Closing Costs
Costs incurred at closing
- Stamp duties. For new purchases, and based on the purchase price
- 1st $180k – 1%
- Next $180k – 2%
- Thereafter – 3%
- Legal fees. Generally between $1500 to $5000. Factors that affect the fees include the type of property, choice of lawyer. Legal fees can be paid from your CPF account which your lawyer should handle for you.
- Settlement of cash over valuation. When you have purchased a house above the valuation price, you have to pay the difference to the relevant people before the housing loan will be disburse for the proper purchase of the property.
- Fire insurance. Property loan lenders would want you to unsure your property against fire. Usually the insurance is included in your housing loan package for a period ranging from 1 to 5 years.
- Home protection scheme. Subject to eligibility, CPF requires all members to be insured under HPS if they are using CPF funds to pay for the HDB housing loan monthly installments.
- Additional buyer stamp duties on purchasing residential properties
- 10% for foreigners and non-individuals
- 3% for Permanent Residents buying 2nd and subsequent properties
- 3% for Singaporeans buying 3rd and subsequent properties
- Additional buyer stamp duties (ABSD) does not apply for citizens of the following countries
- America USA
- Norway
- Switzerland
- Iceland
- Liechtenstein
