By MoneyBees
Work out the cash over valuation when you pay more than the valuation for an HDB resale flat or a private home. The loan and your CPF stop at the lower of the price and the valuation, so the gap is paid in cash. See the full cash and CPF you need, stamp duty included.
HDB's value after your Request for Value
Cash over valuation
$20,000
3.3% of the price, cash only
Largest loan
$435,000
75% of $580,000
Cash you need
$65,000
COV plus the cash part of the downpayment, before stamp duty
The loan and your CPF are worked out on $580,000, the lower of the price and the valuation. The $20,000 above it is paid in cash. The downpayment on $580,000 is $145,000. Your CPF covers $100,000 of it.
Stamp duty is on the higher figure, the price: $12,600. Your CPF OA can pay it too, though every dollar it pays there is a dollar less for the downpayment, so in all you put in $177,600 from cash and CPF.
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| Item | Amount |
|---|---|
| Agreed price | $600,000 |
| Valuation | $580,000 |
| Cash over valuation, in cash | $20,000 |
| Loan, 75% of the lower figure | $435,000 |
| Downpayment on the lower figure | $145,000 |
| paid from CPF OA | $100,000 |
| paid in cash | $45,000 |
| Buyer's Stamp Duty | $12,600 |
| Additional Buyer's Stamp Duty | $0 |
| Cash and CPF in total | $177,600 |
Legal fees, the HDB fees and any CPF housing grant are left out. With an HDB loan, HDB has you put in your OA savings above S$20,000 first, which only lowers the loan. A bank sets a lower limit when the tenure is over 30 years (25 for an HDB flat) or the loan runs past age 65.
| Valuation | COV | Loan | Cash you need |
|---|---|---|---|
| $600,000 | $0 | $450,000 | $50,000 |
| $594,000 (-1%) | $6,000 | $445,500 | $54,500 |
| $588,000 (-2%) | $12,000 | $441,000 | $59,000 |
| $582,000 (-3%) | $18,000 | $436,500 | $63,500 |
| $570,000 (-5%) | $30,000 | $427,500 | $72,500 |
| $552,000 (-8%) | $48,000 | $414,000 | $86,000 |
The price stays the same, so whatever the loan loses you make up from cash and CPF. The COV part of it can only be cash.
A couple agrees S$600,000 for a resale flat and HDB values it at S$580,000. The COV is S$20,000. An HDB loan of 75% of S$580,000 is S$435,000, leaving a S$145,000 downpayment. With S$100,000 of CPF, they pay S$45,000 of it in cash, plus the S$20,000 COV: S$65,000 in cash.
Stamp duty is on S$600,000: 1% of S$180,000, 2% of the next S$180,000 and 3% of S$240,000, or S$12,600. Had the valuation matched the price, the loan would have been S$450,000 and the cash S$50,000. So the S$20,000 gap took S$15,000 off the loan and put S$15,000 on the cash.
Figures checked 4 Oct 2026.
The part of the price above the valuation. If you agree to pay S$600,000 for a resale flat that HDB values at S$580,000, the COV is S$20,000.
No. CPF says the COV must be paid fully in cash and cannot be covered by CPF or your loan. CPF for the purchase is capped at the lower of the price and the valuation.
On the lower of the two. HDB and bank loans for a resale flat are both up to 75% of the lower of the resale price or the value of the flat.
At least 5% of the lower of the price and valuation in cash when the loan is at 75%, plus the COV. With an HDB loan the downpayment can come entirely from CPF, but the COV is still cash.
On whichever is higher. When you pay above the valuation, Buyer's Stamp Duty and any ABSD are on the price. CPF OA savings can pay both.
After the seller grants you the Option to Purchase, you make a Request for Value to HDB, which costs S$120. HDB's value is then the basis for your CPF use and loan.
Yes. Banks lend on the lower of the purchase price and the valuation, and CPF says the part of the price above market value must be paid in cash.
Then there is no COV. The loan and your CPF are worked out on the price.
These calculators provide general estimates for educational purposes only and are not personalised financial advice. Results may rely on rates and rules that change over time, so verify against official sources (IRAS, CPF Board, HDB, MAS) or consult a licensed financial adviser before making decisions.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).