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02-07-2013, 05:30 PM
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/ (http://www.bluta.com.sg/blog/2013/07/mas-has-another-go-at-property-cooling-measures/)
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?156016-Latest-MAS-housing-loan-rules-are-to-protect-banks-not-you!&goto=newpost).
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/ (http://www.bluta.com.sg/blog/2013/07/mas-has-another-go-at-property-cooling-measures/)
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?156016-Latest-MAS-housing-loan-rules-are-to-protect-banks-not-you!&goto=newpost).