The entry cost: ABSD and BSD come first入场成本：先付 ABSD 和 BSD

If you are a Singapore Citizen buying a second residential property, Additional Buyer's Stamp Duty is 20%. For a Permanent Resident it is 30%. Those are the IRAS rates for purchases on or after 27 Apr 2023, charged on the higher of the purchase price or market value. Buyer's Stamp Duty sits on top, in tiers: 1% on the first S$180,000, 2% on the next S$180,000, 3% on the next S$640,000, 4% on the next S$500,000, 5% on the next S$1.5 million and 6% on the rest.新加坡公民购买第二套住宅，额外买方印花税（ABSD）是 20%；永久居民是 30%。这是 IRAS 对 2023 年 4 月 27 日或之后购房适用的税率，按购买价与市值中较高者计算。买方印花税（BSD）另外分级叠加：首 S$180,000 收 1%，其次 S$180,000 收 2%，再次 S$640,000 收 3%，再次 S$500,000 收 4%，再次 S$150 万收 5%，余额收 6%。

On a S$1.5 million condo, BSD comes to S$44,600. A Citizen's ABSD adds S$300,000. That is S$344,600 paid before the first tenant moves in, and none of it earns rent. Check your own figure in the stamp duty calculator.以一套 S$150 万的公寓为例，BSD 是 S$44,600，公民的 ABSD 再加 S$300,000。第一位租客还没搬进来，你已经付了 S$344,600，而这笔钱一分租金都不会带来。你可以用印花税计算器算一算自己的数字。

The loan: 45% if your home loan is still running贷款：原有房贷未清，最多借 45%

Most second-property buyers still owe money on their home. With one housing loan outstanding, MAS caps the new loan at 45% of the property's value. That drops to 25% if the tenure runs past 30 years or past age 65. At least 25% of the price must be paid in cash. If your first home loan is fully paid off, the higher first-loan limits apply instead.大多数买第二套房的人，第一套房的贷款还在供。只要还有一笔未还清的房贷，金管局规定新贷款最多为房产价值的 45%；如果贷款年限超过 30 年，或还款期超过 65 岁，就降到 25%。房价中至少 25% 必须付现金。如果第一套房的贷款已经全部还清，则改用首笔贷款的较高上限。

The bank also checks your Total Debt Servicing Ratio. All monthly debt repayments, including the new loan, must stay at or below 55% of gross monthly income. For that test the new loan is priced at a 4% floor or its highest later rate, whichever is higher. Expected rent helps less than people think. Banks cut rental income by at least 30% and need a stamped tenancy agreement with six months or more left. A unit you have not bought yet has no such agreement.银行还会审核你的总偿债率（TDSR）：包括新贷款在内，每月所有债务还款不得超过月总收入的 55%。测算时，新贷款按 4% 的底线利率或该贷款日后的最高利率（取较高者）计算。预期租金的作用比很多人想的小：银行至少要把租金收入打七折，而且要看到已盖印花、剩余租期不少于六个月的租约。一套还没买下的房子，自然拿不出这样的租约。

Back to the S$1.5 million unit. The bank lends at most S$675,000. You fund the other S$825,000, at least S$375,000 of it in cash, plus the S$344,600 in stamp duty. The full loan maths is in the home loan guide.回到那套 S$150 万的单位：银行最多借 S$675,000，其余 S$825,000 由你自己出，其中至少 S$375,000 是现金，另外还有 S$344,600 的印花税。贷款的完整算法，请看房屋贷款指南。

What comes off the rent every year每年要从租金里扣掉什么

Start with property tax. A home you do not live in is taxed at non-owner-occupier rates. From 1 Jan 2024 these are 12% on the first S$30,000 of Annual Value, 20% on the next S$15,000, 28% on the next S$15,000 and 36% above S$60,000. Annual Value is IRAS's estimate of the yearly rent the unit could fetch, excluding furniture, furnishings and maintenance fees. It follows market rents for similar units, not the rent you actually get. And the tax applies whether the unit is let, empty or lived in. Take an Annual Value of S$48,000. Property tax is S$3,600, plus S$3,000, plus S$840: S$7,440 a year.先看房产税。自己不住的房子，按非自住税率征税。2024 年 1 月 1 日起，年值首 S$30,000 收 12%，其次 S$15,000 收 20%，再次 S$15,000 收 28%，超过 S$60,000 的部分收 36%。所谓年值（Annual Value），是 IRAS 估算的这套房子一年能租到的租金，不含家具、陈设和管理费。它参照同类单位的市场租金，而不是你实际收到的租金。而且无论单位是出租、空置还是自住，房产税都照收。假设年值是 S$48,000，房产税就是 S$3,600 加 S$3,000 再加 S$840，一年共 S$7,440。

Maintenance fees go to the development's management corporation, and they vary a lot between projects. Ask for the current figure on the exact unit before you model anything. Then there are empty months. A lease ends, the next tenant takes time to find, and the unit may need painting in between. Each empty month removes a twelfth of the year's rent, while tax and maintenance keep running.管理费交给项目的管理机构（MCST），不同项目差别很大。动手算之前，先问清楚这一个单位目前的管理费。然后是空置期。旧租约到期，找下一位租客需要时间，中间可能还要重新油漆。每空一个月，就少了全年租金的十二分之一，房产税和管理费却照付。

Rental income is taxed too. IRAS taxes the net rent after allowable expenses, which include property tax and maintenance charges paid during the tenancy. Instead of adding up actual expenses, you can claim a deemed 15% of gross rent, and mortgage interest on top.租金收入也要缴税。IRAS 对扣除可抵扣开支后的净租金征收所得税，租期内缴付的房产税和管理费都在可抵扣之列。你也可以不逐项计算实际开支，直接按毛租金的 15% 申报视同开支，房贷利息另外照扣。

Gross yield vs net yield, plainly毛回报率与净回报率，说白了

Gross yield is the number you see on listings: a full year's rent divided by the price. Net yield is what survives the costs above. Take the rent you actually collect, subtract property tax and maintenance, then divide by the same price. Say the S$1.5 million unit lets for S$4,000 a month. Maintenance is S$400 a month, an assumption for this example. Annual Value is S$48,000, and the unit sits empty for one month a year.毛回报率就是挂牌时常见的那个数字：一整年的租金除以房价。净回报率则是扣掉上面那些成本之后剩下的：用实际收到的租金，减去房产税和管理费，再除以同一个房价。假设那套 S$150 万的单位月租 S$4,000，管理费每月 S$400（这是为了举例而设的假设），年值 S$48,000，每年空置一个月。

One empty month and two ordinary bills take about a third off the headline figure. That still leaves out loan interest, income tax, agent fees and repairs. Divide by the price plus stamp duty, S$1,844,600, and the same rent works out to 1.72%.一个月空置加上两张寻常的账单，就把挂牌数字削掉了约三分之一。这还没算房贷利息、所得税、中介费和维修费。如果把印花税也算进成本，用 S$1,844,600 去除，同样的租金只剩 1.72%。

Rentals are about 55% of my work, so I see both numbers: the rent the listing hopes for, and the rent a tenant signs for. They are often not the same. I walk every unit before I list it, and that walk tells me more about the real rent than any brochure does. If you are buying to let, price your yield on what tenants pay for similar units in that block today. Then take off at least one empty month. If the deal only works at the hopeful rent, it does not work.租赁大约占我工作的 55%，所以两个数字我都看得到：挂牌时希望租到的价钱，和租客真正签下的价钱。这两个数字常常对不上。每个单位我都会先亲自走一遍再挂牌，这一趟比任何宣传册都更能告诉我真实租金是多少。如果你买房是为了出租，就按同一栋楼同类单位现在实际租出的价钱来算回报，然后至少扣掉一个月空置。如果这笔账只有按理想租金才算得过来，那它就是算不过来。
Ivan CheeERA Senior Marketing Director · CEA R024683FERA 高级营销总监 · CEA R024683F
Live calculator实时计算

What does the unit really yield?这个单位的真实回报是多少？

S$1,500,000 S$500K → S$5M
Gross yield毛回报率
3.20%
Rent collected实收租金
S$44,000
Annual costs每年成本
S$12,240
Net yield净回报率
2.12%

Empty months and holding costs take about S$34 of every S$100 of listed rent.按挂牌租金计，每 S$100 中约有 S$34 被空置期和持有成本吃掉。

An estimate, not financial advice.仅为估算，并非投资建议。 For property tax, use the figure on your IRAS bill, or work it out from the unit's Annual Value with the IRAS non-owner-occupier rates. This tool leaves out ABSD, BSD, loan interest, income tax, agent fees and repairs, so your real return will be lower.房产税请填 IRAS 账单上的数字，或按单位的年值，用 IRAS 非自住税率自行计算。本工具没有计入 ABSD、BSD、房贷利息、所得税、中介费和维修费，你的实际回报会更低。

A short note for foreigners给外国买家的简短提醒

Foreigners pay 60% ABSD on any residential property bought on or after 27 Apr 2023, the first one included. On a S$1.5 million unit, that is S$900,000 before BSD. At that cost it is hard to make the rent alone justify the purchase. The full rules are in the ABSD guide for foreign buyers.外国人在 2023 年 4 月 27 日或之后购买任何住宅，都要付 60% 的 ABSD，第一套也不例外。一套 S$150 万的单位，还没算 BSD，ABSD 就是 S$900,000。成本这么高，单靠租金很难说得过去。完整规定请看外国买家 ABSD 指南。

Before you commit to a unit决定买下之前

Get three numbers for the exact unit: recent rents for similar units in the same development, the current maintenance fee, and the Annual Value. Put them in the calculator with at least one empty month. Then test the loan against the 55% TDSR without counting any rent. Couples who own jointly sometimes look at decoupling to avoid the second-property ABSD, and it has costs of its own, set out in the decoupling guide. Other routes are compared in buying a second property in Singapore. When the unit is ready to let, my rental page shows how I handle leasing for landlords.先拿到这个单位的三个数字：同一项目同类单位最近的成交租金、目前的管理费，以及年值。把它们填进上面的计算器，至少算上一个月空置。然后在完全不计租金的情况下，看看贷款能不能过 55% 的总偿债率。联名持有房产的夫妻，有时会考虑除名来避开第二套房的 ABSD，但除名本身也有成本，详见除名指南。其他路径的比较，请看新加坡购买第二套房指南。等单位准备出租时，我的租赁服务页介绍了我如何替房东处理出租。