If you're thinking about buying a condo in Singapore, one of the most important things you need to consider is your budget. But how much do you actually need to earn to afford a condo in this bustling country? With the high cost of living and the ever-increasing prices of property, it can be challenging to determine how much you should be making to live comfortably while still being able to afford your...
Highlights The condo downpayment required in Singapore is 25% of the total purchase price. The remaining 75% of the total purchase price can be covered by your bank loan if it is eligible. Additional Buyer’s Stamp Duty (ABSD) is a tax imposed on certain buyers, ranging from 5% to 60% of the purchase price, depending on the buyer's profile and the number of properties owned. Buyer's Stamp Duty...
The Total Debt Servicing Ratio (TDSR) is a financial regulation introduced by the Singapore government in 2013 to promote responsible borrowing and prevent excessive debt burdens. It limits the amount individuals can spend on monthly debt repayments, such as student loans, car loans, and personal loans, to 55% of their gross monthly income. Previously set at 60%, the TDSR was revised to 55% on 16 December...
On 27 April 2023, the Singapore government implemented new property cooling measures on ABSD to manage investment demand and promote a sustainable market. This latest round comes just over six months after the previous set of measures introduced in September 2022, which included changes to the HDB LTV ratio, stress test interest rates, and a wait-out period of 15 months for non-subsidized HDB resale flats...
The US Federal Reserve has steadily raised interest rates for many years. Most recently, they've announced a fourth consecutive 0.75-point rate hike, bringing mortgage interest rates up to 3.75% - 4%. As such, local banks have adjusted their loan packages accordingly. Given current trends and expectations that interest rates will continue to rise, many HDB homeowners are wondering whether an HDB loan or...
Singapore's real estate industry has been flourishing at an incredible pace. This is primarily why so many foreigners have started showing interest in purchasing properties here. Most people in the country plan for many years to buy their very own homes. More often than not, it is the finances that pose a problem. But with a normal progressive payment scheme, it has made the purchase of new condominium...
CPF housing grant eligibility is crucial when buying an HDB flat, especially for first-timers eyeing a BTO or buying resale flat for the first time. Getting a CPF housing grant, also known as an HDB grant or resale grant, is essential for many as it helps make homes more 'affordable.' However, multiple grants and eligibility scenarios need to be clarified. From proximity housing grants to enhanced CPF...
CPF produces several emotions for Singaporeans, from confusion to vexation. It would be completely fine considering Singapore's CPF (Central Provident Fund), a kind of a doubtful deity or mythical beast with all the consistent hand-wringing and muttering when the subject is surfaced. We agree that CPF is a little complicated as it is tightly incorporated into Singapore's social and economic drapery...
When you purchase a property in Singapore, you are required to pay BSD (Buyer Stamp Duty). Along with this, you have to pay another stamp duty known as ABSD (Additional Buyer’s Stamp Duty) depending on the criteria, including the number of properties you own, and your residency status. In December 2021, the government has revised the ABSD rates. In addition, on May 9, 2022, the Ministry of Finance has...
Stamp Duty in Singapore – Do You Need to Pay it?