Rates and calculation
From 22 February 2014, a mortgage is charged at 0.4% of the loan amount, capped at S$500. An equitable mortgage signed under hand is charged at 0.2%, also capped at S$500. Transfers or assignments of a mortgage or debenture use 0.2% of the amount transferred, including arrears interest, subject to the same cap. Round down to a whole dollar, with minimum duty of S$1.
Additional borrowing and refinancing
An additional loan secured under an existing open mortgage can require the difference between S$500 and duty already paid; none is due once that open mortgage has reached the cap. A further fixed mortgage is a fresh security with its own charge. Refinancing through a mortgage from one bank to another can attract 0.4% duty. Under-hand security over property outside Singapore is exempt under the stated rule.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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