Buying Hougang Central with CPF and a Bank Loan
Hougang Central has no price list yet, but the rules on cash, CPF, bank loans and stamp duty are already set. This guide shows what they would mean at three possible purchase prices, so you can plan before the launch.
By Melvin Tan, ERA Realty Network (CEA R026686A) · Updated 12 November 2026
How much cash and CPF do you need to buy at Hougang Central?
For a first housing loan, you pay a 25% downpayment: at least 5% in cash, and the other 20% in cash, CPF Ordinary Account savings, or both. You also pay Buyer's Stamp Duty. On a S$2 million unit, that is S$500,000 down, of which at least S$100,000 must be cash, plus S$69,600 in stamp duty.
| Purchase price | Minimum cash (5%) | Cash or CPF (20%) | Buyer's Stamp Duty | Loan (75%) | Monthly repayment |
|---|---|---|---|---|---|
| S$1,500,000 | S$75,000 | S$300,000 | S$44,600 | S$1,125,000 | S$4,158 |
| S$2,000,000 | S$100,000 | S$400,000 | S$69,600 | S$1,500,000 | S$5,544 |
| S$2,500,000 | S$125,000 | S$500,000 | S$94,600 | S$1,875,000 | S$6,930 |
The 5% minimum cash is set by MAS and confirmed by CPF Board. Stamp duty uses the IRAS Buyer's Stamp Duty rates. Repayment figures are our calculations.
At 3.0% interest instead of 2.0%, the monthly repayment on the S$2 million example rises from S$5,544 to S$6,324. Test your budget at a higher rate before committing.
How much can you borrow?
For a first housing loan, a bank can lend up to 75% of the price, with a loan tenure of up to 35 years for private property. The limit falls to 55% if the tenure is longer than 30 years, or if the loan runs past your 65th birthday. If you already have a housing loan, the limit falls to 45% and the minimum cash downpayment rises to 25%.
| Your situation | Maximum loan | Minimum cash downpayment |
|---|---|---|
| No outstanding housing loan | 75%, or 55% if the tenure is over 30 years or runs past age 65 | 5% (10% at the 55% limit) |
| One outstanding housing loan | 45%, or 25% if the tenure is over 30 years or runs past age 65 | 25% |
| Two or more outstanding housing loans | 35%, or 15% if the tenure is over 30 years or runs past age 65 | 25% |
Source: MAS loan tenure and loan-to-value limits, last updated 27 March 2024. These are the maximums. Banks also check that your income can support the repayments, so you may be offered less. MoneySense explains how that assessment works.
How does paying in stages work for a new launch?
You do not pay the full price at once. For a condo bought before it is built, you pay in stages as construction progresses, and the bank releases your loan stage by stage. Your monthly repayment therefore starts small and grows until the building is finished.
| Stage | Share of price | Running total | Loan drawn so far (S$2m, 75% loan) |
|---|---|---|---|
| Option to purchase and sale agreement | 20% | 20% | None. Paid from your cash and CPF |
| Foundation work completed | 10% | 30% | S$100,000 |
| Reinforced concrete framework completed | 10% | 40% | S$300,000 |
| Partition walls, roofing, doors and windows, car park and roads | 5% each, 20% in total | 60% | S$700,000 |
| Temporary Occupation Permit (TOP) | 25% | 85% | S$1,200,000 |
| Certificate of Statutory Completion | 15% | 100% | S$1,500,000 |
Your 25% downpayment covers the first 20% and half of the foundation stage. After that, each stage is paid mainly from the loan. At 2.0% over 30 years, the repayment on S$700,000 drawn would be about S$2,587 a month, rising to the full S$5,544 once the whole loan is drawn. The developer's sale agreement for Hougang Central will set out the exact schedule. The URA guide to buying property explains each step from booking to collecting your keys.
Can you use CPF for the monthly repayments?
Yes, from your Ordinary Account, once the 5% cash downpayment is paid. CPF Board caps the monthly amount at the repayment your bank has approved. There is also an overall cap: your CPF use is limited to the lower of the purchase price and the valuation. If you have set aside your Basic Retirement Sum, you can use more, up to 120% of that amount.
The remaining lease also matters. CPF use is full only if the lease covers the youngest buyer using CPF until age 95. A new 99-year lease at Hougang Central covers almost every buyer, but older buyers should check. Sources: CPF Board on how much you can use and on monthly instalments. The CPF housing usage calculator works out your own figures.
Using CPF for your home reduces what is left for retirement, and you will have to return the CPF used, with accrued interest, to your account when you sell. Keep a cash buffer rather than using every dollar of your Ordinary Account.
How much stamp duty will you pay?
Every buyer pays Buyer's Stamp Duty. Some also pay Additional Buyer's Stamp Duty (ABSD), depending on citizenship and how many homes they already own. ABSD is the larger amount for anyone it applies to.
| Buyer | First home | Second home | Third and later |
|---|---|---|---|
| Singapore Citizen | 0% | 20% | 30% |
| Singapore Permanent Resident | 5% | 30% | 35% |
| Foreigner | 60% | 60% | 60% |
Source: IRAS ABSD rates. On a S$2 million unit, a Singapore Citizen buying a second home would pay S$400,000 in ABSD on top of the S$69,600 Buyer's Stamp Duty. IRAS publishes the conditions for refunds and remissions, which depend on your situation.
What if you already own an HDB flat or another home?
Three rules change at once. You pay ABSD on the new purchase, your loan limit falls to 45% if you still have a housing loan, and you need at least 25% of the price in cash. On a S$2 million unit, that means at least S$500,000 in cash before stamp duty, against S$100,000 for a first-time buyer.
HDB flat owners also have their own rules on when they can buy private property and when they must sell. Check them with HDB before planning a purchase. The timing of selling and buying affects how much you pay, so work it out with your bank and lawyer before the launch, not after.
What should you do before the launch?
- Get an in-principle approval from your bank. It shows how much you can borrow based on your income and existing debts.
- Check your CPF Ordinary Account balance and what the CPF calculator says you can use.
- Set aside the cash portion, including the 5% minimum, stamp duty and legal fees.
- Test your budget at more than one price. The land price guide explains why S$2,500 psf is a mid-range case rather than an upper limit.
- Test your repayment at a higher interest rate than today's.
Sources (retrieved 12 November 2026): MAS loan tenure and loan-to-value limits; CPF Board on downpayments; CPF Board on how much CPF you can use; CPF Board on monthly instalments; IRAS Buyer's Stamp Duty; IRAS Additional Buyer's Stamp Duty; URA guide to buying property; MoneySense. Repayment and stage figures are our own calculations.
Next: Cross Island Line at Hougang, Hougang Central land price explained, price guide, or ask about your own budget.