Mortgage Calculator
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Progressive Payment Schedule
Under the normal progressive payment scheme, mortgage installment payouts should be made in the following manner in accordance with the progress and completion of certain phases of the project.
Other Fees Payable:
Stamp Duty – based on 3% of Purchase Price less $5,400. Payable in cash or CPF
Additional Buyer Stamp Duty (ABSD) – this is an additional stamp duty over and above the stamp duty payable.
As of 12 Jan 2013, ABSD applicable is:
- Singapore Citizen with ownership of 2nd property: 7% ABSD; subsequent property: 10% ABSD
- Singapore PR with ownership of 1st property: 5% ABSD; subsequent property: 10% ABSD
- Foreigner with ownership of 1st property and subsequent property : 15% ABSD for each property purchase
More on ABSD
Legal Fees: $2,500 to $3,500 approx.
Obtaining Mortgage Loan:
Loan tenure up to 30 years or age of 65:
1st Housing Loan - maximum up to 80% bank loan
2nd Housing Loan - maximum of up to 50% bank loan
3rd Housing Loan - maximum of up to 40% bank loan
CPF Minimum Sum:
Purchasers have to note that if this is the 2nd or subsequent property purchase that utilizes your CPF funds, it is mandatory to set aside the minimum sum of $69,500 (before July 2013) in your OA + SA.
More info: CPF Board – How much is the minimum sum
Mortgage Bank Loan Calculator:
PROPERTY TAX
Property tax is a wealth tax levied on property ownership. The tax is mandatory, irrespective of whether the property is occupied or vacant.
Property tax is calculated by multiplying the prevailing property tax rate to the Annual Value of the property.
Annual Value is determined based on market rentals of similar or comparable properties in a location.
In 2013, the Singapore Government introduced a progressive tax rate for all residential properties effective from 1 Jan 2014 and 1 Jan 2015.
Owner Occupied Residential Property Tax Rate
Annual Value ($) | Effective 1 Jan 2015 | Property Tax Payable |
---|---|---|
First $8,000 | 0% | $0 |
Next $47,000 | 4% | $1,880 |
Next $15,000 | 6% | $900 |
Next $15,000 | 8% | $1,200 |
Next $15,000 | 10% | $1,500 |
Next $15,000 | 12% | $1,800 |
Next $15,000 | 14% | $2,100 |
Above $130,000 | 16% |
Non Owner Occupied Residential Property Tax Rate
Annual Value ($) | Effective 1 Jan 2015 | Property Tax Payable |
---|---|---|
First $30,000 | 10% | $3,000 |
Next $15,000 | 12% | $1,800 |
Next $15,000 | 14% | $2,100 |
Next $15,000 | 16% | $2,400 |
Next $15,000 | 18% | $2,700 |
First $90,000 | - | $12,000 |
Above $90,000 | 20% |
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