SINGAPORE — In a bid to moderate demand for public housing, the authorities have announced that private property owners will now have to serve a temporary wait-out period of 15 months after selling their homes before they are allowed to buy a non-subsidised resale flat.
In addition, new rules have also been announced to tighten maximum loan amount limits, in order to promote prudent borrowing by property buyers as interest rates rise.
Before the announcement, both current and former private property owners were allowed to buy a non-subsidised HDB resale flat on the open market, with the requirement that they dispose of their private properties within six months of the HDB flat purchase. As for current and former private property owners, regardless of age, who are facing extenuating circumstances such as financial difficulties, they may approach HDB for assistance and to have their situations assessed on a case-by-case basis.The authorities said that they will also tighten the maximum loan amount limits, in light of market interest rates that have"risen significantly" and"are likely to increase further in future".
In the event that there is no option to purchase, the date of the sale and purchase agreement is similarly on or after Sept 30 this year. It will not affect the actual HDB concessionary interest rate, which will remain unchanged at 2.6 per cent a year.As for the loan-to-value limit for HDB housing loans, the revised 80 per cent limit will apply to new flat applications for sales exercises launched and complete resale applications that are received by HDB on or after Sept 30.
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