Rates and exemption
From 22 February 2014, mortgage duty is 0.4% of the loan amount, capped at S$500. An equitable share mortgage signed under hand is exempt; this differs from the property equitable-mortgage charge. Transfer or assignment of a mortgage or debenture uses 0.2% of the transferred amount including arrears interest, capped at S$500.
Extra loans and refinancing
Additional borrowing secured by an existing open mortgage can require the balance up to S$500; no further duty is due once its cap is reached. A fresh fixed mortgage for an additional loan has its own charge. Refinancing through a mortgage transfer to another bank can attract 0.4% mortgage duty; foreign shares do not by themselves establish exemption.
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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