Stamp Duty on a S$1,950,000 Property in Singapore
Buying a S$1,950,000 home in Singapore means paying S$67,100.00 in Buyer's Stamp Duty, plus Additional Buyer's Stamp Duty if it is not your first property or you are not a citizen.
Buyer's Stamp Duty workings
| Band | Rate | BSD |
|---|---|---|
| S$0.00 – S$180,000.00 | 1% | S$1,800.00 |
| S$180,000.00 – S$360,000.00 | 2% | S$3,600.00 |
| S$360,000.00 – S$1,000,000.00 | 3% | S$19,200.00 |
| S$1,000,000.00 – S$1,500,000.00 | 4% | S$20,000.00 |
| S$1,500,000.00 – S$1,950,000.00 | 5% | S$22,500.00 |
ABSD by buyer
| Buyer | ABSD rate | ABSD | Total stamp duty |
|---|---|---|---|
| Citizen, 1st property | 0% | S$0.00 | S$67,100.00 |
| Citizen, 2nd property | 20% | S$390,000.00 | S$457,100.00 |
| PR, 1st property | 5% | S$97,500.00 | S$164,600.00 |
| PR, 2nd property | 30% | S$585,000.00 | S$652,100.00 |
| Foreigner | 60% | S$1,170,000.00 | S$1,237,100.00 |
When and how to pay
Stamp duty is due within 14 days of signing the sale and purchase agreement or exercising the option to purchase. You pay IRAS in cash first; BSD can then be reimbursed from your CPF Ordinary Account, but ABSD rules differ, so check with your lawyer.
Before you sign
- Stamp duty is based on the purchase price or market value, whichever is higher.
- A second housing loan drops the LTV limit sharply and raises the minimum cash downpayment to 25%.
- Banks test your TDSR at a stress-test rate, not the advertised rate, so your borrowing limit is lower than you might expect.
- Budget for legal fees, valuation, renovation and moving costs on top of the downpayment and stamp duties.
Background
Beyond the price, buyers should budget for legal fees, valuation, home insurance, renovation and furnishing. Running the figures in advance helps you decide how much cash to hold back and whether a smaller loan or longer tenure makes more sense.
Stamp duties are paid upfront. Buyer's Stamp Duty applies to every purchase at tiered rates up to 6%, while ABSD depends on the buyer's residency status and how many residential properties they already own. Sellers who dispose of a property within the holding period pay Seller's Stamp Duty.
CPF Ordinary Account savings can pay for the downpayment, stamp duties and monthly instalments, but using CPF reduces the money compounding for retirement, and the amount withdrawn plus accrued interest must be refunded to your CPF account when you sell.
Related calculations
- HDB Loan Calculator: Calculates monthly repayments on an HDB concessionary loan, which is pegged at 0.1% above the CPF Ordinary Account rate (2.6% a year).
- Home Loan (Mortgage) Calculator: Estimates monthly repayments on a bank home loan for private property or HDB flats.
- Mortgage Servicing Ratio (MSR) Calculator: MSR caps the instalment on HDB flats and ECs bought from developers at 30% of gross monthly income.
- Total Debt Servicing Ratio (TDSR) Calculator: TDSR limits all monthly debt repayments to 55% of gross monthly income when you take a property loan.
Change the price and buyer profile in the Stamp Duty on a S$1,950,000 Property Calculator.
Run your own numbers: Stamp Duty on a S$1,950,000 Property Calculator