Measures to cool the property market. Last evening, during the National Day Rally speech, the Prime Minister Lee Hsien Loong covered a wide range of issues ranging from foreign talents and workers to continuous emphasis on education. Of key interest is the segment on more measures to cool the Singapore property market. This came after two earlier measures to cool the market, once last year (removal of the Interest Absorption Scheme (IAS) and Interest-Only Housing Loans in Sep 2009) and once in Feb (seller’s stamp duty and lower loan-to-value limit) this year. The emphasis was on the need to “do more” to ensure that in the longer term Singaporeans are able to own their own homes and that these “will be a gradually appreciating asset which will grow as Singapore grows.” More details were announced this morning (see next page for more information). This included the increase in minimum cash payment from 5% to 10% of the valuation limit for property purchasers with one or more outstanding housing loans and the decrease in the loan-to-value (LTV) limit for housing loans from the current 80% to 70% for property purchasers with one or more outstanding housing loans.
[By Carmen Lee, 30 Aug 2010, 09:37:05 SGT ]
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