Singapore property cooling measures from 2009

14 September 2009

§  Interest absorption scheme (IAS)removed

§  Government Land Sale programme reinstated

19 February 2010

§  Max load-to-value (LTV) limit ↓from 90% to 80%

§  Seller’s stamp duty (SSD) levied on sale of private residential property within 1 year of purchase

30 August 2010

§  SSD holding period increased to 3 years with rates charged on a sliding scale of 3%, 2% & 1%

§  For buyers with o/s HL, min cash down-payment increased from 5% to 10% of valuation limit & LTV↓ from 80% to 70%

§  Min. occupation period of non-subsidized HDB flats ↑from 3 to 5 years (resale & subletting restriction) 

14 January 2011

§  SSD holding period ↑ to 4 years & rates chargeable changed to 16% , 12%, 8% & 4%

§  LTV 60% for 2^nd HL 

§  LTV 50% for companies

8 December 2011

Additional Buyer’s Stamp Duty (ABSD)
   + 10% for foreigners
   + 3% for PR’s’2^nd property
   + 3% for Singaporean’s 3^rd property above existing duty:
1% on the 1^st $180k
2% on the next $180k
3% on the remainder 

6 October 2012

§  Max tenure 35 years for purchase.

§  LTV ↓ if > 30 years or the sum of tenure & age > 65years. i.e. LTV 60% if no HL, 40% with ≥ 1 HL

§  Refinancing tenure 35 years less no of years since 1^st HL disbursed

§  LTV for companies ↓ from 50% to 40%

12 January 2013

§  ABSD: PR’s 1^st property (5%) & Singaporean‘s 2^nd property (7%). PR’s 2^nd property & Singaporean’s 3^rd property at 10%. Foreigners & company 15%.

§  LTV: 2^nd HL at 50% (30% if tenure > 30 years or loan past age 65). 3^rd HL at 40% (20% tenure > 30years or loan past age 65). For cooperates, LTV ↓ from 40% to 20%.

Min Cash Down Payment: Applying for 1^st HL : NO change, i.e 5% and 10% if tenure >30 years or loan extends past age 65. 2^nd & subsequent HL at 25% (↑ from 10%)

§  Mortgage Service Ratio for HDB loan for purchase & refinancing: 30% of borrower’s gross monthly income.

§  PR HDB flat restriction: Sell flat within 6 months of private property purchase (BUC – 6 months from TOP/SCS) & cannot sublet whole flat

§  Others: Executive Condo construction & sale restrictions & Seller’s stamp duty on industrial properties

29 June 2013

§  All borrowers to be mortgagers and no guarantors

§  Total Debt Servicing Ratio (TDSR) capped at 60% for property loans for Singapore & overseas, for residential / non-residential properties, to individuals or entitles set up solely to purchase property

§  For joint borrowings, the income-weighted average age of borrowers to be used

28 August 2013

§  Bank’s max HDB tenure reduced from 35 to 30 years
§  Bank’s HDB LTV reduced from 80% to 60% if > 25 to 30 years or loan past age 65