Making a downpayment for a condo is one of the first financial commitments you have to make when purchasing this type of private property in Singapore. It’s no secret that purchasing property in the +65 is particularly expensive, but exactly how much of the bill do you have to foot upfront?
In this article, we’ll break down the initial costs of buying a condo in Singapore, including the condo downpayment you have to make. This way, you’ll better understand how your citizenship status, your existing number of homes and property loans work hand-in-hand to affect the downpayment for a condo you wish to purchase.1. Downpayment for Condo: Additional Buyer’s Stamp Duty
Your citizenship and number of existing homes have a bearing on your upfront cost because these have a direct correlation with whether you need to payThis tax was first implemented on 8 December 2011 by the government to dampen the robust property investment demand by Singapore citizens and foreign buyers. Another reason for its introduction is to maintain housing affordability for locals and to let home prices grow sustainably along with economic fundamentals.
In December 2021, another round of cooling measures was implemented, which saw higher ABSD rates, lower
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »