This page lists 20 dated rounds of Singapore's property cooling measures since 2009, and each current setting follows the latest round that changed it.
Reviewed by the Swee Homes data desk on 6 Oct 2026. Sources: MAS, MND and HDB release, hosted by MAS, MND release, hosted by MAS, MND, HDB, IRAS, SSO. Next check due 4 Jan 2027.
How to read this list
The four "What applies now" sections at the end list every current setting with the date it took effect.
This page is a dated list of announcements, not a view on any of them. Each round below is taken from the press release of the announcing body: MND, MOF, MAS or HDB. Where a release gives an announcement date and a later effective date, both are shown. IRAS administers the stamp duties, and its current rates are on the stamp duty and seller's stamp duty guides.
2009 to 2010: the first rounds
The earliest round in this list is the joint press release of 14 Sep 2009 by the Ministry of National Development, Ministry of Finance, Ministry of Law and the Monetary Authority of Singapore.
14 Sep 2009, joint press release (MND, MOF, Ministry of Law, MAS): the Interest Absorption Scheme and Interest-Only Housing Loans were removed with effect from 14 Sep 2009 for private residential projects, except uncompleted projects whose units had already been offered under the scheme before that date. The Confirmed List for the 1st Half 2010 Government Land Sales Programme was reinstated. The Jan 2009 Budget property assistance measures were not extended when they expired.
19 Feb 2010, Government release: Seller's Stamp Duty (SSD) was introduced for residential properties and lands bought on or after 20 Feb 2010 and sold within 1 year of purchase, at 1% on the first $180,000, 2% on the next $180,000 and 3% on the balance. The Loan-to-Value (LTV) limit was lowered from 90% to 80% for all housing loans from MAS-regulated financial institutions. Both took effect on 20 Feb 2010.
30 Aug 2010, joint press release (MND, MOF, MAS): the SSD holding period was extended from 1 year to 3 years for residential properties bought on or after 30 Aug 2010, at the full rate in the first year, two-thirds of it in the second year and one-third in the third year. For buyers with one or more outstanding housing loans, the minimum cash payment was raised from 5% to 10% of the valuation limit and the LTV limit was lowered from 80% to 70%. Effective 30 Aug 2010.
2011 to 2012: a longer SSD and the start of ABSD
13 Jan 2011, Government release: the SSD holding period was extended from 3 years to 4 years, with SSD of 16%, 12%, 8% and 4% for residential properties bought on or after 14 Jan 2011 and sold in the first, second, third and fourth year. The LTV limit was set at 50% for buyers who are not individuals, and lowered from 70% to 60% for individuals with one or more outstanding housing loans. Effective 14 Jan 2011.
7 Dec 2011, Government release: Additional Buyer's Stamp Duty (ABSD) was introduced, on top of Buyer's Stamp Duty, effective 8 Dec 2011. Foreigners and non-individuals buying any residential property paid 10%. Permanent Residents owning one property and buying a second or subsequent one paid 3%. Singapore Citizens owning two properties and buying a third or subsequent one paid 3%.
5 Oct 2012 (published 6 Oct 2012), MAS: the maximum tenure of all new residential property loans from financial institutions was capped at 35 years, and loans with a tenure above 30 years became subject to significantly tighter LTV limits, for both private properties and HDB flats. Effective 6 Oct 2012.
2013: a full year of rounds
11 Jan 2013, joint press release, effective 12 Jan 2013: ABSD rates were raised by between 5 and 7 percentage points across the board, and ABSD was imposed on Permanent Residents buying a first residential property and on Singapore Citizens buying a second. LTV limits were tightened for individuals with at least one outstanding housing loan and for non-individuals, and the minimum cash down payment for a second or subsequent housing loan was raised from 10% to 25%. For public housing, MAS capped the Mortgage Servicing Ratio (MSR) at 30% of gross monthly income for loans from financial institutions, and the MSR cap for HDB loans was lowered from 40% to 35%. Permanent Residents owning an HDB flat were disallowed from subletting the whole flat, and must sell the flat within six months of buying a private residential property in Singapore. The release also set out measures for Executive Condominium developments and introduced SSD on industrial properties.
28 Jun 2013 (published 29 Jun 2013), MAS: the Total Debt Servicing Ratio (TDSR) framework was introduced for all property loans from financial institutions to individuals, with a threshold of 60%. Banks must count the borrower's other debt obligations when granting a property loan. MAS also refined the rules on applying the LTV limits. The new rules took effect from 29 Jun 2013.
27 Aug 2013, MND and HDB press release: the maximum tenure of HDB housing loans was reduced from 30 years to 25 years, and the MSR limit for HDB loans from 35% to 30% of gross monthly income. MAS reduced the maximum tenure of new housing loans and refinancing facilities from financial institutions for HDB flats from 35 years to 30 years, with tighter LTV limits for tenures above 25 years and up to 30 years. Singapore Permanent Resident households with no Singapore Citizen owner had to wait three years from obtaining SPR status before buying a resale HDB flat, for resale applications received on or after 27 Aug 2013, 5:30pm.
9 Dec 2013, MND press release: MAS capped the MSR at 30% of gross monthly income for housing loans from financial institutions for Executive Condominium (EC) units bought directly from developers, for Options to Purchase granted on or after 10 Dec 2013. The release also reduced EC cancellation fees from 20% to 5% of the purchase price and required second-timer applicants buying ECs from developers to pay a resale levy, for EC land sales launched on or after 9 Dec 2013.
2016 to 2018: refinancing, SSD and ABSD adjustments
1 Sep 2016 (published 2 Sep 2016), MAS: the TDSR refinancing rules were fine-tuned with immediate effect. The TDSR framework no longer applies when refinancing any owner-occupied housing loan. An investment property loan may be refinanced above the 60% TDSR threshold if the borrower commits to repay at least 3% of the outstanding balance within not more than 3 years and meets the lender's credit assessment. MAS stated that the TDSR framework and threshold continue to apply to new property loans and that the changes are not a relaxation of the property market cooling measures.
10 Mar 2017, joint press release, effective 11 Mar 2017: ABSD rates and LTV limits were retained. The SSD holding period was reduced from 4 years to 3 years and SSD rates were lowered by 4 percentage points for each tier, to 12%, 8% and 4%, for residential property purchased on and after 11 Mar 2017. The TDSR framework was no longer applied to mortgage equity withdrawal loans with LTV ratios of 50% and below.
5 Jul 2018 (published 6 Jul 2018), Government release: ABSD was raised for Singapore Citizens buying a second property from 7% to 12% and a third or subsequent property from 10% to 15%, for Permanent Residents buying a second or subsequent property from 10% to 15%, for foreigners from 15% to 20% and for entities from 15% to 25%, with an additional non-remittable 5% for housing developers. The first-property rates of 0% for Singapore Citizens and 5% for Permanent Residents were kept. LTV limits for loans from financial institutions were tightened by 5 percentage points: 75% for a first housing loan (55% if the tenure is over 30 years, 25 years for HDB flats, or extends past age 65), 45% for a second (25%) and 35% for a third or later (15%), and 15% for non-individual borrowers. The new LTV limits apply where the Option to Purchase was granted on or after 6 Jul 2018, and do not apply to HDB loans.
2021 to 2023: ABSD, TDSR and the interest rate floor
15 Dec 2021, joint press release (MOF, MND, MAS), effective 16 Dec 2021: ABSD was raised for Singapore Citizens buying a second property from 12% to 17% and a third or subsequent property from 15% to 25%, for Permanent Residents buying a second property from 15% to 25% and a third or subsequent property from 15% to 30%, for foreigners from 20% to 30% and for entities from 25% to 35%. The first-property rates of 0% and 5% were kept. The TDSR threshold was tightened from 60% to 55% for Options to Purchase granted on or after 16 Dec 2021. The LTV limit for HDB housing loans was tightened from 90% to 85%.
29 Sep 2022, joint press release (MAS, MND, HDB), effective 30 Sep 2022: the medium-term interest rate floor used to compute TDSR and MSR was raised by 0.5 percentage points, to a 4% floor for residential property loans (from 3.5%). HDB introduced a 3% interest rate floor for computing the eligible HDB loan amount. The LTV limit for HDB housing loans was lowered from 85% to 80%. A 15-month wait-out period was imposed on private residential property owners and former owners buying a non-subsidised HDB resale flat, with an exemption for seniors aged 55 and above moving to a 4-room or smaller resale flat.
26 Apr 2023, joint press release (MOF, MND, MAS), effective 27 Apr 2023: ABSD was raised for Singapore Citizens buying a second property from 17% to 20% and a third or subsequent property from 25% to 30%, for Permanent Residents buying a second property from 25% to 30% and a third or subsequent property from 30% to 35%, for foreigners from 30% to 60%, and for entities and trustees from 35% to 65%. The first-property rates of 0% and 5% and the housing developer rates were unchanged.
The 26 Apr 2023 release states that ABSD does not affect those buying an HDB flat or Executive Condominium unit from housing developers with an upfront remission, if any of the joint acquirers or purchasers is a Singapore Citizen, and that this policy did not change.
2024 to 2026: the latest announcements
16 Feb 2024, MOF and MND press release: the ABSD refund concession already available to married couples with at least one Singapore Citizen spouse buying a replacement private residential property was extended to single Singapore Citizens aged 55 and above, for purchases on or after 16 Feb 2024, if they sell their first residential property within 6 months of the purchase date of the replacement property, or of its TOP or CSC issue date if it was uncompleted at purchase, whichever is earlier. ABSD remission clawback rates for housing developers who sell at least 90% of units within 5 years of land acquisition were also lowered.
19 Aug 2024, MND and HDB press release, effective 20 Aug 2024: the LTV limit for HDB housing loans was lowered from 80% to 75%, for complete resale applications received by HDB on or after 20 Aug 2024 and for BTO applications from the October 2024 exercise onwards. The release also raised the maximum Enhanced CPF Housing Grant to $120,000 for eligible first-timer families and $60,000 for eligible first-timer singles.
3 Jul 2025 (MAS media release), effective for residential property purchased on and after 4 Jul 2025, 12.00am: the SSD holding period was increased from three to four years and SSD rates were increased by four percentage points for each tier, to 16%, 12%, 8% and 4%. The release states the revised SSD does not affect HDB owners because of the Minimum Occupation Period for HDB flats.
That is the release's statement. The seller's stamp duty guide sets out which sales SSD covers, including HDB flats.
28 Jul 2026, HDB news release, with immediate effect: 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. The release states that the existing 30-month wait-out after disposing of a private residential property remains unchanged for those buying a subsidised HDB flat, an Executive Condominium unit from a developer, or taking an HDB housing loan. Private residential property owners must dispose of their private properties within six months of completing the HDB resale flat purchase.
What applies now: ABSD
Rates in force for residential property acquired on or after 27 Apr 2023, the date of the last ABSD rate change in the list above. The last ABSD concession change is dated 16 Feb 2024.
ABSD rates on or after 27 Apr 2023 for Singapore Citizens: first residential property, not applicable (no ABSD); second residential property, 20%; third and subsequent residential property, 30%. Rates are on the higher of the purchase price or market value.
ABSD rates on or after 27 Apr 2023 for Singapore Permanent Residents: first residential property, 5%; second residential property, 30%; third and subsequent residential property, 35%.
ABSD rate on or after 27 Apr 2023 for Foreigners buying any residential property: 60%.
ABSD rate on or after 27 Apr 2023 for entities buying any residential property: 65%. An entity is a person who is not an individual, for example an unincorporated association or a partnership holding property as partnership property. Housing developers have their own rate of 35% plus a non-remittable 5%, with remission available on conditions.
Trustees buying any residential property, including a transfer into a living trust, pay ABSD at 65% on or after 27 Apr 2023, the same as entities. A refund of part of this may be available where the property is held for identifiable individual beneficiaries only.
For purchases made jointly by two or more buyers of different profiles, the highest applicable ABSD rate applies on the entire value of the property purchased.
What applies now: SSD
The current schedule dates from the 3 Jul 2025 announcement.
For residential property purchased on or after 4 Jul 2025, the SSD rates are: sold within 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. The rate is on the actual price or market value, whichever is higher.
What applies now: loan limits (MAS)
For property loans where the Option to Purchase is granted on or after 16 December 2021, the total debt servicing ratio (TDSR) threshold is set at a maximum of 55% of the borrower's monthly income. Monthly debt obligations count towards this threshold.
When calculating monthly interest payable, banks base the calculation on a medium-term interest rate, applied only to the property purchase loan under application. For residential property purchase loans and mortgage equity withdrawal loans, it is the higher of a 4% floor or the thereafter interest rate.
Mortgage servicing ratio (MSR) is capped at 30% of a borrower's gross monthly income. It applies only to housing loans for the purchase of an HDB flat, or an executive condominium where the minimum occupation period of the executive condominium has not expired (page last revised 16 December 2021).
The maximum loan tenure for housing loans from banks and finance companies is 30 years for HDB flats and 35 years for non-HDB properties.
For loans on residential properties where the Option to Purchase is granted on or after 6 July 2018, the LTV limit for individuals is: no outstanding housing loan, 75% or 55% (minimum cash downpayment 5% for an LTV of 75%, 10% for an LTV of 55%); 1 outstanding housing loan, 45% or 25% (minimum cash downpayment 25%); 2 or more outstanding housing loans, 35% or 15% (minimum cash downpayment 25%).
The lower LTV limit in each pair applies if the loan tenure exceeds 30 years (or 25 years for HDB flats), or if the loan period extends beyond the borrower's age of 65 years.
If the borrower is a shell company or not an individual, the LTV limit is 15%.
The full explanation of TDSR, MSR and LTV is in the guide on loan limits.
What applies now: HDB loans and resale rules
HDB housing loan LTV limit: up to 75% of the flat purchase price for new flats, and up to 75% of the lower of the resale price or value of the flat for resale flats. If the remaining lease does not cover the youngest applicant to age 95 or above, the limit is pro-rated from 75%. This applies to complete resale applications received by HDB on or after 20 August 2024 and flat applications for the October 2024 sales exercise onwards.
To compute the eligible HDB housing loan amount, HDB uses the higher of its interest rate floor (currently 3.0% per annum) and the prevailing HDB housing loan interest rate.
The 15-month wait-out period for buying a non-subsidised HDB resale flat was removed on 28 Jul 2026. The full announcement, including the 30-month wait-out that remains in some cases, is in the "2024 to 2026: the latest announcements" section.
Minimum Occupation Period rules are separate from the cooling rounds. They set when a flat can be sold.
Flat bought from HDB: Unclassified/Standard flats: 5 years. Unclassified flats refer to flats sold before the October 2024 sales exercise and not classified as Standard, Plus or Prime.
Flat bought from HDB: Plus and Prime flats: 10 years. Prime flats include Prime Location Public Housing (PLH) flats sold before the October 2024 sales exercise.
HDB's page states that Executive Condominium (EC) units in projects where the land sales tender closed on or after 8 May 2026 can only be sold on the open market after a 10-year MOP, computed from the date of the Temporary Occupation Permit (TOP). The Executive Condominium Housing Scheme Act 1996, in the version Singapore Statutes Online shows as current, defines the minimum occupation period as a period of 5 years starting from the date of issue of the Temporary Occupation Permit. HDB's page and the Act as published give different periods for these projects, so both are shown here. Check HDB's page for your project before you rely on either.
For EC units in other projects, the MOP is 5 years.
The full MOP rules are in the guide on the Minimum Occupation Period.
Common questions
Which cooling round applies to my purchase?
No single round applies: each setting follows the latest round that changed it. Find your setting in the "What applies now" sections: ABSD, SSD, loan limits (MAS), and HDB loans and resale rules.
Do the cooling measures apply to HDB flats?
Some do, and some do not, depending on the measure. HDB loan limits were lowered in several rounds, ABSD has its own rule for HDB flats bought from developers, and SSD is covered in the seller's stamp duty guide. The HDB settings in force are in the "What applies now: HDB loans and resale rules" section.
Who announces property cooling measures?
MND, MOF, MAS and HDB announce them, often in joint press releases. IRAS administers the stamp duties.
Is the 15-month wait-out period for HDB resale flats still in force?
No. HDB removed the 15-month wait-out period on 28 Jul 2026. The "2024 to 2026: the latest announcements" section has the full announcement, including the 30-month wait-out that remains in some cases.
Where to go next
Related guides
- How much stamp duty will I pay on a home?
- What is Seller's Stamp Duty (SSD), and how long must I hold a home to avoid it?
- How much can I borrow for a home, and what are the loan limits: TDSR, MSR and LTV?
- When can I sell my HDB flat? (the Minimum Occupation Period)
- Am I eligible for a resale flat, and which grants can I get?
About the data
Every figure on this page has its source and the date we checked it. We are not affiliated with any government body. General information, not financial advice.