If your spouse's name is included as a co-owner for the private condo, ABSD applicable will be 15%. If not, the ABSD applicable is 7%.
This is on top of the 3% normal buyer's stamp duty applicable. As it will be your 2nd residential property, there will also be limitations to the amount of CPF usable if you have not met the minimum sum.
Please work out closely with a banker to look into the finances of the purchase to ensure that you are comfortable to proceed in the purchase financially.
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If you choose to keep your name in the HDB, and purchase the condo with your spouse, an ABSD of 15% is applicable as she is of foreigner status. If you purchase the condo on your own name, the ABSD is 7% instead. This is on top of the usual 3% approx BSD (Buyer stamp duties) that you have to pay. It might be prudent to plan the finances before taking the next step, which I will be glad to value-add and assist.
May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Ivan Ng ERA ASAP
(ASk Anything Property)
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You have a few options to explore as described by my fellow colleagues here. Feel free to contact me for a non-obligation detailed discussion as well as some calculations for the different options.
Hope to hear from you soon:)
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