Stamp duties — the complete picture
Buyer's Stamp Duty (BSD) — residential, unchanged since 15 Feb 2023
| Band | Rate |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Above $3,000,000 | 6% |
Worked: $500k → $9,600 · $1.0M → $24,600 · $1.5M → $44,600 · $2.0M → $69,600 · $2.5M → $94,600 · $3.0M → $119,600
Additional Buyer's Stamp Duty (ABSD) — unchanged since 27 Apr 2023; no change in Budget 2026
| Profile | 1st | 2nd | 3rd+ |
|---|---|---|---|
| Singapore Citizen | 0% | 20% | 30% |
| Singapore PR | 5% | 30% | 35% |
| Foreigner | 60% | 60% | 60% |
| Entity | 65% | 65% | 65% |
| Trust (residential) | 65% | — | — |
- Computed on higher of price or market valuation.
- Joint purchase → highest applicable rate among all buyers applies to the whole price.
- FTA exemption (treated as SC): nationals of USA, Iceland, Liechtenstein, Norway, Switzerland.
- Due within 14 days of OTP exercise / S&P.
Seller's Stamp Duty (SSD) — two regimes, always check acquisition date
| Held | Bought 11 Mar 2017 – 3 Jul 2025 | Bought on/after 4 Jul 2025 |
|---|---|---|
| ≤1 yr | 12% | 16% |
| 1–2 yrs | 8% | 12% |
| 2–3 yrs | 4% | 8% |
| 3–4 yrs | 0% | 4% |
| >4 yrs | 0% | 0% |
Announced 3 Jul 2025 (MAS/MOF/MND). No transition period. Trigger is the date of acceptance/exercise of OTP. HDB effectively unaffected — the 5-year MOP exceeds the SSD window. Applies to post-MOP ECs, condos, landed, and sub-sales of uncompleted units.
Mortgage Stamp Duty (the one everybody forgets)
- 0.4% of the loan amount, capped at $500. Payable by the borrower.
- Applies to both HDB (Deed of Assignment) and private property mortgages.
- Payable by cash or CPF for residential.
Lease / Tenancy Stamp Duty (Deck 4)
| Lease term | Duty |
|---|---|
| Definite term 4 years or less | 0.4% of total rent for the whole lease period |
| More than 4 years, or indefinite | 0.4% × 4 × Average Annual Rent (AAR) |
| AAR $1,000 or less | Exempt |
- Base = contractual or market rent, whichever is higher. Rent includes maintenance/service charges, furniture & fittings charges, A&P charges. Excludes GST.
- Where rent is stepped or there's a rent-free period, IRAS uses Average Annual Rent — e.g. 24 months at $4,000 with 1 month free → effective rent $92,000, AAR $46,000.
- Due within 14 days of signing (30 days if signed overseas). Late penalty: higher of $10 or the duty amount up to 3 months late; up to 4× the duty beyond.
- By convention the tenant pays, but both parties are jointly liable under the Stamp Duties Act. The TA should state it explicitly.
- Minimum $1, rounded down to the nearest dollar.
Worked (put these on the slide):
| Rent/month | Term | Total rent | Stamp duty |
|---|---|---|---|
| $2,500 | 12 mths | $30,000 | $120 |
| $3,000 | 24 mths | $72,000 | $288 |
| $4,000 | 24 mths | $96,000 | $384 |
| $6,000 | 24 mths | $144,000 | $576 |
| $8,000 | 24 mths | $192,000 | $768 |
(Note: a widely-circulated PropertyGuru example applies 0.4% to year one and 0.2% to year two. That is incorrect for a definite lease of ≤4 years. IRAS applies 0.4% to the total rent for the period. Use the table above.)
Financing rules
Loan-to-Value (LTV)
| Loans outstanding | Max LTV | Min cash |
|---|---|---|
| None (bank or HDB) | 75% | 5% |
| None, extended tenure/age >65 | 55% | 10% |
| One existing | 45% (25% if extended) | 25% |
| Two or more | 35% (15% if extended) | 25% |
- HDB concessionary loan LTV cut 80% → 75% on 20 Aug 2024. Now aligned with banks.
- HDB concessionary rate 2.6% p.a. (CPF OA rate + 0.1%).
- Extended tenure = >30 yrs (private) / >25 yrs (HDB), or ending past age 65.
TDSR / MSR
- TDSR 55% — all property loans.
- MSR 30% — HDB flats and ECs bought from developer only.
- Stress test 4.0% p.a. floor for residential.
- Variable income (commission/bonus) and rental income: 30% haircut.
Pledge / Unpledge
| Asset type | Pledged ≥4 yrs | Unpledged / <4 yrs |
|---|---|---|
| Liquid (SGD cash & deposits) | 0% haircut | 70% haircut |
| Other (stocks, unit trusts, bonds, gold, FX, structured deposits) | 30% haircut | 70% haircut |
Amortised over 48 months.
Worked — $300,000 SGD fixed deposit:
- Unpledged: $300,000 × 30% ÷ 48 = +$1,875/month
- Pledged 4 years: $300,000 ÷ 48 = +$6,250/month
- At 55% TDSR, 4% stress, 30-yr tenure: roughly $450k–$500k additional loan capacity.
Caveats for the slide: locked with the financing bank for 48 months; not all banks accept pledging; the pledging bank must be the lender.
BUYER — total cost of acquisition
| Cost | HDB resale | Private resale | New launch |
|---|---|---|---|
| Buyer's Stamp Duty | Yes — full scale | Yes | Yes |
| ABSD | If applicable | If applicable | If applicable |
| Mortgage stamp duty | 0.4% of loan, cap $500 | Same | Same |
| Option + exercise fee | ≤$5,000 total, cash | 1% + 4% = 5% | 5% booking (cash) + 15% |
| Downpayment balance | To 25% (cash/CPF) | To 25% (cash/CPF) | Progressive |
| Minimum cash | 5% | 5% | 5% at booking, cash only |
| COV / valuation gap | Cash only | Cash only | N/A |
| Valuation fee | $120 Request for Value | ~$300–500 bank valuation | Usually N/A |
| Legal / conveyancing | HDB solicitors (tiered, min ~$21.80) or private lawyer $1,300–$3,000 | $2,500–$3,500 | $2,500–$3,500 |
| Registration / caveat fees | Buyer's caveat ~$64.45; lease-in-escrow ~$38.30 | Caveat + title fees | Caveat + title fees |
| HDB resale application admin fee | $40 (1–2rm) / $80 (3rm+) per party | N/A | N/A |
| Agent commission | Negotiable, agreed in writing | Negotiable, agreed in writing | Negotiable, agreed in writing |
| Mortgage insurance | HPS (CPF) or MRTA | MRTA | MRTA |
| Fire / home insurance | Mandatory for HDB | Recommended | Recommended |
| Renovation & furnishing | $30k–$80k+ | $50k–$150k+ | $50k–$150k+ (bare handover) |
| Recurring | Property tax, conservancy charges, loan | Property tax, MCST $300–$800/mth, loan | Same, from TOP |
SELLER — what comes out of the sale price
| Cost | HDB | Private |
|---|---|---|
| Agent commission | Negotiable, agreed in writing | Negotiable, agreed in writing |
| SSD | Effectively N/A (MOP) | Check acquisition date — 16/12/8/4% |
| Legal / conveyancing | $1,500–$3,000 | $2,500–$3,500 |
| Outstanding loan redemption | Yes | Yes — check lock-in prepayment penalty (~1.5%) |
| CPF refund + accrued interest | Reduces cash proceeds, often severely | Same |
| HDB resale application admin fee | $40 / $80 | N/A |
| HDB resale levy | $15,000–$55,000 if previously subsidised and buying another subsidised flat | N/A |
| Apportioned property tax / conservancy / MCST | Yes | Yes |
| Repairs, staging, professional photography | Optional but recommended | Optional but recommended |
Net proceeds formula for the slide: Sale price − commission (incl. GST) − SSD − legal − outstanding loan − CPF principal & accrued interest − apportionments = cash in hand
Property tax — the recurring cost buyers and landlords under-model
Tax = Annual Value (AV) × progressive rate. AV = IRAS's estimate of annual market rent, excluding furnishing and maintenance.
Owner-occupied (from 1 Jan 2025): 0% on the first $12,000 of AV, rising to 32% above $140,000.
Non-owner-occupied (from 1 Jan 2024, still current):
| AV band | Rate |
|---|---|
| First $30,000 | 12% |
| Next $15,000 | 20% |
| Next $15,000 | 28% |
| Above $60,000 | 36% |
2026 one-off rebate: 15% for owner-occupied HDB flats; 10% capped at $500 for owner-occupied private. Rebate does not apply to rented-out property.
Worked (Deck 4 slide): 2-bedroom OCR condo rented at $2,600/month → AV ≈ $31,200 → tax = 12% × $30,000 + 20% × $1,200 = $3,840/year. Owner-occupied, the same unit at AV $31,200 pays roughly $770 before rebate.
The point for landlords: switching a unit from own-stay to rented can add $3,000–$4,000+ a year in property tax alone, before income tax. A quoted 4% gross yield is often 2.5–3% net after tax.