Timeline of Singapore’s property cooling measures

HDB resale wait-out removed for buyers without an HDB loan

• The 15-month wait-out from the September 2022 round removed, with immediate effect from 28 July 2026. Private property owners, and those who have sold their private property, can now buy a non-subsidised HDB resale flat straight away, as long as they do not take an HDB housing loan.
• Still in place: a 30-month wait after selling a private property for anyone buying a new HDB flat, a resale flat with a CPF housing grant or a new Executive Condominium, or taking an HDB loan. An owner who buys a resale flat must still sell their private property, in Singapore or overseas, within six months of completing the flat purchase.

Executive condominiums: a longer occupation period, no deferred payment

Three changes to Executive Condominiums (ECs), for EC sites whose land tender closed on or after 8 May 2026. Units in earlier projects keep the old rules:

• Minimum Occupation Period lengthened from 5 years to 10. Until it ends, owners cannot sell, rent out the whole unit or buy another residential property. The unit can be sold to any buyer, including foreigners, after 15 years instead of 10.
• The Deferred Payment Scheme, which let buyers pay 20% upfront and the rest when the project received its Temporary Occupation Permit, ended. EC buyers now pay in stages as the building goes up, as for any other uncompleted private home.
• Share of units reserved for first-time buyers raised from 70% to 90%, and the reservation lasts 2 years instead of 1 month.

Seller’s stamp duty back to four years

Seller’s Stamp Duty (SSD) tightened, for residential property bought on or after 4 July 2025:

• Holding period lengthened from 3 years to 4 years.
• Rates raised by 4 percentage points, to 16%, 12%, 8% and 4% for a home sold in the 1^st, 2^nd, 3^rd and 4^th year after purchase. They were 12%, 8% and 4% over 3 years.
• HDB flat owners are not affected, because their Minimum Occupation Period already stops them selling that soon.

HDB loan limit cut to 75%

• Loan-to-Value (LTV) limit for HDB housing loans cut from 80% to 75%, bringing it in line with loans from banks and other financial institutions — HDB no longer offers a higher LTV than a bank does.
• Applies to complete HDB resale applications received on or after 20 August 2024. Paired with increased CPF housing grants for lower- and middle-income first-time buyers.

ABSD doubled for foreigners, and raised for second homes

Additional Buyer’s Stamp Duty (ABSD) raised again, on or after 27 April 2023:

• Singapore Citizens: 2nd property 17% → 20%; 3rd and subsequent 25% → 30%. First property stays at 0%.
• Permanent Residents: 2nd property 25% → 30%; 3rd and subsequent 30% → 35%. First property stays at 5%.
• Foreigners: any residential property 30% → 60%.
• Entities, such as companies and trusts: any residential property 35% → 65%.

Two new top bands of buyer’s stamp duty

Buyer’s Stamp Duty (BSD) for residential property gained two new top bands, on or after 15 February 2023 — previously it stopped at 4% above $1 million:

• 5% on the portion of the price from $1.5 million to $3 million.
• 6% on the portion above $3 million.
• See the full six-band table in our home loan information guide.

A higher stress-test rate, and a wait-out for HDB resale

A joint MAS-MND-HDB package, effective 30 September 2022, tightened borrowing conditions rather than prices:

• The medium-term interest rate floor used to compute TDSR and MSR raised from 3.5% to 4% p.a. for residential property, and 4.5% to 5% p.a. for non-residential.
• HDB introduced its own 3% interest rate floor for computing how much an HDB loan applicant is eligible to borrow. The actual HDB concessionary rate stayed at 2.6%.
• HDB loan LTV cut from 85% to 80%.
• A 15-month wait-out period imposed on private property owners buying a non-subsidised HDB resale flat (waived for those aged 55 and above downsizing to a 4-room or smaller flat). Removed in July 2026 for buyers who do not take an HDB loan.

TDSR down to 55%, ABSD up across the board

The first major package since 2018, effective 16 December 2021:

• TDSR ceiling tightened from 60% to 55%.
• ABSD raised: Singapore Citizens’ 2nd property 12% → 17%, 3rd and subsequent 15% → 25%; Permanent Residents’ 2nd property 15% → 25%, 3rd and subsequent 15% → 30%; Foreigners 20% → 30%. First-property rates (SC 0%, PR 5%) unchanged.
• HDB loan LTV cut from 90% to 85%.

ABSD and loan limits tightened again

• ABSD raised by 5 percentage points for everyone except a citizen’s or permanent resident’s first home: citizens’ second home 7% → 12%, third and later 10% → 15%; permanent residents’ second and later 10% → 15%; foreigners 15% → 20%.
• Companies and other entities: 15% → 25%. Developers buying land to build homes pay a further 5%. They can claim back the rest of the ABSD if they build and sell in time, but never this 5%.
• Bank loan limits cut by 5 percentage points: first loan 80% → 75%, second 50% → 45%, third 40% → 35%. Entities: 20% → 15%.

Buyer’s stamp duty gains a 4% band

Buyer’s stamp duty gained a fourth band: 4% on the part of the price above $1 million. The top rate had been 3%.

Seller’s stamp duty eased to three years

A partial easing, on or after 11 March 2017:

• SSD holding period cut from 4 years to 3, and each rate cut by 4 percentage points, to 12%, 8% and 4% for a home sold in the 1^st, 2^nd and 3^rd year after purchase.
• TDSR no longer applied to mortgage equity withdrawal loans (borrowing against a home you already own) with an LTV of 50% or less.
• ABSD rates and LTV limits left unchanged.

TDSR introduced

• MAS introduced the Total Debt Servicing Ratio (TDSR): all of a borrower’s monthly debt repayments may not exceed 60% of their monthly income.
• Banks must test the new loan at a rate of at least 3.5% a year (4.5% for non-residential property), and count only 70% of bonus, commission and rental income.
• The ceiling fell to 55% in December 2021, and the test rate rose to 4% in September 2022.

ABSD widened and raised; loan limits tightened

• ABSD widened and raised: citizens pay 7% on a second home and 10% on a third (was 0% and 3%); permanent residents pay 5% on a first home (was 0%) and 10% on a second and later (was 3%); foreigners and entities pay 15% (was 10%).
• A second home loan: limit 60% → 50%, and at least 25% in cash, up from 10%. A third loan and later: 40%. Entities: 40% → 20%.
• Bank loans for HDB flats and executive condominiums: the instalment may not exceed 30% of income (the Mortgage Servicing Ratio). HDB’s own loans: 40% → 35%.
• Permanent residents who own an HDB flat may no longer rent out the whole flat, and must sell it within six months of buying a private home.

Home loans capped at 35 years

• New home loans capped at 35 years.
• A loan that runs past 30 years, or past the borrower’s 65th birthday, is limited to 40% for a borrower with another home loan and 60% for one without.
• Entities: limit 50% → 40%.

ABSD introduced

Additional Buyer’s Stamp Duty (ABSD) introduced, on top of buyer’s stamp duty:

• Foreigners and entities: 10% on any home.
• Permanent residents: 3% on a second home and later.
• Citizens: 3% on a third home and later.

Seller’s stamp duty to four years, at up to 16%

• Seller’s stamp duty now applies for four years, up from three: 16%, 12%, 8% and 4% of the price for a home sold in the first to fourth year.
• A borrower with another home loan: limit 70% → 60%. Entities: 50%.

Seller’s stamp duty to three years; tighter terms for a second loan

• Seller’s stamp duty now applies for three years, up from one.
• A buyer who already has a home loan: limit 80% → 70%, and at least 10% in cash, up from 5%.

Seller’s stamp duty introduced; loan limit cut to 80%

• Seller’s Stamp Duty (SSD) introduced: a home sold within a year of purchase pays stamp duty again, at the buyer’s rates.
• Bank loan limit cut from 90% to 80%.

Interest-only loans and developer-paid interest ended

• Interest-only loans were no longer allowed, and neither were schemes in which the developer paid the buyer’s interest until the project was completed (the Interest Absorption Scheme).
• The government restored its Confirmed List for the first half of 2010: land put up for sale on a fixed schedule whatever the demand, which adds supply.
• The temporary help for the property market from the January 2009 Budget was allowed to lapse.