30 Jun '13, 11pm

RPT-UPDATE 1-Singapore takes further steps to cool property market

(repeats from Friday with no changes to the text) By Kevin Lim SINGAPORE, June 28 (Reuters) - Singapore's central bank on Friday introduced rules to ensure that a property buyer's monthly payments do not exceed 60 percent of his income, a move aimed at cooling the housing market and ensuring investors are not caught out by a rise in interest rates. "The TDSR (total debt servicing ratio) will apply to loans for the purchase of all types of property, loans secured on property, and the re-financing of all such loans," the Monetary Authority of Singapore (MAS) said in a statement. The new requirement, which takes effect on Saturday, will also help strengthen credit underwriting practices by banks and encourage financial prudence among borrowers, MAS added. Singapore has been trying to keep a lid on property prices due to low interest rates caused by quantitative easing adopted...

Full article: http://www.reuters.com/article/2013/06/30/singapore-prope...

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