it becomes full private property.
Strata Condominium
Most common private property type. Freehold condos attract stronger lender appetite. Leasehold condos with short remaining tenure may face restrictions.
Landed Property
Only Singapore Citizens can buy landed property (restricted to PRs in Sentosa Cove with approval). Some lenders require higher income or apply more conservative valuations.
Second property — LTV drops to 45%
If you already own any residential property (HDB or private), the LTV for your next bank loan drops from 75% to 45%. That means a larger cash down payment is required — and CPF usage for the down payment is also more restricted.
Example: Buying a $1.5M condo as a second property. At 45% LTV, your loan is $675K. You must cover $825K — of which at least $75K (5% of purchase price) must be in cash. ABSD for a second property adds 20% (Singapore Citizens) or 30% (PRs), which is $300K or $450K additional cash. Total cash required can exceed $500K–$600K before legal fees. We map this out completely before you commit.
ABSD — we note it, we don't advise on it
ABSD rates vary significantly by residency status and number of properties owned. We include ABSD in your total cost of purchase so you have the full picture. For tax advice on ABSD, consult a property tax lawyer or IRAS directly — we are financing advisors, not tax advisors.
TDSR — the constraint most buyers underestimate
MAS mandates that total monthly debt repayments — including the new mortgage — cannot exceed 55% of gross monthly income. This catches many buyers off-guard, especially those with existing car loans, personal loans, or credit card balances.
What counts toward TDSR
- • This mortgage (new)
- • Car loan repayments
- • Personal loan repayments
- • Other property loan repayments
- • Business loans you personally guaranteed
- • Minimum credit card payments (typically 5% of balance)
What we check first
Before any application, we calculate your TDSR position and determine your maximum loan quantum. If TDSR is close to 55%, we look at whether existing debts can be restructured or cleared before application. There is no point applying for more than the TDSR ceiling allows — banks will simply cap the loan.
When to refinance your private property mortgage
The right time to review your mortgage is 3–6 months before your lock-in period ends. Waiting until after lock-in can mean months on your bank's less competitive reversion rate.
Lock-in period expiring
The cleanest time to switch — no clawback penalty, full flexibility to pick any bank.
Rate gap of 0.4% or more
On a $1M loan, 0.4% saves $4,000/year. After legal fees of $2,000–$3,000 (often subsidised by the new bank), the payback is under a year.
Loan balance above $300K
Below $300K, the fixed cost of refinancing (legal fees, admin costs) often outweighs the savings. Above $300K, it almost always pays.
Private property mortgage — frequently asked questions
What is the LTV limit for a private property mortgage in Singapore?
For Singapore Citizens buying a first private property with a bank loan: 75% LTV — you put up 25%, of which 5% must be in cash and 20% can be from CPF OA. For a second property, LTV drops to 45%. For a third or subsequent property, it is 35%. Permanent Residents have the same LTV limits but face higher ABSD rates. Foreigners also qualify for 75% on a first property but pay significantly higher ABSD (60% as of April 2026). TDSR at 55% applies to all buyer categories.
What are the financing differences between EC, condo, and landed property?
Executive Condominiums (ECs) built and sold by private developers are eligible for CPF Housing Grant and can be financed with HDB or bank loans during the initial eligibility period, transitioning to standard private property rules after 10 years. Strata condominiums follow standard private property rules — bank loan, 75% LTV first property. Landed properties (terrace, semi-detached, bungalow) are treated as private property for financing but some lenders are more conservative on loan-to-value and require stronger income profiles. Leasehold vs freehold can also affect lender appetite.
When should I think about refinancing my private property mortgage?
The ideal trigger is when your lock-in period expires — typically 1–3 years after your original loan. At that point, you can switch banks without clawback penalties. Even without a rate change, the effort of comparing packages at lock-in expiry is almost always worth it. As a rule, if you can save 0.3% or more on a loan above $500K, refinancing pays off even after accounting for legal fees. We run this calculation for you before recommending any switch.
Does ABSD affect how much I can borrow?
ABSD (Additional Buyer's Stamp Duty) is a stamp duty — it does not directly reduce your LTV or change your mortgage limit. However, it affects your total cash outlay. If you are paying 20% ABSD on a second property purchase, that cash cannot be used for the down payment — so your overall cash requirement rises significantly. We map your full cost of purchase (LTV + ABSD + BSD + legal fees + stamp duty) before you proceed, so there are no surprises at the solicitor's office.
Can I use CPF for a private property purchase?
Yes, CPF OA funds can be used for private property purchases — both down payment and monthly mortgage instalments — subject to the CPF Withdrawal Limit (generally up to 120% of the Valuation Limit, i.e. the lower of purchase price or market valuation). Once you turn 55, additional rules apply to CPF usage for property. For leasehold properties with less than 60 years remaining on the lease, CPF usage is restricted. We factor CPF into your total affordability calculation.
Want the full picture on property financing in Singapore?
Read the complete property financing guide →Find the best mortgage package for your property.
Takes 3 minutes. We calculate TDSR, map your total purchase cost including ABSD, and identify which banks offer the best packages for your profile.
Check my eligibility — free →Last updated: April 2026