Stamp Duty on a S$3,700,000 Property in Singapore
Buying a S$3,700,000 home in Singapore means paying S$161,600.00 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$3,000,000.00 | 5% | S$75,000.00 |
| S$3,000,000.00 – S$3,700,000.00 | 6% | S$42,000.00 |
ABSD by buyer
| Buyer | ABSD rate | ABSD | Total stamp duty |
|---|---|---|---|
| Citizen, 1st property | 0% | S$0.00 | S$161,600.00 |
| Citizen, 2nd property | 20% | S$740,000.00 | S$901,600.00 |
| PR, 1st property | 5% | S$185,000.00 | S$346,600.00 |
| PR, 2nd property | 30% | S$1,110,000.00 | S$1,271,600.00 |
| Foreigner | 60% | S$2,220,000.00 | S$2,381,600.00 |
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
- Budget for legal fees, valuation, renovation and moving costs on top of the downpayment and stamp duties.
- 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%.
- Stamp duty must be paid within 14 days of signing, so have the cash ready before you exercise the option.
Background
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.
Most Singaporeans live in HDB flats, which can be financed with an HDB concessionary loan at 0.1% above the CPF Ordinary Account rate or with a bank loan. Private property must be financed with a bank loan, and banks offer fixed, floating and SORA-pegged packages.
The Total Debt Servicing Ratio limits monthly debt repayments to 55% of gross monthly income for any property loan, and the Mortgage Servicing Ratio limits the housing instalment to 30% of income for HDB flats and new executive condominiums. Banks apply a medium-term interest rate in these tests rather than the rate you will actually pay.
Related calculations
- Property Downpayment Calculator: Splits the downpayment into cash and CPF and shows the remaining loan.
- Buyer's Stamp Duty (BSD) Calculator: Calculates Buyer's Stamp Duty on a Singapore residential property using the tiered rates from 1% to 6%.
- Additional Buyer's Stamp Duty (ABSD) Calculator: Calculates ABSD by buyer profile and the number of residential properties owned, using the rates in force since 27 April 2023.
- Total Property Stamp Duty Calculator: Adds BSD and ABSD together so you know the full stamp duty bill before you sign an option to purchase.
Change the price and buyer profile in the Stamp Duty on a S$3,700,000 Property Calculator.
Run your own numbers: Stamp Duty on a S$3,700,000 Property Calculator