HDB's Latest Bombshell
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Dreamaurora:
Phew!http://www.channelnewsasia.com/news/singapore/new-measures-to-stabilise/791988.html
The government has introduced further measures to stabilise the HDB resale market.
The maximum tenure for HDB housing loans will be reduced from 30 years to 25 years.
It's aimed at ensuring financial prudence in the purchase of public housing and discourage over-consumption.
The Mortgage Servicing Ratio will also be reduced from 35 per cent to 30 per cent of the borrower's gross monthly income.
In tandem, the Monetary Authority of Singapore will also make similar arrangements for the tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats.
Separately, Singapore permanent resident households with no citizen owner will have to wait three years from the date of obtaining PR status before they can buy a resale HDB flat.
Previously, they can buy a resale flat immediately after obtaining their PR status.
This will apply to resale applicants received from 5.30pm Tuesday.
Way long overdue. -
What’s the immediate impact?
resale price drop?
rental price up? -
atrecord:
Probably a sharp drop in resale transactions for the next few months.What's the immediate impact?
resale price drop?
rental price up?
This will hopefully push the price of new BTOs down. -
3Boys:
Why will we criticise this gov intervention? I always applaud gov prescient in this area.
Phew!Dreamaurora:
http://www.channelnewsasia.com/news/singapore/new-measures-to-stabilise/791988.html
The government has introduced further measures to stabilise the HDB resale market.
The maximum tenure for HDB housing loans will be reduced from 30 years to 25 years.
It's aimed at ensuring financial prudence in the purchase of public housing and discourage over-consumption.
The Mortgage Servicing Ratio will also be reduced from 35 per cent to 30 per cent of the borrower's gross monthly income.
In tandem, the Monetary Authority of Singapore will also make similar arrangements for the tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats.
Separately, Singapore permanent resident households with no citizen owner will have to wait three years from the date of obtaining PR status before they can buy a resale HDB flat.
Previously, they can buy a resale flat immediately after obtaining their PR status.
This will apply to resale applicants received from 5.30pm Tuesday.
Way long overdue.
I tried very hard to hear if hardcore opposition will beat up a big issue with this measure...but even them remain completely silent. -
WeiHan:
Why will we criticise this gov intervention? I always applaud gov prescient in this area.
Phew!3Boys:
[quote=\"Dreamaurora\"]http://www.channelnewsasia.com/news/singapore/new-measures-to-stabilise/791988.html
The government has introduced further measures to stabilise the HDB resale market.
The maximum tenure for HDB housing loans will be reduced from 30 years to 25 years.
It's aimed at ensuring financial prudence in the purchase of public housing and discourage over-consumption.
The Mortgage Servicing Ratio will also be reduced from 35 per cent to 30 per cent of the borrower's gross monthly income.
In tandem, the Monetary Authority of Singapore will also make similar arrangements for the tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats.
Separately, Singapore permanent resident households with no citizen owner will have to wait three years from the date of obtaining PR status before they can buy a resale HDB flat.
Previously, they can buy a resale flat immediately after obtaining their PR status.
This will apply to resale applicants received from 5.30pm Tuesday.
Way long overdue.
I tried very hard to hear if hardcore opposition will beat up a big issue with this measure...but even them remain completely silent.[/quote]Not criticising at all. It's a move to stabilise the market, good for the long term. Just that its been one measure after another. -
Seems like a financial storm coming? With these financial prudency measures coming in…
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Dreamgear:
Seems like a financial storm coming? With these financial prudency measures coming in....
A financial storm of historic size is definitely coming....But the government seems to be making optimistic projection for the next few years. Thus, just for curious sake, I just want to sit back and see how the gov is going to meet those projection in a very harsh global environment. -
Hold cash! Cash in king the next few years.
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Yes, long overdue. Should have been there in the 1st place. The property prices in SG has really spiralled out of control and it’s still not coming down after so many rounds of cooling measures. I hope all these measures are not too late, too little. Contary to what most people think, I feel that the prices for resale HDB and private will come down, just a matter of when. And when the property market is finally cooled to a more sensible level, I hope it will be a soft landing for most people and not a hard crash.
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