Condo Buyer's Guide

Condo's Buyer Guide

This Guide is for buyer to understand more on:

What is the timeline for Building Under Construction (BUC) Condo
What is Buyer Stamp Duty (BSD) and Additional Buyer Stamp Duty (ABSD)
CPF Minimun Sum
Loan to Value (LTV)
Total Debt Servicing Ratio (TDSR)

Timeline for New Condo (BUC)

First 20% Downpayment

For purchasing of BUC New Condo project, if buyer is able to secure a bank loan of 75%, the downpayment of the condo is as such.

5% must be by Cash
20% can be payable by Cash or CPF
Buyer stamp duty (BSD) can be payable by Cash or CPF
Additional Buyer Stamp duty (ABSD) by Cash (Inform lawyer beforehand so as to reimburse through CPF provided that you had set aside Minimal Sum)

Current bank loan maximum covers up to 75% of purchase price.

When Completion of Foundation Work, the amount payable is 10%,
- 5% is payable by (Cash or CPF),
- Another 5% is payable by bank loan

Progressive Payment for the remaining 75%

Buyer Stamp Duty (BSD)

For a property of price or market value above $360,000, and below $1,000,000 the buyer stamp duty can be calculated using the formula below:

BSD = (3 % x Purchase Price) - $5, 400

For a property of price or market value $1,000,000 and above, the buyer stamp duty can be calculated using the formula below:

BSD = (4 % x Purchase Price) - $15, 400

Additional Buyer Stamp Duty (ABSD)
On or After 16 December 2021

Under the respective Free Trade Agreements (FTAs), Nationals or Permanent Residents of the following countries will be accorded the same Stamp Duty treatment as Singapore Citizens:

Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland
Nationals of the United States of America

Schedule of Payments

CPF Minimum Sum for 2nd property onwards

Before turning 55, each buyer have to set aside Basic Retirement sum (BRS) according to the chart yearly in order to use your CPF Ordinary Account (OA) to make downpayment for the 20%.

Loan To Value (LTV)

Depending on currently what is the home loan you have. If you had fully paid for your first property and you wish to purchase for a 2nd property and you want to get a loan, it will be consider as 1st home loan.

NOTE: LTV for non-individual borrowers (e.g. Company) is 15% only