As of 16^th December 2021, new property cooling measures finally happened. The shock isn’t too great this time, as most of the market saw it coming (perhaps most expected it would have been earlier than right now). Earlier we’d speculated, based on past patterns, that cooling measures kick in when private home prices push past 10 per cent. It seems we’re only a little bit off, as private home prices are up nine per cent since Q1 2020. Here’s what you need to know: What are the main changes as of 16^th December 2021?

Cooling Measure	Old Measure	16 December 2021 New Measure
Loan To Value Ratio	90% for HDB loans 75% for bank loans	85% for HDB loans 75% for bank loans
Total Debt Servicing Ratio	60% of monthly income	55% of monthly income
Additional Buyers Stamp Duty	Singapore Citizens None for first property 12% on second property 15% on subsequent property Permanent Residents 5% on first property 15% on subsequent property Foreigners 20% Entities 25% +5% non-remissible for property developers	Singapore Citizens None for first property 17% on second property 25% on subsequent property Permanent Residents 5% on first property 25% on second property 30% on subsequent property Foreigners 30% Entities 35% +5% non-remissible for property developers

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