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#1
02-07-2013, 06:10 PM
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Latest MAS housing loan rules are to protect banks, not you!
An honorable member of the Coffee Shop Has Just Posted the Following:
So what does this mean for many of you out there, looking to buy a new home or first property? Well, before these new measures, your loan profile would probably look like this on a fictitious SGD1 million property: Borrowable sum (80%): $800,000 Average market interest rate: 1.25% Loan tenure: 30 years Monthly repayment: $2666 At a TDSR of 60%, the borrower(s) would need to have a minimum monthly income of $4443 (after other loan and debt repayments are factored out) to qualify. With these new measures in place since 29 June 2013, your loan profile will look quite different: Borrowable sum (80%): $800,000 Mandated interest rate: 3.5% (at least) Loan tenure: 30 years Monthly repayment: $3592 A TDSR of 60% would thus require a minimum monthly income of $5987. That is of course after factoring out car loans, student loans and other debt repayments. - http://www.bluta.com.sg/blog/2013/07...ling-measures/ Click here to view the whole thread at www.sammyboy.com. 
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