Real Estate is commonly applied to people who can afford to its high cost. When purchasing for a residential real estate property especially in Singapore, consider first the basic regulations and policies before transacting your property. Primarily because there is a quick flow of property prices all through this time. This made big distress to home buyers in the market. Below are lists of present regulations which are applied now.
First thing is Loan. The Government has cut the initial rate of 90% Loan-To-Value (LTV) to the recent rate of 80% LTV. This is mainly to deter purchaser from speculating in property. If in case the purchaser does have a present housing loan in place, his next loan that is going to be used for a residential property will be restricted at 60% LTV. Thus, this can be hard for all the buyers who simply want to earn money quickly from borrowing on the banks, view cristallo condo floorplan here.
Number one citizens who are badly hit by the new regulations are the foreigners. They will pay a mandatory buyer’s stamp duty of 10% whereas Singaporeans pay only 3%. Because of this kind of regulations, investor from foreign land make a little interest in purchasing Singapore real estate and it will continue until the market become stable. Fortunately, some investors of other countries like USA, Switzerland, Norway, Liechtenstein and Iceland will be able to enjoy same Singaporean tax privileges.
As for Corporate Entities or Non-individual entities they will also pay the additional 10% buyer’s stamp duty same as the foreigners. In addition to this, they will pay 50% loan-to-value which will make them hard to finance their property.
The home buyers for permanent residency have the privileged to pay only 3% buyers stamp duty for their first purchase of their real estate property. And an additional 3% on their existing buyer stamp upon their second purchase.
Singaporeans are the least affected by the new regulations. These groups of buyers are entitled to buy 2 real estate properties with the standard stamp duty of 3%. If they want to buy another property as for their third, an additional 3 % will be paid on top of the first and second purchases.
These regulations made successful outcome in digging out investors who are trying to driven up the Singapore property prices, view cityscape floor plan here. Because of these new regulations, the real estate property prices in Singapore have been seized in a balanced level for the past years.
The Real Estate Singapore 