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Cooling Measures – SSD | ABSD | TDSR | MSR | Resale Levy



9 December 2013

  • A cap of 30% Mortgage Servicing Ratio (MSR)

Executive Condo loan are calculated based on a maximum of only 30% of buyer’s gross income per month instead of the previous 60%.

  • Resale Levy for Second-Timers

Applicable to EC projects where the land is sold on or after 9 December 2013. All second timers who have bought a BTO flats or resale HDB flat with housing grant will have to pay a resale levy when they buy a new EC. Levy amount is dependent on the type of HDB owned.

Subsidised Flat Type Amount of Resale Levy

(For subsidised flat sold on and after 3 March 2006)

2 room $15,000
3 room $30,000
4 room $40,000
5 room $45,000
Executive $50,000

For first subsidised flat sold before 3 March 2006, the levy is based on a certain percentage of the selling price of the HDB flat, the amount is best advised by the respective HDB Branch Office.

  • Lowered EC Cancellation Fees

The cancellation fees for EC is reduced from 20% to 5% of the purchase price.


28 August 2013

  • Singapore Permanent Residents

New SPR needs to wait 3 years (from obtaining PR status) before they are allowed to buy a resale HDB flat

  • Max Tenure for New Housing and Refinancing loan is reduced

The maximum loan tenure by financial institution is reduced from 35 years to 30 years for new housing loan and refinancing of HDB flats (including DBSS). For loans tenure that is more than 25 years and up to 30 years are subjected to a tighter Loan-To-Value (LTV) limits

  • Max Tenure for HDB reduced

The MSR is reduced from 35% to a limit of 30% from buyer’s total gross monthly income. Maximum loan tenure is reduced from 30 years to 25 years for HDB housing loan.


29 June 2013

  • Total Debt Servicing Ratio (TDSR)

The TDSR of borrower should not exceed 60% of the monthly gross income. Financial institute needs to borrow following the maximum 60% TDSR.

  • MAS will require
  • Owner of the property must be the borrower for the loan of the property.
  • Financial Institution will evaluate that “Guarantors” TDSR to be within 60%, in order for co-borrowers to bring their names in.
  • Financial institutes to use the income weighted average aged of borrowers in the event of joint borrowers.


12 January 2013

  • Additional Buyer’s Stamp Duty (ABSD)

ABSD are increase and adjusted across the board from SC, PR and foreigners as per the following table:

ABSD First






SC 0% (0%) 7% (0%) 10% (3%)
PR 5% (0%) 10% (3%) 10% (3%)
Foreigners/ Corporate Entity 15% (10%) 15% (10%) 15% (10%)

The percentage in red is the ABSD before the adjustment.

  • Loan-To-Value (LTV)

The LTV is reduced adjusted as per the following table, together with the increment of minimum down payment of cash:

LTV & Min Cash Down Payment First

Property Loan


Property Loan


Property Loan

LTV (Individuals) 80% / 60% 50% / 30% 40% / 20%
LTV (Companies) 20% 20% 20%
Min Cash Down Payment 5% (LTV 80%)/

10% (LTV 60%)

25% 25%
  • MSR Cap reduced

MSR for HDB loan is capped at 35% instead of 40%, MSR for financial institution loan is capped at 30%.

  • PRs

PRs are no longer able to rent out the whole unit of their HDB flats.


06 October 2012

  • Loan Tenure

Maximum loan tenure to be capped at 35 years.

  • LTV reduced

LTV to be lowered to 60% for first property loan and 40% for second and subsequent property loan, applicable for loans longer than 30 years or being stretch beyond the 65 years old retirement age.

  • LTV reduced

LTV for companies to be lowered to 40%


08 December 2011

  • Additional Buyer Stamp Duty (ABSD) was first implemented
ABSD First






SC 0% 0%   3%
PR 0% 3% 3%
Foreigners/ Corporate Entity 10% 10% 10%
  • Developers Purchasing more than 4 residential properties

Developers purchasing more than 4 residential properties will be waived with ABSD, if the intention is to redevelop the properties for sale. Developer will need to show proof of the redevelopment and sale within a 5 years period.


14 January 2011

  • Seller’s Stamp Duty (SSD)

SSD, which was affecting newly purchased property based on the holding period is now increased to 4 years instead of the previous 3 years.

  • SSD rates

SSD rates are increased to 16%, 12%, 8% and 4% of the selling price, within the first 4 years of sale respectively.

  • LTV reduced

LTV lowered to 60% from the previous 70% for second property purchase.

  • LTV reduced

LTV for non-individual buying residential properties to be capped at 50%.


30 August 2010

  • SSD

SSD, which was affecting newly purchase property based on the holding period is now increased to 3 years instead of the previous 1 year.

  • Minimum Cash Down Payment

Minimum cash down payment has been increased from 5% to 10% for purchasers with more than 1 outstanding home loan.

  • LTV reduced

LTV lowered to 70% from the previous 80% for second property purchase.


20 February 2010

  • SSD was first implemented

SSD to be paid if property and land is sold within 1 year of purchase.

  • LTV reduced

LTV lowered to 80% from the previous 90% for all home loans excluding HDB loans.


14 September 2009

  • Scheme absorbing interest for instalments

All private properties are scraped off from the interest only home loans (Interest payment are made until TOP) and interest absorption scheme (deferring instalments until TOP)


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