New Curbs On Long Mortgages In Singapore Will Affect Older Buyers More.
New home loan curbs on long mortgages in Singapore property market, will likely to affect older buyers more.
Singapore (I-Newswire) October 17, 2012 - New home loan curbs on long mortgages in Singapore property market, will likely to affect older buyers more. But property developers are unfazed by the cap on new mortgages. Singapore property developers believe that the new cooling measures will not have a big impact because not many home buyers take long tenure anyway.
Property investors in weaker financial condition and in their 40s and 50s will likely feel the effects of the new curbs on long mortgages. The changes announced by Monetary Authority of Singapore (MAS) are similar in effect to higher interest rates.
MAS has set a maximum of 35 years on all home loan tenure. If buyers take a new home loan and wish to exceed 30 years, the loan to value ratio will be lowered. Or if the loan tenure extends beyond the retirement age of 65 years old.
Some experts say that cap on loan tenure has the same effect as rising interest rates because it will increase the monthly cash outflow of the home buyers. Older buyers who still insist on buying a property, will have to take short loans and pay a larger amount upfront.
Most investors will rethink buying the property if the monthly repayment exceeds the monthly rental. The new measures will make buyers more cautious when buying properties for investment. The new measures may also create an unlikely effect of driving these potential buyers to invest in the commercial and industrial properties, where there are less restrictions.
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Published On:October 17, 2012
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