More measures introduced to ensure Rogue Trader can't buy a flat and get married

[Rogue Trader]

New measures to stabilise HDB resale market
POSTED: 27 Aug 2013 5:48 PM

SINGAPORE: 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.


- CNA/ir

 

[po2wq]

More measures introduced to ensure Rogue Trader can't buy a flat and get married ...

huh?! ...

tot ah rogure trader married wif flat oredi, no? ...

 

[PhuaCheeBye]

resale market crashing soon...hahahaha

 

[halsey02]

Whats the average age people gets married these days? 35 right? plus 25 years, flat pay off at 60 years...you think can meet Minimum sum?? after donating to first charity HDB & the main charity CPF...55 any money to take out?? at 65 any money to buy annuity or take out? Any money in Medisave after paying for the upcoming Medishield Life.

The future looks bleak...very bleak!

 

[The_Hypocrite]

One good thing about this new ruling is PRs have to wait 3 years to buy resale,,which means the rental market will still have demand,,,I would have preferred that PRs pay a higher stamp duty for hdb purchase and a tax on profits for sale. also they pay more for S&C charges and citizens get a discount.

Whats more,,the citizens who purchase the flat must have held citizenship for 5 years. This is to prevent foreigners from profiting at the expense of locals.

Singapore needs a bumiputra policy,,a Singaporean 1st policy,,,

 

[Narong Wongwan]

The 3 years PR wait then able to buy is to push the FTs to take up citizenship....this is the hidden agenda.

 

[laksaboy]

Stabilise my lanjiao!

Just increase the interest rates for borrowing... if they have the balls to nip the problem in the bud.

 

[CCB FAP]

Where are the critics?

 

[AttilaTheHun]

The 3 years PR wait then able to buy is to push the FTs to take up citizenship....this is the hidden agenda.

Actually I thought this is a good idea, so that PRs cannot speculate on HDB flats.

 

[watchman8]

The 3 years PR wait then able to buy is to push the FTs to take up citizenship....this is the hidden agenda.

Don't think is that easy to get citizenship within three years of PR.

This ruling more to prevent middle class foreigners from speculating in hdb. Some take up PR for sake of buying hdb flats to rent out and then move out of sinkieland.

But too late, closing the barn after the horses have bolted.

 

[Narong Wongwan]

Don't think is that easy to get citizenship within three years of PR.

This ruling more to prevent middle class foreigners from speculating in hdb. Some take up PR for sake of buying hdb flats to rent out and then move out of sinkieland.

But too late, closing the barn after the horses have bolted.

Yes too little too late. Pap is only interested in wayang than actual solving the problems.
As to the pink ICs....they been giving out like toilet paper...what I know is 2 years...not surprised if fast tracked for valued FTs. Pappies got to keep dishing them ICs out for 6.9 million reality,

 

[sleaguepunter]

huh? must buy flat then can get married?

i tot just pay $25 at ROM to register the marriage can liao.

 

[Rogue Trader]

huh? must buy flat then can get married?

i tot just pay $25 at ROM to register the marriage can liao.

want a matrimonial home. Tired of travelling around and and staying in hotels.

 

[The_Hypocrite]

I think those that bought resale recently will b damn pissed off as they had to pay huge cov. Now cov is smaller or even no cov. They sure lppl. But was it not mentioned that those no cov r in the more*ulu locations like sengkang? Think huge demand with cov will still b for mature estates near town. So those that bought sengkang n jurong west sure dulan wan.

Yes too little too late. Pap is only interested in wayang than actual solving the problems.
As to the pink ICs....they been giving out like toilet paper...what I know is 2 years...not surprised if fast tracked for valued FTs. Pappies got to keep dishing them ICs out for 6.9 million reality,

 

[sleaguepunter]

want a matrimonial home. Tired of travelling around and and staying in hotels.

so in what way do the new ruling affect u?

reduce tenure and MSR is good for buyer.

 

[sleaguepunter]

I think those that bought resale recently will b damn pissed off as they had to pay huge cov. Now cov is smaller or even no cov. They sure lppl. But was it not mentioned that those no cov r in the more*ulu locations like sengkang? Think huge demand with cov will still b for mature estates near town. So those that bought sengkang n jurong west sure dulan wan.

no cov? said who? 5rooms in punggol asking for $40-50k COV. EA in hougang asking for $35k.

of course sellers can ask for COV but the buyer can reject. some hdb flats in market more than 6mths because there no idiots stupid enough to pay the high COV.

 

[Narong Wongwan]

no cov? said who? 5rooms in punggol asking for $40-50k COV. EA in hougang asking for $35k.

of course sellers can ask for COV but the buyer can reject. some hdb flats in market more than 6mths because there no idiots stupid enough to pay the high COV.

In current market the only flats with no cov are the damn jiatlat ones.
Probably belonging to ah long debtors, some ill luck recent death in flats type.
Dun be fooled by msm reporting....
Dun believe call up a housing agent and say you want buy flat without cov...likely he will hang up on you.

 

[Rogue Trader]

so in what way do the new ruling affect u?

reduce tenure and MSR is good for buyer.

The reduced tenure and MSR makes things difficult for first time buyers in mature estates. Got to have lots cash. Also note that they have failed to lower the prices after 6(7?) rounds of measures. Now they are just talking about 'stabilising' price increases. As laksakia has pointed out, the only equitable way to correct this overheated property market is to increase interest rate, not by introducing more "medicine patches".

 

[Rogue Trader]

no cov? said who? 5rooms in punggol asking for $40-50k COV. EA in hougang asking for $35k.

One in hougang is asking for 200k. Not Tanjong pagar, Tiong bahru, Outram... Bloody hougang!

 

[LeMans2011]

Stabilise my lanjiao!
Just increase the interest rates for borrowing... if they have the balls to nip the problem in the bud.

Interest rate is commercially determined and have repercussions in the financial market, you cannot just tweak like that. But they just have to do the ang moh way to disallow foreigner to buy resale properties => problem solved