Measures to maintain a stable and sustainable Property Market

The Government announced the following measures to maintain a stable and sustainable property market:

- Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.

- For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase:

      - Increase the minimum cash payment from 5% to 10% of the valuation limit; and

      - Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.

The measures will take immediate effect on 30 August 2010.

[ an excerpt of the press release from MND ]