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Stricter property loan limits to moderate market demand

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The maximum amount of money home buyers can borrow to purchase their homes will be tightened with immediate effect, so that borrowers avoid future difficulties in servicing those loans. The cooling measures come after

This will apply to loans for the purchase of properties where the option to purchase or sale and purchase agreement is granted on or after Sept 30.

From Sept 30 onwards, an interest rate floor of 3 per cent for computing the eligible loan amount for HDB flats will be introduced. The interest rate for the HDB housing loan will remain unchanged at 2.6 per cent per annum from Oct 1 to Dec 31.This means that buyers will be allowed to borrow up to 80 per cent of the flat value compared to 85 per cent before. In other words, they can borrow less than before.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 Sept 30.

 

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