Property cooling measures: 15-month wait-out to moderate demand for resale flats, keep them affordable, says Desmond Lee
"They therefore tend to pay higher amounts of cash over valuation when they buy resale flats," Mr Lee said as he explained the rationale behind the property cooling measures that were announced on Thursday night, shortly before they kicked in.
"We are making this move to ensure that flat buyers borrow prudently and do not overstretch themselves," said Mr Lee. Those with genuine housing needs or those who face extenuating circumstances, regardless of their age, may also be given exemptions on a “case-by-case basis”, Mr Lee said. So for property loans granted by private financial institutions, the medium-term interest rate floor used to compute the total debt servicing ratio and mortgage servicing ratio was raised by 0.5 percentage points to 4 per cent.
He also stressed that the move will not affect first-timer and lower income home buyers significantly.
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