Singapore Property Cooling Measures:
Every Rule, and the Date That Decides Which One Applies
Most cooling-measure guides publish one number per rule — the latest one. That is the wrong model. Which version of a rule binds you depends on when something happened, and the governing event is different for each measure: Seller's Stamp Duty follows the date you bought, ABSD the date your Option to Purchase was granted, HDB income ceilings the date you applied for your HFE letter, and the Executive Condominium ceiling the land-tender closing date of the project itself. This guide sets out every regime since 2009, dated, with the rules in force today marked. Figures are drawn from IRAS, MAS, MOF, MND and HDB.
1. Which rule applies to you depends on which date
A cooling measure is not a single number that changes for everyone at once. When the government revises a rule, it names the event that decides who falls under the new version and who stays under the old one. That event is different for each measure, and it is rarely "today".
The clearest example is Seller's Stamp Duty. The holding period was extended from three years to four on 4 July 2025 — but only for property purchased on or after that date. Someone who bought on 1 June 2025 is still on the three-year regime, and is free of SSD a full year earlier than a neighbour who bought five weeks later.
| Measure | Governed by |
|---|---|
| Seller's Stamp Duty (SSD) | The date the property was purchased — the date the Option to Purchase was accepted, or the Sale and Purchase Agreement signed |
| Additional Buyer's Stamp Duty (ABSD) | The date the Option to Purchase was granted, with transitional rules for options already granted |
| Buyer's Stamp Duty (BSD) | The date the document was executed |
| Bank LTV, TDSR, MSR, stress-test floor, maximum tenure | The loan, or the Option to Purchase for the purchase it finances |
| HDB housing-loan LTV | The sales exercise the flat was launched in, or the date HDB received a complete resale application |
| HDB income ceilings and grants | The date the HDB Flat Eligibility (HFE) letter was applied for |
| Executive Condominium income ceiling | The land-sale tender closing date of the EC project — not the buyer's own dates |
| Wait-out period for private owners | The date of the HDB resale application |
This guide describes cooling measures factually. PropKaki does not assert a causal relationship between any single measure and subsequent price movements — the Singapore property market is affected by multiple overlapping factors including global interest rates, supply pipelines, employment, and population flows.
2. What changed most recently
The last twelve months contained both a tightening and two relaxations. Any guide still saying nothing has been relaxed since 2024 is out of date.
SSD holding period extended to 4 years
Rates raised to 16%, 12%, 8% and 4%. Applies to residential property purchased on and after 4 July 2025, 12.00am. HDB flats are unaffected because of the Minimum Occupation Period.
The 15-month wait-out removed
Private owners and former owners buying a non-subsidised HDB resale flat without an HDB housing loan no longer wait. The 30-month wait-out still applies to subsidised routes and to any purchase financed with an HDB loan.
Developer ABSD timelines extended for large en-bloc sites
Completion and sale timelines extended to 6 years for sites yielding 700–1,399 units and 7 years for 1,400 or more, for sites bought from 29 July 2026.
HDB and EC income ceilings raised
S$16,000 for families and S$8,000 for singles, for HFE applications from 24 August 2026. S$18,000 for new EC units whose land tender closes on or after that date. The EHG income ceiling stayed at S$9,000.
An extra ballot chance per child
First-timer families with or expecting children receive one additional ballot chance for each Singapore Citizen child aged 18 and below, from the February 2027 sales exercise.
3. Seller's Stamp Duty, by the date you bought
SSD is charged on the higher of the selling price or market value, and is decided entirely by when the property was acquired. SSD does not apply to HDB flats, which are governed by the Minimum Occupation Period instead.
20 Feb 2010 – 29 Aug 2010
| Held for | SSD rate |
|---|---|
| Up to 1 year | 1% first S$180,000; 2% next S$180,000; 3% remaining amount |
| More than 1 year | No SSD payable |
30 Aug 2010 – 13 Jan 2011
| Held for | SSD rate |
|---|---|
| Up to 1 year | 1% first S$180,000; 2% next S$180,000; 3% remaining amount |
| More than 1 year and up to 2 years | 0.67% first S$180,000; 1.33% next S$180,000; 2% remaining amount |
| More than 2 years and up to 3 years | 0.33% first S$180,000; 0.67% next S$180,000; 1% remaining amount |
| More than 3 years | No SSD payable |
14 Jan 2011 – 10 Mar 2017
| Held for | SSD rate |
|---|---|
| Up to 1 year | 16% |
| More than 1 year and up to 2 years | 12% |
| More than 2 years and up to 3 years | 8% |
| More than 3 years and up to 4 years | 4% |
| More than 4 years | No SSD payable |
11 Mar 2017 – 3 Jul 2025
| Held for | SSD rate |
|---|---|
| Up to 1 year | 12% |
| More than 1 year and up to 2 years | 8% |
| More than 2 years and up to 3 years | 4% |
| More than 3 years | No SSD payable |
On and after 4 Jul 2025In force
| Held for | SSD rate |
|---|---|
| Up to 1 year | 16% |
| More than 1 year and up to 2 years | 12% |
| More than 2 years and up to 3 years | 8% |
| More than 3 years and up to 4 years | 4% |
| More than 4 years | No SSD payable |
Property purchased before 20 February 2010 is not subject to SSD at all. The current regime took effect at 12.00am on 4 July 2025 and applies to all residential property purchased on and after that moment. Source: IRAS; Ministry of Finance.
4. Additional Buyer's Stamp Duty, by the date the option was granted
ABSD is layered on top of Buyer's Stamp Duty and varies by buyer profile and by how many residential properties the buyer already holds. Each revision has applied to options granted on or after its start date, with a short transitional window for options already in hand.
| From | SC 1st / 2nd / 3rd+ | PR 1st / 2nd / 3rd+ | Foreigners | Entities |
|---|---|---|---|---|
| From 8 Dec 2011 | 0% / 0% / 3% | 0% / 3% / 3% | 10% | 10% |
| From 12 Jan 2013 | 0% / 7% / 10% | 5% / 10% / 10% | 15% | 15% |
| From 6 Jul 2018 | 0% / 12% / 15% | 5% / 15% / 15% | 20% | 25% |
| From 16 Dec 2021 | 0% / 17% / 25% | 5% / 25% / 30% | 30% | 35% |
| On or after 27 Apr 2023Now | 0% / 20% / 30% | 5% / 30% / 35% | 60% | 65% |
Transfers of residential property into a living trust have attracted ABSD at the entity rate since 9 May 2022 — 65% on or after 27 April 2023. Licensed housing developers pay 40% in total: 35% remittable subject to development and sale timelines, plus 5% non-remittable paid upfront. Where two or more buyers of different profiles buy together, the highest applicable rate applies to the whole property. Source: IRAS.
Reliefs that change the answer
A headline ABSD rate is the wrong answer for several common profiles. Conditions decide the outcome in every case below — none of these is automatic, and each is applied through IRAS.
| Relief | Who it covers | Effect |
|---|---|---|
| Free Trade Agreement remission | Nationals and Permanent Residents of Iceland, Liechtenstein, Norway and Switzerland, and Nationals of the United States of America | Accorded the same stamp duty treatment as a Singapore Citizen — so a first residential property attracts 0% ABSD, not 60%. |
| Remission for a married couple | A married couple with at least one Singapore Citizen spouse buying their first matrimonial home | Remission of ABSD on the purchase, subject to conditions. |
| Refund for a married couple | A married couple with at least one Singapore Citizen spouse replacing their only matrimonial home | Refund of ABSD paid on the second property where the first is sold within six months of the purchase (completed property) or of TOP/CSC (uncompleted), whichever is earlier. It is not automatic. |
| Remission of ABSD (Trust) | Transfers into a living trust where every beneficial owner is identifiable | Refund where the statutory conditions and time limit are met. |
| Concession for single Singapore Citizen seniors | Single Singapore Citizens aged 55 and above | A concession applies, subject to IRAS conditions. |
The free trade agreement remission is the one most often missed: a buyer who is a national of the United States, or a national or permanent resident of Iceland, Liechtenstein, Norway or Switzerland, is not paying 60% on a first home. See the ABSD Guide for worked examples.
5. Buyer's Stamp Duty, by the date the document was executed
BSD is charged on the higher of the purchase price or market value, in marginal bands, rounded down to the nearest dollar with a minimum of S$1. Residential and non-residential rates were identical until 20 February 2018 and have diverged since.
| Regime | Residential | Non-residential |
|---|---|---|
| Before 20 Feb 2018 | First S$180,000: 1% · Next S$180,000: 2% · Remaining amount: 3% | First S$180,000: 1% · Next S$180,000: 2% · Remaining amount: 3% |
| 20 Feb 2018 – 14 Feb 2023 | First S$180,000: 1% · Next S$180,000: 2% · Next S$640,000: 3% · Remaining amount: 4% | First S$180,000: 1% · Next S$180,000: 2% · Remaining amount: 3% |
| On or after 15 Feb 2023Now | First S$180,000: 1% · Next S$180,000: 2% · Next S$640,000: 3% · Next S$500,000: 4% · Next S$1,500,000: 5% · Above S$3,000,000: 6% | First S$180,000: 1% · Next S$180,000: 2% · Next S$640,000: 3% · Next S$500,000: 4% · Above S$1,500,000: 5% |
Between 20 February 2018 and 14 February 2023 the residential top marginal rate was 4% while non-residential stayed at 3% — the two are often published as if they moved together, and they did not. The current top marginal rate is 6% on residential property above S$3m and 5% on non-residential above S$1.5m. Source: IRAS.
6. What you can borrow
Bank and finance-company loans
For loans on residential property where the Option to Purchase was granted on or after 6 July 2018:
| Outstanding housing loans | LTV limit | Minimum cash down payment |
|---|---|---|
| None | 75% or 55% | 5% at 75% LTV; 10% at 55% LTV |
| One | 45% or 25% | 25% |
| Two or more | 35% or 15% | 25% |
Apply the lower LTV limit if the loan tenure exceeds 30 years (or 25 years for HDB flats), or the loan period extends beyond the borrower’s age of 65 years. Shell companies and other non-individual borrowers are limited to 15%. Joint borrowers use their income-weighted average age. Maximum loan tenure is 35 years for private property and 30 years for an HDB flat. Because the minimum cash requirement changes with the band, the LTV percentage on its own is not a cash-outlay calculator. Source: MAS.
How the bank limits got here
| From | No outstanding loan | One | Two or more | Non-individuals |
|---|---|---|---|---|
| Jan 2009 | 90% | 90% | 90% | 90% |
| Feb 2010 | 80% | 80% | 80% | 80% |
| Aug 2010 | 80% | 70% | 70% | 70% |
| Jan 2011 | 80% | 60% | 60% | 50% |
| Oct 2012 | 80% | 60% | 60% | 40% |
| Jan 2013 | 80% | 50% | 40% | 20% |
| Jul 2018Now | 75% | 45% | 35% | 15% |
HDB housing loans
| From | Limit | Applies to |
|---|---|---|
| Until 15 Dec 2021 | 90% | — |
| From 16 Dec 2021 | 85% | New flat applications for sales exercises launched after 16 December 2021, and complete resale applications received by HDB from 16 December 2021 onwards. |
| From 30 Sep 2022 | 80% | Lowered by 5 percentage points from 85% to 80%. |
| From 20 Aug 2024Now | 75% | Complete resale applications received by HDB on or after 20 August 2024, and flat applications for the October 2024 sales exercise onwards. |
The 75% limit is pro-rated where the remaining lease cannot cover the youngest applicant to age 95. The loan period is the shortest of 25 years, 65 minus the average age of the applicants, and the remaining lease minus 20 years. Source: MAS; HDB.
Income tests and the stress-test floor
| Rule | In force | Detail |
|---|---|---|
| Total Debt Servicing Ratio | 55% since 16 Dec 2021 | Applies to loans for the purchase of properties where the OTP was granted on or after 16 December 2021, and to mortgage equity withdrawal applications made on or after that date. Previously 60% from 29 Jun 2013. MAS: borrowers with existing property loans granted before 16 December 2021 are not affected by the revised threshold when refinancing. Refinancing is governed by its own rules — this is not a general 60% cap. |
| Mortgage Servicing Ratio | 30% | Applies only to housing loans for an HDB flat, or an Executive Condominium where the minimum occupation period has not expired. HDB flats on bank loans from 12 Jan 2013; EC bought from a developer from 9 Dec 2013. |
| Interest-rate floor used to size a loan | 4% residential, 5% non-residential, 3% for HDB loans | Since 30 Sep 2022, raised from 3.5% residential and 4.5% non-residential. This is a floor for assessment only, not the rate you are charged. |
| Maximum loan tenure | 35 years private, 30 years HDB | 35-year cap from October 2012; the HDB cap was cut to 30 years in August 2013. |
7. HDB buyers: ceilings, grants and the wait-out
These are governed by the date you apply for your HDB Flat Eligibility letter — except the Executive Condominium ceiling, which is set by the project, not by you.
| From | Families | Singles aged 35+ | Executive Condominium |
|---|---|---|---|
| From 11 Sep 2019 | S$14,000 | S$7,000 | S$16,000 |
| From 24 Aug 2026Now | S$16,000 | S$8,000 | S$18,000 |
The family and singles ceilings cover a new subsidised flat from HDB, a resale flat bought with the CPF Housing Grant, and an HDB housing loan. The S$18,000 ceiling applies to new units in ECs whose land-sale tender closes on or after 24 August 2026. Balance units in existing ECs, and new units in ECs whose tenders were awarded before that date, stay at S$16,000. Source: HDB; MND.
The August 2026 package raised the flat and loan ceiling to S$16,000 for families. It did not touch the Enhanced CPF Housing Grant income ceiling, which remains S$9,000 — the figure set when the grant was introduced in 2019. A household earning between S$9,000 and S$16,000 can now buy a subsidised flat and take an HDB housing loan, and receives no EHG at all. Budget for the flat on that basis.
Grants for a first-timer buying a resale flat
| Grant | Maximum | Income ceiling |
|---|---|---|
| Enhanced CPF Housing Grant | S$120,000 families · S$60,000 singles | S$9,000 families · S$4,500 singles |
| CPF Housing Grant | S$80,000 for a 2- to 4-room flat · S$50,000 for 5-room or larger | Last increased Feb 2023 |
| Proximity Housing Grant | S$30,000 families · S$15,000 singles | Living with or near parents or children |
Stacked, the maximum is S$230,000 for an eligible first-timer family and S$115,000 for an eligible single. The flat must have more than 20 years of lease remaining, and enough lease to cover the youngest core member to age 95 for the full amount; otherwise the grant is pro-rated. The EHG was raised to S$120,000 on 20 Aug 2024, from S$80,000. Source: HDB; MND.
Wait-out period for private property owners
Removed on 28 Jul 2026, with immediate effect. A private residential property owner or former owner buying a non-subsidised HDB resale flat without an HDB housing loan is no longer subject to a wait-out period. It had been 15 months, from 30 Sep 2022.
A current owner must dispose of all private residential property, in Singapore or overseas, within six months of completing the HDB resale purchase. A former owner has already done so and has no further disposal clock.
A 30-month wait-out, measured from the disposal of the private property, still applies to a new flat from HDB with or without grants, a resale flat with grants, an EC from a developer, and any purchase financed with an HDB housing loan.
8. Developers
A licensed housing developer buying residential land pays 40% ABSD: 5% non-remittable, plus 35% that is remitted upfront and clawed back with interest if the development timelines are missed. For a regular en-bloc site of 5 – 699 units, those are 2 years to commence and 5 years to complete and sell.
From 29 Jul 2026, two larger categories get longer timelines: Large Site (Category 1A) at 700 – 1,399 units has 6 years to complete and sell, and Mega Site (Category 1B) at 1,400 units or more has 7 years. At least 50% of units must be sold by the end of year 6, or the full 35% is clawed back with interest at that point. The redevelopment must yield at least 1.5 times the existing number of residential units. A Large or Mega site that also qualifies under another category of the Complex Projects framework gets a further six months: commencement 3 years, and completion and sale 6.5 years (Large) or 7.5 years (Mega).
This matters to buyers mainly as a supply signal: longer timelines reduce the pressure on developers to discount unsold units near a deadline. Source: Ministry of Finance; IRAS.
9. Every round since 2009
Rounds marked "tightening" added or raised restrictions; "easing" rounds relaxed them. Several rounds changed more than one measure at once.
| Date | Key changes | Direction |
|---|---|---|
| Sep 2009 | Interest-only housing loans and the Interest Absorption Scheme disallowed. | Tightening |
| Feb 2010 | SSD introduced on property bought from 20 Feb 2010, at 1%/2%/3% by band if sold within a year. Bank LTV cut to 80%. Minimum cash down payment introduced. | Tightening |
| Aug 2010 | SSD holding period extended to 3 years, with the charge tapering to two-thirds and one-third of the first-year bands. Bank LTV cut to 70% for a second or subsequent loan; minimum cash raised to 10%. | Tightening |
| Jan 2011 | SSD raised sharply to 16%, 12%, 8% and 4% over a 4-year holding period. Bank LTV cut to 60% for a second loan and 50% for non-individuals. | Tightening |
| Dec 2011 | ABSD introduced: 10% for foreigners and entities, 3% for PRs buying a second or subsequent property, and 3% for citizens buying a third or subsequent property. Citizens buying a first or second home paid nothing. | Tightening |
| Oct 2012 | Maximum loan tenure capped at 35 years; bank LTV for non-individuals cut to 40%. | Tightening |
| Jan 2013 | ABSD raised across the board: citizens 7% on a second and 10% on a third, PRs 5%/10%/10%, foreigners and entities 15%. Bank LTV cut to 50% and 40% for second and subsequent loans; minimum cash raised to 25%. MSR capped at 30% for HDB flats on bank loans. | Tightening |
| Jun 2013 | TDSR framework introduced at a 60% cap on all property loans. | Tightening |
| Aug 2013 | Maximum HDB loan tenure cut to 30 years. | Tightening |
| Dec 2013 | MSR extended to ECs bought from a developer. | Tightening |
| Sep 2016 / Mar 2017 | TDSR relaxed for refinancing, and for mortgage equity withdrawal at an LTV of 50% or less. | Easing |
| Mar 2017 | SSD holding period cut from 4 years to 3, and rates cut to 12%, 8% and 4%. | Easing |
| Feb 2018 | BSD raised for residential property above S$1m, to a top marginal rate of 4%. Non-residential stayed at 3%. | Tightening |
| Jul 2018 | ABSD raised: citizens 12% on a second and 15% on a third, PRs 5%/15%/15%, foreigners 20%, entities 25% plus a 5% non-remittable charge for developers. Bank LTV cut to 75%, 45% and 35%. | Tightening |
| Sep 2019 | HDB income ceilings raised to S$14,000 for families, S$7,000 for singles and S$16,000 for ECs. The Enhanced CPF Housing Grant introduced at up to S$80,000, replacing the AHG and SHG. | Easing |
| Dec 2021 | ABSD raised: citizens 17% on a second and 25% on a third, PRs 5%/25%/30%, foreigners 30%, entities 35%. TDSR tightened from 60% to 55%. HDB loan LTV cut from 90% to 85%. | Tightening |
| May 2022 | Transfers of residential property into a living trust made subject to ABSD at the entity rate. | Tightening |
| Sep 2022 | Stress-test floor raised to 4% for residential and 5% for non-residential bank loans, and a 3% floor introduced for HDB loans. HDB loan LTV cut from 85% to 80%. A 15-month wait-out imposed on private owners buying a non-subsidised HDB resale flat. | Tightening |
| Feb 2023 | BSD raised again for higher-value property: a 5% band and a 6% top marginal rate for residential, and a 5% top rate for non-residential. | Tightening |
| Apr 2023 | ABSD raised: citizens 20% on a second and 30% on a third, PRs 5%/30%/35%, foreigners doubled to 60%, entities and trustees 65%. | Tightening |
| Aug 2024 | HDB loan LTV cut from 80% to 75%. Enhanced CPF Housing Grant raised to up to S$120,000 for families and S$60,000 for singles. | Tightening |
| Mar 2025 | ABSD(HD) remission timelines extended for complex development projects. | Easing |
| Jul 2025 | SSD holding period extended from 3 years to 4, and every rate raised by 4 percentage points, to 16%, 12%, 8% and 4%. | Tightening |
| Jul 2026 | The 15-month wait-out removed for private owners buying a non-subsidised HDB resale flat without an HDB loan. Developer ABSD remission timelines extended to 6 and 7 years for large and mega en-bloc sites. | Easing |
| Aug 2026 | HDB income ceilings raised to S$16,000 for families and S$8,000 for singles, and the EC ceiling to S$18,000. The EHG income ceiling was left unchanged at S$9,000. | Easing |
10. How the measures land on different buyers
Cooling measures are deliberately asymmetric — lightest on the buyer the policy most wants to protect, heaviest on the buyer treated as most speculative or least connected to Singapore.
A Singapore Citizen buying a first private property faces 0% ABSD, BSD on the normal bands, a 75% bank LTV with 5% minimum cash, a 55% TDSR, and no SSD exposure if they hold for more than four years.
A foreign buyer without free trade agreement relief faces 60% ABSD on top of BSD, the same 75% LTV and 55% TDSR, and SSD of up to 16% if the property is sold within a year. A buyer who does qualify for FTA relief is treated as a citizen and pays nothing in ABSD on a first home — a difference of 60% of the purchase price, which is why it is worth checking before assuming the headline rate.
For a Singapore Citizen buying a second property, 20% ABSD on a S$1.5m purchase is S$300,000 payable upfront, before the LTV drop to 45% and the 25% minimum cash requirement are accounted for. Married couples replacing an only matrimonial home may be able to claim that ABSD back, subject to selling the first property inside the stated window.
11. Frequently asked questions
What are Singapore’s property cooling measures in force today?
As at 21 September 2026: Additional Buyer's Stamp Duty of 0% for a Singapore Citizen's first residential property, 20% on a second and 30% on a third or subsequent, 5%/30%/35% for Permanent Residents, 60% for foreigners and 65% for entities, at rates set on 27 April 2023. Buyer's Stamp Duty rises to a 6% top marginal rate on residential property, set on 15 February 2023. A four-year Seller's Stamp Duty holding period at 16%, 12%, 8% and 4% applies to private residential property purchased on or after 4 July 2025. Bank loan-to-value limits are 75%, 45% and 35% by number of outstanding housing loans, set in July 2018. The HDB housing-loan limit is 75%, set on 20 August 2024. The Total Debt Servicing Ratio is 55%, set on 16 December 2021.
I bought my property years ago. Do today’s cooling measures apply to me?
Usually not. Each rule is governed by a different date. Seller’s Stamp Duty is decided by the date you bought — a property purchased on 1 June 2025 is still under the three-year regime at 12%, 8% and 4%, not the four-year regime that began on 4 July 2025. Additional Buyer’s Stamp Duty is fixed by the date the Option to Purchase was granted. Loan-to-value and the Total Debt Servicing Ratio attach to the loan. HDB income ceilings are set by the date you applied for your HDB Flat Eligibility letter, and the Executive Condominium income ceiling by the land-tender closing date of the project itself. Reading only the latest rate is the most common way to get this wrong.
Have Singapore property cooling measures been relaxed in 2025 or 2026?
Yes — two relaxations in 2026, after a tightening in 2025. On 28 July 2026 the 15-month wait-out period was removed for private residential property owners and former owners buying a non-subsidised HDB resale flat without an HDB housing loan. On 24 August 2026 the HDB income ceilings rose to S$16,000 for families and S$8,000 for singles, and the Executive Condominium ceiling to S$18,000. Developer ABSD remission timelines were also extended on 29 July 2026. The July 2025 Seller’s Stamp Duty change went the other way, extending the holding period from three years to four and raising every rate by four percentage points. The stamp duty and borrowing measures on buyers — ABSD, BSD, LTV and TDSR — are unchanged.
Do foreigners always pay 60% ABSD in Singapore?
No. Under Singapore’s free trade agreements, nationals and permanent residents of Iceland, Liechtenstein, Norway and Switzerland, and nationals of the United States of America, are accorded the same stamp duty treatment as Singapore Citizens. A qualifying buyer purchasing a first residential property pays 0% ABSD rather than 60%. The remission is applied through IRAS and depends on meeting its conditions. Every other foreign buyer pays 60% on any residential property.
What is the TDSR limit in Singapore?
The Total Debt Servicing Ratio limit is 55% of gross monthly income, counting the new mortgage and all other credit facilities. It was introduced at 60% in June 2013 and tightened to 55% on 16 December 2021, applying to purchases where the Option to Purchase was granted on or after that date. MAS has said that borrowers with property loans granted before 16 December 2021 are not affected by the revised threshold when refinancing; refinancing is governed by its own rules rather than by a general 60% cap. A separate Mortgage Servicing Ratio of 30% applies to HDB flats and to Executive Condominiums still within their minimum occupation period.
What is the LTV limit and minimum cash down payment for a first property?
For a first private residential property on a bank loan, the limit is 75%, with a minimum cash down payment of 5%. The limit falls to 55%, with 10% minimum cash, if the loan tenure exceeds 30 years or the loan period extends beyond the borrower's age of 65. With one outstanding housing loan the limit is 45% or 25%, and with two or more it is 35% or 15% — both with a 25% minimum cash down payment. These limits apply to loans where the Option to Purchase was granted on or after 6 July 2018. The HDB housing-loan limit is a separate 75%.
Can I earn too much for an HDB grant but still buy a subsidised flat?
Yes, and this is a gap worth knowing. From 24 August 2026 the income ceiling for a new subsidised flat, a resale flat with the CPF Housing Grant, and an HDB housing loan rose to S$16,000 for families. The Enhanced CPF Housing Grant income ceiling was not changed and remains S$9,000, where it has been since the grant was introduced in 2019. A household earning between S$9,000 and S$16,000 can now buy a subsidised flat and take an HDB housing loan, and receives no EHG at all.
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This guide is prepared by Straits Intelligence Pte. Ltd. for informational purposes only. Cooling measure policies are subject to change without notice, and several of the reliefs described depend on conditions that only the issuing agency can confirm for your case. Verify current rules at iras.gov.sg, mas.gov.sg and hdb.gov.sg. This guide does not constitute financial, legal, or property investment advice.
Published June 2026 · Rebuilt 21 September 2026 as a dated policy register · Every figure sourced to IRAS, MAS, MOF, MND or HDB · Written and maintained by the PropKaki Intelligence desk, Straits Intelligence Pte. Ltd. · About propkaki.sg