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Singapore PR Guide: How much do I need to prepare to buy a house in Singapore?

For Singaporean Permanent Residents (PRs), particularly those from Malaysia, purchasing a S$1 million home here involves careful financial planning. Understanding both the initial outlay and ongoing expenses is crucial. These estimates are for a PR buying their first residential property in Singapore as of May 2025.

Upfront Costs: The Initial Investment

The most significant upfront cost is the downpayment.

For a S$1 million property, assuming a 75% bank loan, this amounts to S$250,000. At least 5% (S$50,000) must be paid in cash, with the remainder potentially covered by CPF Ordinary Account savings or more cash.

Beyond this, stamp duties are major expenses. Buyer’s Stamp Duty (BSD) on S$1 million is S$24,600.

Additionally, PRs pay an Additional Buyer’s Stamp Duty (ABSD) of 5% for their first property, equalling S$50,000.

Factoring in legal and valuation fees (around S$3,000 – S$4,200), the total estimated upfront cash and CPF needed could be approximately S$327,600 to S$328,800.

Monthly Ownership Costs: Ongoing Commitments

Once you own the home, monthly expenses accrue. The largest is the mortgage repayment. For a S$750,000 loan over 25 years at an illustrative interest rate of 2.75% p.a., this could be around S$3,460.

Property tax, based on the home’s Annual Value (AV) and owner-occupier PR rates, might average S$80 monthly (assuming an AV of S$36,000). If it’s a condominium, maintenance fees (estimated S$300-S$600) and home insurance (around S$15-S$30) are also applicable. Don’t forget utilities (water, electricity, internet), which can range from S$250-S$500+.

Thus, fixed monthly outgoings (excluding utilities) could total roughly S$3,855 to S$4,170. Including utilities, expect S$4,100 to S$4,670+.

Owning a home in Singapore is a major achievement. While the financial commitment is substantial, understanding these estimated upfront and monthly costs is the crucial first step in your planning. These figures provide a foundational overview for your journey.

Take control of your homeownership journey by first assessing your finances against these insights. For a personalized consultation to navigate your specific situation, understand these figures in more detail, and plan effectively for your property purchase, please feel free to get in touch.

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Alson Teoh (张志豪)

I’m an independent financial consultant with a story rooted in resilience and a passion for helping others avoid the pitfalls of financial instability. Growing up in a small Malaysian town, my life took a dramatic turn when my family’s financial stability was shattered by unforeseen circumstances. Witnessing the challenges of starting over, I developed a deep appreciation for the value of financial planning.

Today, as a financial consultant with Financial Alliance, I bring this life-earned wisdom to help my clients navigate their financial journeys with confidence. As a Malaysian living in Singapore, I understand the challenges young professionals face in balancing life, career, and financial goals while living abroad, miles away from their loved ones.

My mission is to simplify financial complexities, offer unbiased advice, and empower clients to make confident decisions that lead to financial freedom.

What sets me apart is my authenticity and ability to connect deeply with clients. I bring the lessons of my life’s adversities into my practice, ensuring you have a trusted partner to guide you through every step of your financial journey. Together, we’ll turn your aspirations into achievements.

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策