HDB's Latest Bombshell

General comments and chit-chat, or tell us how we can improve KiasuParents.com

HDB's Latest Bombshell

Postby Dreamaurora » Tue Aug 27, 2013 9:11 pm

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.

Dreamaurora
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 2050
Joined: Thu Apr 07, 2011 12:15 am
Total Likes: 34


Re: HDB's Latest Bombshell

Postby 3Boys » Tue Aug 27, 2013 9:54 pm

Dreamaurora wrote: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.


Phew!

3Boys
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5014
Joined: Tue Sep 02, 2008 5:28 pm
Total Likes: 220


Re: HDB's Latest Bombshell

Postby atrecord » Tue Aug 27, 2013 10:57 pm

What's the immediate impact?

resale price drop?

rental price up?

atrecord
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 2222
Joined: Wed Feb 17, 2010 11:25 am
Total Likes: 6


Re: HDB's Latest Bombshell

Postby Dreamaurora » Tue Aug 27, 2013 11:04 pm

atrecord wrote:What's the immediate impact?

resale price drop?

rental price up?


Probably a sharp drop in resale transactions for the next few months.

This will hopefully push the price of new BTOs down.

Dreamaurora
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 2050
Joined: Thu Apr 07, 2011 12:15 am
Total Likes: 34


Re: HDB's Latest Bombshell

Postby WeiHan » Tue Aug 27, 2013 11:22 pm

3Boys wrote:
Dreamaurora wrote: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.


Phew!


Why will we criticise this gov intervention? I always applaud gov prescient in this area.

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
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 1944
Joined: Wed Jan 07, 2009 4:18 pm
Total Likes: 22



Re: HDB's Latest Bombshell

Postby 3Boys » Tue Aug 27, 2013 11:30 pm

WeiHan wrote:
3Boys wrote:
Dreamaurora wrote: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.


Phew!


Why will we criticise this gov intervention? I always applaud gov prescient in this area.

I tried very hard to hear if hardcore opposition will beat up a big issue with this measure...but even them remain completely silent.


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.

3Boys
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5014
Joined: Tue Sep 02, 2008 5:28 pm
Total Likes: 220


Re: HDB's Latest Bombshell

Postby Dreamgear » Tue Aug 27, 2013 11:44 pm

Seems like a financial storm coming? With these financial prudency measures coming in....

Dreamgear
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 1269
Joined: Fri Oct 05, 2012 12:25 am
Total Likes: 11


Re: HDB's Latest Bombshell

Postby WeiHan » Wed Aug 28, 2013 12:44 am

Dreamgear wrote: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.

WeiHan
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 1944
Joined: Wed Jan 07, 2009 4:18 pm
Total Likes: 22


Re: HDB's Latest Bombshell

Postby sleepy » Wed Aug 28, 2013 8:01 am

Hold cash! Cash in king the next few years.

sleepy
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 9087
Joined: Thu Aug 14, 2008 6:21 pm
Total Likes: 34


Re: HDB's Latest Bombshell

Postby Dora1 » Wed Aug 28, 2013 8:01 am

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.

Dora1
BlueBelt
BlueBelt
 
Posts: 455
Joined: Sun Mar 07, 2010 10:16 pm
Total Likes: 20


Next

Return to Recess Time