15 Jan '11, 1am

MAS wants tighter rules for home loans (via ST iPhone App)

HOMEBUYERS may not get the same quantum of loans from banks to buy a home under new rules being proposed by the regulator. The Monetary Authority of Singapore (MAS), in a consultation paper released on Thursday, wants financial institutions to add up a borrower's loans from sources like unsecured credit facilities and insurance policies before deciding on how much they can lend for a home. MAS' aim is to remind banks to maintain prudent credit standards and to encourage financial prudence among borrowers. Take a person with a $5,000 loan under Citibank's Ready Credit facility and a $5,000 insurance policy loan with insurer Great Eastern. The MAS is proposing that these debts be taken into account by the bank when computing the homebuyer's loan-to-value (LTV) ratio and in assessing whether he complies with lending rules. And in another 'prudential measure', the MAS is propo...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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