Timbuktu Clutched October 5, 2012 Share October 5, 2012 This will not soften demand, nor price of private property here. Foreign demand (and money) will not be impacted by limits set on bank loan tenure. They more sensitive to forex and borrowing interest rate. The masses who will be impacted most would be the Gen-Y getting married and setting up families. Shorter loan tenures will limit the size, type and location of private properties that they can afford to buy. So good luck to the younger Singaporeans! The HNW FTs coming in will continue to have a field day, parking their monies into SG properties. ↡ Advertisement Link to post Share on other sites More sharing options...
Fourth 2nd Gear October 5, 2012 Share October 5, 2012 (edited) the extra 20% cash upfront Sorry I don't get it. Why 20% extra for new properties? Most loans are max 30 years anyway. Edited October 5, 2012 by Fourth Link to post Share on other sites More sharing options...
Icedbs Turbocharged October 5, 2012 Share October 5, 2012 (edited) Sorry I don't get it. Why 20% extra for new properties? Most loans are max 30 years anyway. Loan tenure + age < 65 If More than 65, need to fork out 40% cash + cpf. Old rule is 20% cash + cpf regardless of loan tenure for 1st property So 20% more under new rule. Edited October 5, 2012 by Icedbs Link to post Share on other sites More sharing options...
Jp66 5th Gear October 5, 2012 Share October 5, 2012 Sorry I don't get it. Why 20% extra for new properties?? Isn't this 20% extra, or did I interpret wrongly? 10 In addition, MAS will lower the LTV ratio for new residential property loans to borrowers who are individuals, if: the tenure exceeds 30 years; or the loan period extends beyond the retirement age of 65 years. For these loans, the LTV limit will be: 40% for a borrower with one or more outstanding residential property loans3; and 60% for a borrower with no outstanding residential property loan. Link to post Share on other sites More sharing options...
Fourth 2nd Gear October 5, 2012 Share October 5, 2012 Isn't this 20% extra, or did I interpret wrongly? 10 In addition, MAS will lower the LTV ratio for new residential property loans to borrowers who are individuals, if: the tenure exceeds 30 years; or the loan period extends beyond the retirement age of 65 years. For these loans, the LTV limit will be: 40% for a borrower with one or more outstanding residential property loans3; and 60% for a borrower with no outstanding residential property loan. I guess for those who bought, the sales and purchase agreement should be dated before 6th Oct. 2 The rules will apply to new loans granted to individuals and non-individual borrowers, by financial institutions regulated by MAS, for the purchase of residential property, if the date when the option to purchase was granted or, where there is no option to purchase, the date of the sale and purchase agreement, is on or after 6 October 2012. For re-financing facilities, the rules will apply where the application date of such facilities is on or after 6 October 2012. Link to post Share on other sites More sharing options...
Nav14 6th Gear October 5, 2012 Share October 5, 2012 This rule favours the rich and foreigners who do not depend much on loans. The rich will become richer. Those with existing homes will be reluctant to sell their homes if the new new purchases will mean much higher installments. So with resale supply drying up how on earth will this CM reduce prices? It may just have the opposite impact while widening the gap between the rich & middle income Link to post Share on other sites More sharing options...
Jp66 5th Gear October 5, 2012 Share October 5, 2012 I guess for those who bought, the sales and purchase agreement should be dated before 6th Oct. 2 The rules will apply to new loans granted to individuals and non-individual borrowers, by financial institutions regulated by MAS, for the purchase of residential property, if the date when the option to purchase was granted or, where there is no option to purchase, the date of the sale and purchase agreement, is on or after 6 October 2012. For re-financing facilities, the rules will apply where the application date of such facilities is on or after 6 October 2012. thanks for sharing, I didn't know it is based on sales & purchase agreement date. Link to post Share on other sites More sharing options...
Fourth 2nd Gear October 5, 2012 Share October 5, 2012 Sure. Just discussing and sharing. One thing for sure... many agents and banks must be working hard tonight. Link to post Share on other sites More sharing options...
Jp66 5th Gear October 5, 2012 Share October 5, 2012 Sure. Just discussing and sharing. One thing for sure... many agents and banks must be working hard tonight. they should be having supper now (6 Oct, new rule kick in) good nite! Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged October 5, 2012 Share October 5, 2012 What a coincidental timing.. my sale completion is 15 Oct which is 10days from now.. was deciding to see see look look at other property after that.. timing for latest cooling measure quite good for me. Link to post Share on other sites More sharing options...
Nav14 6th Gear October 5, 2012 Share October 5, 2012 What a coincidental timing.. my sale completion is 15 Oct which is 10days from now.. was deciding to see see look look at other property after that.. timing for latest cooling measure quite good for me. You will be dissapointed if you expect prices to come down. They may go up instead with less supply in resale market. Link to post Share on other sites More sharing options...
Zze121 3rd Gear October 5, 2012 Share October 5, 2012 (edited) Skies Miltonia at Yishun soft launch today. Agent sms over 280 units sold, wonder how many will cancel their bookings tomorrow Heard its average psf priced @ $1.1k Edited October 5, 2012 by Zze121 Link to post Share on other sites More sharing options...
Teoky Clutched October 5, 2012 Share October 5, 2012 Heard its average psf priced @ $1.1k Wow ! That's pretty high for a location that doesn't have much amenities and isn't near to MRT. The view is very nice but need to get high floor as the entire area is zoned for residential and right in front of it is the Miltonia. Link to post Share on other sites More sharing options...
PSP415 Supersonic October 5, 2012 Share October 5, 2012 thanks for sharing, I didn't know it is based on sales & purchase agreement date. It is based on date of Option to Purchase or, in the absence of option to purchase, then the sales and purchase agreement on/and or after 6 Oct applies. Guess there will be ppl affected becos of the additional 20% cash upfront (40%) should their loan tenure exceeds 30 years beyond age 65...... 1 Link to post Share on other sites More sharing options...
Icedbs Turbocharged October 5, 2012 Share October 5, 2012 Wow ! That's pretty high for a location that doesn't have much amenities and isn't near to MRT. The view is very nice but need to get high floor as the entire area is zoned for residential and right in front of it is the Miltonia. At night that place is very bright due to the golf course. Not good for people who hates light pollution. Link to post Share on other sites More sharing options...
Fastfive1 5th Gear October 5, 2012 Share October 5, 2012 GG to those who wanna buy new house with the skyrocketing prices Haha are you one of them? Link to post Share on other sites More sharing options...
Tayspiderx 3rd Gear October 6, 2012 Share October 6, 2012 Wow ! That's pretty high for a location that doesn't have much amenities and isn't near to MRT. The view is very nice but need to get high floor as the entire area is zoned for residential and right in front of it is the Miltonia. Two of the closest stations near to the upcoming Skies Miltonia will be Lentor and Spring Leaf stations. Link to post Share on other sites More sharing options...
Mockngbrd Supersonic October 6, 2012 Share October 6, 2012 This will not soften demand, nor price of private property here. Foreign demand (and money) will not be impacted by limits set on bank loan tenure. They more sensitive to forex and borrowing interest rate. The masses who will be impacted most would be the Gen-Y getting married and setting up families. Shorter loan tenures will limit the size, type and location of private properties that they can afford to buy. So good luck to the younger Singaporeans! The HNW FTs coming in will continue to have a field day, parking their monies into SG properties. so true... rich become richer... everyone else GG ↡ Advertisement Link to post Share on other sites More sharing options...
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