Short answer: In our worked example, a married Singaporean couple selling a S$700,000 HDB flat and buying a S$1.8 million resale condo need about S$229,600 in cash if they sell the flat first. If they buy the condo first, they need about S$1.41 million upfront, including S$360,000 ABSD that is refunded only if the flat sells within six months.
Updated 27 September 2026. All rules below were checked against HDB, IRAS, MAS and CPF Board pages on that date. This is general information, not financial advice; your own numbers depend on your loan, CPF usage and income.
Can you buy a condo before your HDB MOP ends?
No. HDB states that you and your spouse must fulfil your flat's Minimum Occupation Period (MOP) before you can acquire private residential property. This applies to property in Singapore and overseas.
| Flat type | MOP | Can you buy private property during MOP? |
|---|---|---|
| Standard flats, and most flats launched before October 2024 | 5 years | No |
| Plus and Prime flats (from the October 2024 BTO exercise), and earlier Prime Location Public Housing (PLH) flats | 10 years | No |
The MOP counts from the date you collect the keys, and excludes any period when you did not live in the flat. For a resale flat, your MOP is your own; it does not carry over from the previous owner. Check your exact MOP date on your HDB flat dashboard before you view condos.
After MOP, should you sell the HDB flat first or buy the condo first?
Once the MOP is met, HDB lets you own the flat and a private property at the same time, so both orders are allowed. The order decides whether you pay Additional Buyer's Stamp Duty (ABSD) and which loan limit applies.
| Sell HDB first | Buy condo first | |
|---|---|---|
| ABSD for Singapore Citizens | 0% if your buyer has exercised the option before you buy | 20% of the condo price, paid within 14 days |
| Refund of that ABSD | Not applicable | Only for married couples meeting IRAS conditions (below) |
| Loan-to-value (LTV) limit | 75% if you have no outstanding housing loan | 45% while your HDB loan is outstanding |
| CPF for the condo | CPF refunded from the sale can be used | OA can be used only after setting aside the Basic or Full Retirement Sum |
| Main risk | Finding somewhere to live between homes | Missing the six-month sale deadline |
Why selling first removes ABSD. IRAS counts your properties on the date you buy. A property you are selling drops out of that count once your buyer has exercised the option to purchase, even before the sale completes. So if the HDB buyer exercises before you exercise the condo option, the condo is your only property.
How does the ABSD refund work if you buy first?
IRAS charges Singapore Citizens 20% ABSD on a second residential property (rates unchanged since 27 April 2023). Singapore Permanent Residents pay 30%. A married couple can get this back only if all of these hold:
- At least one spouse is a Singapore Citizen, and the condo is bought jointly in both names only.
- Neither spouse owned more than one residential property when buying the condo.
- The ABSD has been paid in full first.
- The first property is sold within six months of the condo purchase date (for a completed condo), or within six months of the condo's TOP or CSC, whichever is earlier (for an uncompleted new launch).
- The couple stays married, does not change the condo's ownership, and buys no other residential property in the meantime.
- The refund is applied for within six months of the date of sale of the first property.
What counts as "sold": IRAS uses the date your buyer accepts (exercises) the option to purchase, or signs the sale and purchase agreement. It is not the date the HDB resale completes.
IRAS says it will not extend the six-month deadline, and it advises couples to find a buyer before buying their next home. This refund is not available to singles under 55. A separate IRAS concession (for purchases from 16 February 2024) lets single Singapore Citizens aged 55 and above claim back ABSD on a lower-value replacement home, subject to its own conditions.
How much cash do you need? A worked example
This is our estimate, built only from the sourced rules on this page. Change the inputs to match your own statements.
Assumptions
- Married couple, both Singapore Citizens, both under 55, jointly owning one HDB flat that has met its MOP. No other property and no other debts.
- The flat sells for S$700,000, at market value.
- Outstanding HDB loan: S$200,000.
- CPF used on the flat, including any CPF housing grants and accrued interest: S$250,000 (combined, from your CPF statements).
- Other CPF Ordinary Account (OA) savings: S$30,000 (combined).
- Condo: completed resale unit, S$1,800,000, valued at the price paid, with enough lease left that CPF use is not pro-rated.
- Loan tenure 25 years, ending by the couple's income-weighted average age of 65.
- Legal fees, valuation fees, renovation, moving and any rental between homes are not included.
Step 1: What the HDB sale releases
| Item | Amount |
|---|---|
| Sale price | S$700,000 |
| Less: HDB loan repaid | −S$200,000 |
| Less: CPF refund (principal plus accrued interest) | −S$250,000 |
| Cash proceeds | S$250,000 |
| CPF OA after refund (S$250,000 refunded + S$30,000 existing) | S$280,000 |
Step 2: What the condo costs (selling first, 75% LTV)
| Item | Working | Amount |
|---|---|---|
| Maximum bank loan | 75% × S$1,800,000 | S$1,350,000 |
| Down payment | 25% × S$1,800,000 | S$450,000 |
| of which minimum cash | 5% × S$1,800,000 | S$90,000 |
| of which cash or CPF | 20% × S$1,800,000 | S$360,000 |
| Buyer's Stamp Duty (BSD) | IRAS tiered rates, below | S$59,600 |
| ABSD | 0% (only property) | S$0 |
BSD on S$1.8 million: 1% of the first S$180,000 (S$1,800) + 2% of the next S$180,000 (S$3,600) + 3% of the next S$640,000 (S$19,200) + 4% of the next S$500,000 (S$20,000) + 5% of the remaining S$300,000 (S$15,000) = S$59,600.
Step 3: Cash needed
| Item | Amount |
|---|---|
| Minimum cash down payment | S$90,000 |
| Rest of down payment after using S$280,000 of CPF (S$360,000 − S$280,000) | S$80,000 |
| BSD, paid in cash | S$59,600 |
| Total cash needed | S$229,600 |
| Cash from the HDB sale | S$250,000 |
| Left for legal fees, renovation and moving | S$20,400 |
We assume BSD is paid in cash because IRAS requires it within 14 days of the signed contract. Timing matters too: the HDB sale proceeds arrive only when the resale completes, so you may need cash on hand for the condo's option and exercise payments before then.
Step 4: Does the income pass TDSR?
Banks must test the loan at an interest rate of at least 4% a year for residential property, and total debt repayments cannot exceed 55% of gross monthly income.
- Monthly instalment on S$1,350,000 over 25 years at 4%: S$7,126.
- Minimum gross household income: S$7,126 ÷ 0.55 = S$12,956 a month, with no other debts.
What if you buy the condo first?
With the HDB loan still outstanding, the condo loan counts as a second housing loan.
| Item | Working | Amount |
|---|---|---|
| Maximum bank loan | 45% × S$1,800,000 | S$810,000 |
| Minimum cash down payment | 25% × S$1,800,000 | S$450,000 |
| Rest of down payment (cash or eligible CPF) | 30% × S$1,800,000 | S$540,000 |
| BSD | as above | S$59,600 |
| ABSD | 20% × S$1,800,000 | S$360,000 |
| Total upfront | S$1,409,600 |
This assumes no CPF is used, because the CPF refund from the flat has not arrived yet and OA savings for a second property are only usable after setting aside the retirement sum. The S$360,000 ABSD comes back only if the couple meets every IRAS condition above. The HDB loan instalment also counts towards TDSR until that loan is repaid.
Check with your bank. MAS sets LTV by the number of housing loans you have outstanding. If your HDB loan is still outstanding when the bank grants the condo loan, even while you are selling first, the 45% limit applies. The cash needed in the example above then rises by S$540,000, to S$769,600 (S$450,000 minimum cash, S$260,000 of the down payment not covered by CPF, and S$59,600 BSD). That is S$519,600 more than the S$250,000 the HDB sale releases. Get the bank's in-principle approval in writing before you commit.
How is the CPF refund worked out when you sell your HDB?
When you sell, the sale proceeds first repay your outstanding housing loan. Then they refund to your CPF the principal you withdrew for the flat plus accrued interest. Accrued interest is what those savings would have earned had they stayed in your OA. The OA rate is at its 2.5% a year floor in every quarter of 2026, including October to December.
- Below 55, the refund goes back into your OA and can be used for your next home.
- From 55, it first tops up your Retirement Account to the required retirement sum, and the balance goes to your OA.
- If you sold at market value but the price is not enough to cover the loan and the full refund, you only refund what is left after the loan. You do not top up the shortfall in cash. If you sold below market value, you must top up the shortfall in cash.
Your CPF home ownership dashboard shows the exact refund amount ("What Happens If").
Do MSR limits apply to a condo loan?
No. MAS applies the 30% Mortgage Servicing Ratio only to HDB flats and executive condominiums. A private condo loan is tested against TDSR at 55% of gross monthly income. See our TDSR and MSR explainer for the full calculation.
Your pre-upgrade checklist
- Confirm your MOP date on your HDB flat dashboard (5 years, or 10 years for Plus and Prime flats).
- Check your CPF refund on your CPF home ownership dashboard, and your outstanding HDB loan.
- Work out cash proceeds: sale price minus loan minus CPF refund.
- Get a bank in-principle approval, and ask whether your loan will be assessed at 75% or 45% LTV.
- Run TDSR at 4% on the new loan, including any debts you will still have.
- Decide the order. If you buy first, confirm you meet every IRAS refund condition and can pay the ABSD upfront.
- Budget for BSD (S$59,600 on S$1.8 million), payable within 14 days.
- Plan where you will live if the HDB sale completes before the condo is ready.
FAQ
Can I buy a condo before selling my HDB flat?
Yes, if your flat has met its MOP. HDB allows you to own both. As a Singapore Citizen you will pay 20% ABSD on the condo. A married couple buying jointly can get it refunded if the flat is sold within six months and the other IRAS conditions are met.
When does the six-month ABSD refund window start?
For a completed condo, it starts on the date you bought it (the date you exercised the option to purchase or signed the sale and purchase agreement). For a new launch bought before completion, it starts on the date of TOP or CSC, whichever is earlier. The HDB flat counts as sold on the date your buyer exercises the option, not on the completion date.
Do I get my CPF refund back in cash?
No. The CPF refund goes back into your CPF account, mostly your Ordinary Account if you are below 55. You can use it for your next home, subject to CPF rules. Only what is left after the loan and the CPF refund is paid to you in cash.
What LTV can I get for a condo if I still have an HDB loan?
MAS caps the loan at 45% of the price (or 25% for longer tenures) when you have one outstanding housing loan. You also need at least 25% of the price in cash. With no outstanding housing loan, the limit is 75%, with a 5% minimum cash payment.
Does the MOP apply to resale HDB flats?
Yes. Resale flat owners must also meet the MOP before buying private property. The MOP is counted from when you collect the keys and live in the flat, not from when the previous owner bought it.
For more on how ABSD applies across buyer profiles, see our ABSD guide. For the full MOP rules, see our HDB MOP guide.
Sources
- HDB, Acquiring Private Property (MOP must be met before buying private property)
- MyNiceHome (HDB), What are Standard, Plus and Prime HDB flats? (updated 24 June 2026)
- IRAS, Additional Buyer's Stamp Duty (ABSD) (rates from 27 April 2023; 14-day payment; property count rules)
- IRAS, Remission of ABSD for a Married Couple
- IRAS, Buyer's Stamp Duty (BSD) (rates from 15 February 2023)
- MAS, Loan Tenure and Loan-to-Value Limits
- MAS, Rules for New Housing Loans (TDSR 55%; MSR 30% for HDB flats and ECs only)
- MAS, TDSR Thresholds for Property Loans
- MAS, Measures to promote sustainable conditions in the property market (4% interest rate floor, September 2022)
- CPF Board, CPF refund when selling or transferring property
- CPF Board, How much CPF OA savings can you use when buying your next home?
- IRAS, ABSD Concession for Single Singapore Citizen (SC) Seniors
- CPF Board, How does the Board calculate the accrued interest on the amount of CPF used for my property?
- CPF Board, CPF interest rates from 1 July to 30 September 2026
- AsiaOne, CPF interest rates for October to December 2026 (22 September 2026; OA stays at 2.5%)
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