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Sudden brake to cool property market PDF Print E-mail
Written by Wilfred Ling   
Monday, 30 August 2010

New measures to cool the property market was announced today. The wonderful thing is that these measures are with immediate effect. The new measures are:

  1. Extending the seller’s stamp duty from 1 to 3 years holding period.
  2. Property owners who already have one or more outstanding loans are required to pay 10% (previously 5%) in cash of the valuation limit.
  3. Loan-to-valuation decease from 80% to 70% for those who already have an existing loan.
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Anonymous   |220.255.7.201 |2010-08-30 04:33:10
Not forgetting that now for all resale HDB flats **including those w/o CPF grants** the minimum occupation period is increased yet again from 3 yrs to 5 yrs. Also if you buy resale HDB, you cannot buy private residential within 5 yrs. So now the policy is the same irrespective whether got CPF grant or not.

For your point 3 above, I read CNA's article as "Those with more than one outstanding housing loan will also see a decrease in the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS." Does it mean that if I have only 1 outstanding housing loan, I can still get the 2nd mortgage on 80% LTV? Only if I already have 2 or more outstanding mortgages i.e. More than 1, then I can only take 70% LTV?

Anyway all these sudden policies reminds me of the knee-jerk policies in 1996 when we last had a property bubble in Singapore.
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