Thursday, 29 August 2013

Singapore Cooling Measures 28 August 2013

Singapore Cooling Measures 28 August 2013
  1. HDB max. loan tenure shorten from 30 years to 25 years.
  2. Mortgage servicing ratio (MSR) limit reduced from 35% to 30% of the borrower's gross monthly salary.
  3. Financial Institutions to reduce max. tenure of new housing loans and re-finances from 35 years to 30 years.
  4. PR can only buy resales flats after 3 years from the date that they received PR Status.
  5. Income Ceiling of SHG raised from $2250 to $6500 a month for families and from $1125 to $3250 for singles.
  6. New step up Housing grant provides upgrader from 2 room to 3 room with $15,000.
  7. Parents will be able to apply for 3 room flat instead of studio or 2 room flat under Multi-Generation Priority Scheme(MGPS).
  8. New Three-Generation flats which consist of four bedrooms and three bathrooms, with an internal floor area of about 115 square metres (1237 sqft) will be implemented. Subletting is not allowed during MOP.

For learn more about the news, check here.

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