Most Singaporeans would have used their CPF for the down payment on their flat, the legal fees, and possibly the monthly loan repayment for the flat. Upon the sale of your flat, you must pay back the CPF monies used (inclusive of the 2.5 per cent interest rate) into your CPF account. The biggest factor for most upgraders is their CPF refund. If your sale proceeds would leave you with no cash (see below), then you may need to save up before you can make the leap.īanks are not allowed to loan you additional money to cover the down payment, under MAS regulations. The chief concern is the first five per cent. The first five per cent must be paid in cash, while the next 20 per cent can be in any combination of cash or CPF.
This means that, after the sale of your flat, you need to ensure you have sufficient cash or CPF reserves to cover at least 25 per cent of your new home's cost. For properties that are purchased directly from the developer (i.e., new launch condos), the price and valuation are considered to be the same. The maximum loan quantum for private property is 75 per cent of the price or valuation, whichever is lower.
As of 2023, you are more likely to find loan rates at around three per cent, with fixed-interest loans being at about 3.8 per cent.īuyers of Executive Condominiums (ECs) should keep in mind that you must use a bank loan for ECs there's no HDB loan for such properties. Interest rates on bank loans are much higherĪround two years ago, it was still possible for bank loan rates to be around two per cent per annum. This portion of the property value (above $1.5 million and up to $3 million) will be taxed at five per cent, up from the current four per cent.Īny remaining value above $3 million will then be taxed at six per cent:ģ. The increased BSD will impact property values above $1.5 million. While it's not a huge sum, it is something else to factor into your calculations. Here's what the new rates would look like: This has been the case since Feb 14 this year. The Buyers Stamp Duty (BSD) was recently tweaked to impose higher taxes on properties valued at $1.5 million or more.
The Buyers Stamp Duty was recently adjusted
#HELL BANK NOTE 5000 VALUE HOW TO#
We suggest you read this article on how to only move once when upgrading, as it could spare you hefty rental fees right now. On the other hand, those buying new launch condos may need to increase their planned budget, if rental accommodation is necessary. Some buyers might be able to use this to their advantage (assuming you're not in a huge rush to move in yourself). This appears to correlate with rental rates right now, which are among the highest we've seen over the last few years. Some sellers may even be willing to negotiate further or pay you rent, in exchange for being allowed to stay on longer. Rental rates are at record highsįrom word on the ground, realtors have mentioned more cases of sellers requesting a later vacant date of possession. While most readers are already aware that prices are higher, here are a few other factors to watch for: 1. Whether you're looking at a new launch or resale unit, these are the main issues to keep in mind - a few points on how 2023 might differ from previous years.īefore we go into detail below, we should highlight some potential hazards of the current boom market. Here's a look at how you might go about doing it smoothly. With recent policy tweaks and a much pricier property market, upgrading in 2023 might be a bit of a challenge.
0 kommentar(er)
