Did you know the first property cooling measure started in 2009?
- Additional Buyer’s Stamp Duty (ABSD) rates raised by 5 percentage points for all individuals except for Singapore Citizens and Singapore Permanent Residents (PR) purchasing their first residential property.
- ABSD rates raised by 10 percentage points for non-individual entities.
- An additional ABSD of 5% that is non-remittable under the Remission Rules for developers purchasing residential properties for housing development.
- Loan-to-Value (LTV) limits tightened by 5 percentage points for all housing loans granted by financial institutions.
Top marginal buyer's stamp duty go up from 3% to 4% for residential properties worth over $1 million.
MAS's new debt servicing framework stipulates the minimum standards of how financial institutions calculate the Total Debt Servicing Ratio (TDSR) and plugs loopholes that existed previously.
- Reduction in the Debt Servicing Ratio to 30%.
- PRs who own a HDB flat are disallowed from subletting their whole flat.
- PRs who own a HDB flat must sell their flat within six months of purchasing a private residential property.
- ABSD rates raised between 5 and 7 percentage points.
- The ABSD will be imposed on PRs purchasing their 1st residential property and on Singaporeans purchasing their 2nd residential property.
- Maximum tenure of all new residential property loans will be capped at 35 years.
- LTV limit for loans exceeding 30 years tenure will be:
- 40% for a borrower with one or more outstanding residential property loans.
- 60% for a borrower with no outstanding residential property loan.
- LTV limit lowered from 50% to 40% for property purchasers who are not individuals.
- Foreigners and corporate entities buying any residential property will pay an ABSD of 10%.
- PRs owning one and buying the 2nd and subsequent residential property will pay an ABSD of 3%.
- Singaporeans owning 2 and buying the 3rd and subsequent residential property will pay an ABSD of 3%.
- Holding period for imposition of Seller’s Stamp Duty (SSD) increased from 3 years to 4 years.
- SSD rates raised to 16%, 12%, 8% and 4% of consideration for residential properties which are bought on or after 14 January 2011, and are sold in the 1st, 2nd, 3rd and 4th year of purchase respectively.
- LTV limit lowered to 50% for property purchasers who are not individuals.
- LTV limit lowered from 70% to 60% for property purchasers who are individuals with 1 or more outstanding housing loans at the time of the new housing purchase.
- Holding period for imposition of SSD increased from 1 year to 3 years.
- For property buyers who already have 1 or more outstanding housing loans at the time of the new housing purchase:
- Minimum cash payment increased from 5% to 10%.
- LTV decreased from 80% to 70%.
- SSD introduced on all residential properties and residential lands sold within 1 year of purchase.
- Lowered the LTV limit to 80% for all Singapore housing loans.
- Reinstatement of the Confirmed List for the 1st Half 2010 Government Land Sales (GLS) Programme.
- Removal of the Interest Absorption Scheme (IAS) and Interest-Only Housing Loans (IOL).
- Non-extension of the Jan 2009 Budget assistance measures for the property market when the measures expire.