Govt to further raise ABSD rates: S’pore citizens buying 2nd home to pay 20%, up from 17%
SINGAPORE - Buyers of residential properties will pay higher additional stamp duties from Thursday, after the Government announced cooling measures late on Wednesday night in a move to “promote a sustainable property market”.
The rate for permanent residents buying their second residential property will go up from 25 per cent to 30 per cent, and from 30 per cent to 35 per cent for third and subsequent properties. “If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes.”
In September last year, the authorities tightened the criteria to assess borrowers’ ability to repay, and therefore qualify for, housing loans granted by private financial institutions and by HDB.
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