1 Answer


This is a simple question but a lengthy answer.
There are general 2 types of payment dependent on your choice.

1) New Condo - Building Under Construction:
In general if you do not have any existing mortgage loan, you shall be able to receive 75% loan of the value of the property.
This is provided your monthly income passed the TDSR (Total Debt Serviving Ratio spelled by MAS).

The payment scheme is a progressive payment
5% - downpayment
15% - sales completion (8 weeks from downpayment)
5% - Upon foundation completion (usually 6 to 8 mths from completion if the construction only started)
The rest of 75% will be managed by the bank.

2) Resale Condo - Completed building
1% - to receive an OTP (Option to Purchase)
4% - Exercise OTP (8 weeks from receiving OTP)
95% - 8~12 weeks from receiving OTP.

There are legal fee of around $3,000
There are 2 types of stamp duty:
Buyer stamp duty:
~3% for property less than or equal to $1 million Sing dollars
~4% for property more than $1 million Sing dollars

Additional Buyer stamp duty: This is applicable Permanent Resident (PR) & Foreigner (FR)
PR: 5% for the 1st property in Singapore
FR: 20% for 1st property in Singapore except for citizen & permanent resident from 5 countries; USA, Norway, Iceland, Switzerland & Liechtenstein.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK

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