Singapore Property investor: Singapore Property Stamp Duty
Singapore Property Investor: Singapore Property Stamp Duty
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Stamp duty for Property Purchase for Singapore Properties
Conveyance: Purchase Price or Market Value, whichever is higher
For the First $180,000 - 1% = $1,800
For the next $180,000 - 2% = $3,600
Thereafter, - 3%
Before you even consider a property or a Home loan mortgage, you should
first assess whether you can afford a property.
If the property is valued at or transacted at $1,000,000, your stamp duty will
be: -
For the First $180,000 - 1% = $ 1,800
For the next $180,000 - 2% = $ 3,600
For the next $ 640,000 - 3% = $19,200
The Stamp duty = $24,600
If you are able to get a 90% loan to a property valuation, you will need 10%
downpayment, plus roughly 3% for Stamp duty.
For a 90% loan to valuation, for a $1,000,000 property, you will need to
standby for downpayment: -
This is the minimum amount required.
Problems with 90% Loan to valuation
Since 90% loans become available, this affordability has led to property
becoming more affordable. But due to this affordability, it has created an
increased number of people being able to afford Private properties. On top
of that, banks are increasing their number of years of loan tenure from 20 to
25 to 30 and even 35 or 40 years in some cases.
This has the effect of reducing the monthly installment, leading to more
people chasing after properties and eventually elevated property prices.
We are very worried about this development. The false sense of affordability
will surely come back to haunt the person or the Singapore economy when
they hit their CPF withdrawal limits.
We will talk about that in the next article.
ABOUT US Contact us
Tel: 6100 - 0608 sms: 9782 - 8606
Email: loans@propertyBUYER.com.sg
Contact us
http://www.propertybuyer.com.sg/contactus.php
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20.05.2009. 00:00
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