30 Jun '13, 7am

Khaw Boon Wan: New rules on property loans "quite permanent"

Khaw Boon Wan: New rules on property loans "quite permanent"

The tougher rules on home loan financing are expected to be permanent and are a "structural measure" to ensure a more stable property market, Minister for National Development Khaw Boon Wan said on Sunday. "So it's not really a cooling measure as such, but it's a measure which will be quite permanent," said Mr Khaw on the sidelines of the launch of the Sembawang GRC Memory Project at Fuchun Community Club. "It's a structural measure which is good to ensure a more stable property market. "The current low interest rates are not sustainable, and we worry that people buy beyond their means." The Monetary Authority of Singapore (MAS) announced on Friday that banks have to use a standardised set of guidelines to assess property buyers' ability to borrow. Banks will not be able to approve a loan if the monthly repayments of a buyer's total debt obligations exceed 60 per cent of h...

Full article: http://www.straitstimes.com/breaking-news/singapore/story...

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