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 16, 2012 - Singapore’s property developers are unfazed by the new cap on new mortgages. Developers feel that the new cooling measures will not have a big impact because not many home buyers take long tenure anyway.
Singapore introduced tighter rules on long mortgages to cool the Singapore property market. The Monetary Authority of Singapore (MAS) has set a 35 year limit on home loans. Non individual borrowers (such as company) are now subject to 40 per cent loan limit, this is down from 50 per cent.
The Real Estate Developer’s Association (REDAS) issued a statement on the new measures by the MAS, saying that the cap “ will not have significant impact on the property market”. Some developers believed that there is still genuine demand for homes and properties with good attributes are still selling well.
The new rules may affect some buyers who are borderline cases and may be stretching themselves to enter the Singapore property market. These buyers will probably stay away. It will also discourage buyers who are thinking of using the rentals of homes to cover the monthly mortgages because the shorter loan tenure will increase the mortgage installments.
The impact of quantitative easing by United States will be felt more as funds begin to flow into Singapore. It will keep interest rates low and encourages more borrowing. But buyers will be more prudent now. Some analysts expect business as usual at the show flats.
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Published On:October 16, 2012
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