SINGAPORE: The Government on Thursday introduced a slew of new property cooling measures aimed at moderating demand amid rising market interest rates.
The increased medium-term interest rate floor will apply to loans used to buy properties where the option to purchase is granted on or after Sep 30. If there is no option to purchase, it will apply when the date of sale and purchase agreement is on or after that date. However, there will be no impact to existing applications received by HDB before this time. It will also not affect the actual HDB concessionary interest rate, which will remain at 2.6 per cent per annum."The lower LTV limit will apply to new flat applications for sales exercises launched and complete resale applications which are received by HDB on or after Sep 30, 2022," the agencies said.
The authorities also noted that the HDB Resale Price Index has increased by more than 5 per cent as at the end of the second quarter of 2022, since an earlier package of cooling measures was introduced in December last year.
This is timely, glad our gov is doing something before the bubble keeps inflating.
Man! This probably takes off 25% of potential buyers and 35% of potential sellers. Guess price will still go up north.