By MoneyBees
Work out IRAS mortgage duty on your home loan: 0.4% of the loan capped at S$500, who pays, the deadline, refinancing and extra loans, and the late penalty.
IRAS charges 0.4% of the loan granted, capped at S$500, rounded down to the dollar. Any loan of S$125,000 or more pays S$500.
The mortgagor, which is you as the borrower. IRAS lists mortgage duty under the mortgagor for property mortgages.
Within 14 days after signing the mortgage in Singapore, or within 30 days after receiving it in Singapore if it was signed overseas. Inside these windows, there is no penalty.
Yes. HDB charges 0.40% of the loan granted, up to S$500, and says the solicitor acting for the buyer or mortgagor collects it.
Yes, if you refinance to a new bank. IRAS says a transfer of mortgage from Bank A to Bank B for refinancing pays 0.4% of the loan, capped at S$500.
Under an existing open mortgage, you pay only the difference between S$500 and the duty already paid. Under a fixed mortgage, the further mortgage is a fresh security and pays full duty again, up to S$500.
Up to 3 months late, the greater of S$10 or the duty. More than 3 months late, the greater of S$25 or 4 times the duty. For S$500 of duty, that is S$500 or S$2,000 on top.
No. Buyer's stamp duty is on the property price and can run to tens of thousands of dollars. Mortgage duty is on the loan and stops at S$500.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).