The Government announced the following measures to maintain a stable and sustainable property market:
- Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
- For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase:
- Increase the minimum cash payment from 5% to 10% of the valuation limit; and
- 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.
[ an excerpt of the press release from MND ]
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