#5 – Revision of Mortgage Loan Terms – Singapore NDR Housing Anncounements

#5 – Revision of Mortgage Loan Terms

To ensure financial prudence in purchase of public housing and discourage over-consumption, we will reduce the maximum tenure for HDB housing loans from 30 years to 25 years. The Mortgage Servicing Ratio limit will also be reduced from 35% to 30% of the borrower’s gross monthly income.

In tandem, MAS will reduce the maximum tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats (including DBSS flats) from 35 years to 30 years. New loans with tenures exceeding 25 years and up to 30 years will be subject to tighter loan-to-value limits.

More information at these links: http://bit.ly/14A6nO9 and http://bit.ly/16IroSA

Source Link : Revision of Mortgage Loan Terms

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