The Government announced today the following measures to maintain a stable and sustainable property market:
a) Increase the holding period for imposition of Seller’s Stamp Duty from the current one year to three years (imposed on pro-rata).
b) For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase:
i. Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
ii. Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.
The measures will take immediate effect on 30 August 2010.
Read fulll MAS release here: http://www.mas.gov.sg/news_room/pres...ty_Market.html
a) Increase the holding period for imposition of Seller’s Stamp Duty from the current one year to three years (imposed on pro-rata).
b) For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase:
i. Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
ii. Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.
The measures will take immediate effect on 30 August 2010.
Read fulll MAS release here: http://www.mas.gov.sg/news_room/pres...ty_Market.html