Gov't announces more measures to cool property market

By UMA SHANKARI


The Government on Thursday announced more measures to cool the property market.

The holding period for imposition of Seller's Stamp Duty (SSD) will be increased from the current three years to four years.

The SSD rates will be raised to 16 per cent, 12 per cent, 8 per cent and 4 per cent of consideration for residential properties which are bought on or after January 14, 2011, and are sold in the first, second, third and fourth year of purchase respectively;

The government will also lower the Loan-To-Value (LTV) limit to 50 per cent on housing loans granted by financial institutions regulated by the Monetary Authority of Singapore (MAS) for property purchasers who are not individuals.

And for property purchasers who are individuals with one or more outstanding housing loans at the time of the new home, the LTV limit on housing loans granted by financial institutions regulated by MAS will be lowered from 70 per cent to 60 per cent.

The measures will take effect on January 14, 2011