New measures to cool property market
Monday, August 30, 2010 9:48The Singapore government announced on 30 August 2010 that it will increase the holding period for imposition of Seller’s Stamp Duty (SSD).
The holding period will be raised from the current one year to three years.
Another measure will impact those who have more than one outstanding housing loan.
Property buyers who already have one or more outstanding housing loans at the time of the new housing purchase will have to pay more money upfront.
The government will increase the minimum cash payment from five per cent to 10 per cent of the valuation limit.
The Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by Monetary Authority of Singapore decrease from current 80% to 70% for those with more than one outstanding housing loan will also see a decrease in the.
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