From iTODAY: New package ofmeasures include:

| 12 Jan, 2013 6:00 AM

Additional Buyer’s Stamp Duty (ABSD) rates raised between 5 and 7 percentage points across the board. In addition, the ABSD will be imposed on Permanent Residents (PRs) purchasing their first residential property; and on Singaporeans buying their second residential property. Singaporean first-time buyers and Singaporean buyers of HDB flats will not be affected by the new measure.

Loan-to-Value limits on housing loans granted by financial institutions tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies. The minimum cash down payment for individuals applying for a second or subsequent housing loan will be raised to 25per cent, from 10 per cent.

Bank loan repayments for public housing – known as the Mortgage Servicing Ratio – will be capped at 30 per cent of the buyer’s monthly income. For loans granted by HDB, the cap will be lowered to 35 per cent, from 40 per cent.

The maximum floor area of new Executive Condominium (EC) units capped at 160sqm. Sales of new dual-key units will be restricted to multi-generational families only. Developers of future EC sale sites will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.