Singapore Implement New Curbs On Long Mortgages.
Singapore introduced new measures to cool the property market and set 35 year limit on home loans.
Singapore (I-Newswire) October 15, 2012 - Singapore introduced new measures to cool the property market and set new curbs of 35 year limit on home loans. In a move that surprised the Singapore property market, the Monetary Authority of Singapore (MAS) set a new restriction on all home loans to a maximum of 35 years.
Home buyers taking a loan that lasts more than 30 years, or extends past their retirement age of 65, will have to put down more cash up front. If its the buyer’s first mortgage, the loan limit will now be up to 60 per cent of the property’s value. If this the second or more property loan, the loan limit is up to 40 per cent of the property’s value. This means buyers have to fork out more cash. This move is expected to affect property buyers but leave the young first time home buyers under the age of 30 unaffected.
MAS said such a move is necessary especially after the United State’s latest round of quantitative easing (QE3) to curb the upward pressure on property prices. The move will curb the prices from spiking beyond sustainable levels and destabilising Singapore’s financial system.
The new changes will affect the older buyers more, especially those with more than one property. Prices of homes are not expected to adjust drastically in reaction to this new measure. But some buyers may be shut out of the market and transaction volume may reflect the cooling of demand. Prices may moderate in growth.
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Published On:October 15, 2012
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