So those who already take 40/50 yrs loan..will it affect them when refinancing?

[xtreme_46]

refinance amount will it be reduced to cap at till 65 yrs old?

[buttercarp]

I don't think age is the limit.
The bank will decide whether to approve or not.
As long as the total loan (if re financing then take the start date as that of the initial loan) does not exceed 35 years.

So theoretically if you are 70 years old now, you can take a loan till you are 105 years old, subject to the bank's approval.

http://forums.condosingapore.com/showthread.php?p=315501#post315501

[zeamybro]

I think as long as its not a new purchase, the only thing that will apply is the 35-yr loan tenure limit. The new LTVs and 65-yr old limit shld not affect refinancing.. thats how i interpret.

[toiletsiao]

reprice with same bank its ok...as long as u dont change the existing tenor....

[radha08]

big brother damm shiok...suka suka implement what they want to do...end of day the one that affected is the poor people....kena sleepless nites cos of all these sudden policy...:cool:

[zeamybro]

big brother damm shiok...suka suka implement what they want to do...end of day the one that affected is the poor people....kena sleepless nites cos of all these sudden policy...:cool:

Radha bro, be contented la, at least u still have a roof over yr head... I think the worse hits are the agents, always kena big time after each cm

[chestnut]

Radha bro, be contented la, at least u still have a roof over yr head... I think the worse hits are the agents, always kena big time after each cm

Bro, this time round mortgage banker also kanna. Effect will be felt in 2 yrs time. Lawyer also kanna because less switching of loans to other banks. Last time switch loans to other banks, will get legal subsidy.

[Kelonguni]

Loan beyond 65 years of age the loan quantum drops to 40% (with existing loan) or 60% (without existing loan).

Loan longer than 30 years also the loan quantum drops to 40% (with existing loan) or 60% (without existing loan).

Those 40 years old can still loan 35 years just need downpayment of 40% (no existing loan) or 60% (with existing loan). Still doable, but needs lots of cash.

If you are 50 years old, I think it depends on the bank le. I think some banks might be garang enough (if you pay up 40 or 60%) to loan you 30-35 years.

Because CM did not specify how old you can loan up to.

[carbuncle]

zeamybro is right.


read again CAREFULLY, and bear in mind the CNA "what it should have been" correction published yesterday.


"The new MAS rules impose an absolute limit of 35 years on the tenure of all loans for residential property. This will apply to loans to both individual and non-individual borrowers, as well as refinancing loans, from 6 October 2012


In addition, MAS will lower the LTV ratio for ***new*** residential property loans to borrowers who are individuals, if:
- the tenure exceeds 30 years; or
- the loan period extends beyond the retirement age of 65 years.
For these loans, the LTV limit will be:
- 40% for a borrower with one or more outstanding residential property loans3; and
- 60% for a borrower with no outstanding residential property loan.


*** emphasis mine


the only thing that applies to refinancing cases after this new cm is the 35year total loan limit


so in my example scenario
existing 80% loan held for 5yrs, 40yo currently, refinancing can be done for another 35-5=30yrs max at same 80%


in conclusion, once you are on the boat, no worry.

[indomie]

This latest CM is for the gov to pave the way for 60years LH. Its not there to punish the current house owners. It is there to make 60 years LH more pallatable.

[Secretariat]

This latest CM is for the gov to pave the way for 60years LH. Its not there to punish the current house owners. It is there to make 60 years LH more pallatable.

I believe that URA doesn't see the need for LH60 in the near future. :sleep: