Simulated case study: a hypothetical scenario to illustrate the rules. Not a real client or transaction. Figures as at 10 October 2026.
A Singapore Citizen couple who still own an HDB flat and buy a S$1.5 million uncompleted condo pay S$44,600 in Buyer's Stamp Duty plus S$300,000 in ABSD within 14 days of signing. Under these assumptions they get the ABSD back only if they sell the flat within 6 months of the condo's TOP or CSC, and the bank loan they can get depends on whether their HDB loan is still outstanding.
Figures as at 10 October 2026. Check the official source before acting.
The situation
Ravi (38) and Mei (36) are a married couple, both Singapore Citizens, with two young children. Their 5-room HDB flat has passed its minimum occupation period. They want to buy a 3-bedroom unit in a new private condo before selling the flat, so the family moves only once.
| Assumption | Value |
|---|---|
| Combined gross monthly income | S$15,000 (fixed salaries) |
| HDB flat market value | S$750,000 |
| Outstanding HDB loan | S$180,000, instalment S$1,100 a month |
| Other debts | None |
| Condo price (uncompleted, bought from developer) | S$1,500,000 |
| Expected time to TOP | About 3 years |
| Bank loan interest rate | 3M SORA 1.23% (MAS, 8 Oct 2026) + an assumed 0.80% spread = 2.03% |
| Bank loan tenure | 30 years, ending before age 65 |
The rules that apply
| Rule | What it says | Source | Effective |
|---|---|---|---|
| Buying private while owning HDB | Allowed only after the flat's MOP | HDB | Current |
| ABSD | Singapore Citizen buying a 2nd residential property: 20%, payable within 14 days of signing | IRAS) | 27 Apr 2023 |
| ABSD refund for married couples | Joint purchase, at least one Singapore Citizen; sell first property within 6 months of TOP/CSC (uncompleted) or of purchase (completed); no extension | IRAS | Current |
| Buyer's Stamp Duty | 1% to 6% in bands | IRAS) | 15 Feb 2023 |
| Bank LTV | 75% with no outstanding housing loan (min 5% cash); 45% with one outstanding (min 25% cash) | MAS Notice 632 | 6 Jul 2018 |
| TDSR | Total debt repayments up to 55% of income, at a stress rate of at least 4% | MAS Notice 645 | 30 Sep 2022 |
| Bridging loans | Bridging loans of six months or less are not counted in TDSR debts | MAS Notice 645 | Current |
IRAS counts a property you have agreed to sell as sold once the buyer has exercised the Option to Purchase, and treats the date the buyer accepts the option as the date of sale for the refund.
The numbers
Step 1: Stamp duty at signing.
- BSD on S$1,500,000: S$1,800 + S$3,600 + S$19,200 + S$20,000 = S$44,600.
- ABSD at 20%: S$300,000, because the HDB flat is their first property on the date they buy.
- Both are due within 14 days of signing the Sale and Purchase Agreement.
Step 2: The loan, in two scenarios.
| Scenario A: HDB loan still outstanding | Scenario B: HDB loan repaid first | |
|---|---|---|
| LTV limit | 45% | 75% |
| Bank loan | S$675,000 | S$1,125,000 |
| Downpayment | S$825,000 (55%) | S$375,000 (25%) |
| Minimum cash in the downpayment | S$375,000 (25%) | S$75,000 (5%) |
In Scenario B they would first need S$180,000 to repay the HDB loan.
Step 3: TDSR check (Scenario B). At 4% over 30 years, the stress-test instalment on S$1,125,000 is about S$5,371 a month, about 36% of S$15,000, because the HDB loan has been repaid. Even if the S$1,100 HDB instalment were still counted, the total of S$6,471 (about 43%) would be within the 55% limit.
Step 4: Actual repayments. At the assumed 2.03%, the condo loan instalment is about S$4,175 a month in Scenario B, or about S$2,505 in Scenario A. For an uncompleted property, the bank releases the loan in stages as construction progresses, so early instalments are smaller.
Step 5: The refund window. The 20% ABSD of S$300,000 is refunded only if they sell the HDB flat within 6 months of the condo's TOP or CSC, whichever is earlier. For purchases stamped from 2 July 2023, IRAS refunds automatically within about 6 weeks of the sale being stamped, if they declared at purchase that they intend to sell.
Step 6: Cash needed upfront (Scenario B). Minimum cash downpayment S$75,000 + BSD S$44,600 + ABSD S$300,000 = S$419,600 in cash or eligible funds before the HDB sale. The remaining S$300,000 of the downpayment can come from cash or CPF Ordinary Account savings, subject to CPF rules.
Under these assumptions, the main risk is the ABSD: if the flat is not sold in time, the S$300,000 is not refunded.
What changes the answer
- Selling the flat late. Missing the 6-month window after TOP or CSC means the S$300,000 ABSD stays paid. IRAS has said market conditions are not grounds for extension.
- HDB loan outstanding. Keeping the S$180,000 HDB loan cuts the bank LTV to 45%, raising the downpayment from S$375,000 to S$825,000.
- Sale proceeds arrive after a payment is due. If the HDB sale completes after a large progressive payment falls due, a bridging loan can cover the gap. A bridging loan of six months or less does not count towards TDSR, but it carries interest.
What to check for your own situation
- Confirm your flat's MOP date with HDB before committing to a private purchase.
- Ask IRAS, or your lawyer, how the ABSD refund conditions apply to your purchase date and expected TOP.
- Ask your bank for an in-principle approval showing the LTV and TDSR with and without your HDB loan.
- Check your CPF balances and how much can be used for the downpayment and stamp duty.
- Plan the flat sale so the buyer exercises the Option to Purchase well within 6 months of TOP or CSC.
Related reading
- Stamp duty in Singapore: BSD and ABSD rates
- HDB upgrader bridging loans and timelines
- Condo downpayment and cash outlay in Singapore
- How much can I borrow? calculator
This simulated case study is general information, not financial, tax or legal advice.
Frequently asked questions
Do HDB owners pay ABSD when buying a condo before selling their flat?
Yes. A Singapore Citizen couple who still own an HDB flat pay 20% ABSD on the condo within 14 days of signing, because the flat counts as their first property. A married couple can get it refunded if they sell the flat within IRAS's 6-month time limit and meet the other conditions.
How long do upgraders have to sell their HDB flat to get the ABSD refunded?
For an uncompleted condo bought from a developer, the first property must be sold within 6 months of the TOP or CSC date, whichever is earlier. For a completed property, it is 6 months from the purchase date. IRAS does not extend this deadline.
What LTV applies if I still have an HDB loan when I take a bank loan for a condo?
With one outstanding housing loan, the bank LTV limit is 45% and at least 25% of the price must be paid in cash. If no housing loan is outstanding, it is 75% with a 5% minimum cash downpayment.
Do bridging loans count towards TDSR?
Under MAS Notice 645, bridging loans with a tenure of six months or less are not counted in the borrower's monthly debt obligations; longer bridging loans are counted.
Can HDB owners buy private property before the MOP ends?
For households with at least one Singapore Citizen owner, no: owners and occupiers can buy private residential property only after the flat's minimum occupation period. They must also keep living in the flat unless HDB approves renting it out.