27 Aug '13, 11am

Singapore's government introduces new property cooling measures | | #singapore #property #realestate #hdb #cooling

Singapore’s Housing Development Board (HDB) has introduced four additional measures to help middle-income Singaporeans afford their first home, low-income families upgrade to larger flats and to facilitate mutual care and support for multi-generation families. Additionally it has introduced two measures to further stabilise the HDB resale market. Aimed at ensuring greater financial prudence and to discourage speculation, the maximum tenure for HDB housing loans has been reduced from 30 years to 25 years. Borrowers are now only allowed to use 30 per cent of their monthly income to service their HDB loan. Previously the cap was set at 35 percent. The Monetary Authority of Singapore has also introduced similar measures for HDB borrowers. Singapore permanent residents (PRs) have also been targeted by measures which will see newly accepted PRs having to wait three years before ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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