View Full Version : MAS new cooling measure
guys,
is the new cooling measure based on the oldest age or youngest age for joint loans?
guys,
is the new cooling measure based on the oldest age or youngest age for joint loans?
Govt not stupid
older one of course
Depend on banks implementation
it is based on the younger age.
Sleepyhead
27-10-12, 10:47
My banker told me it's basedon the younger of whichever borrower whose income was used to secure the loan.
So for eg.. If husband-wife took loan, husband older, wife younger and doesn't work... So only husband's income was used to secure the loan, then the age rule will apply to the husband, and in this case, the older of the joint borrowers.
Could be the other way..l if wife is younger and earns more, then will be based on the younger borrower.
so is it older or younger...:confused:...so if a 50 year old man with 20 year old wife both working...obviously wife working UNDER him...:D
then can take max loan:confused:
buttercarp
27-10-12, 11:03
so is it older or younger...:confused:...so if a 50 year old man with 20 year old wife both working...obviously wife working UNDER him...:D
then can take max loan:confused:
I heard it can be based on the age of the younger working spouse.
Cos this one MAS did not specify.
So it is up to the bank, i suppose.
Sleepyhead
27-10-12, 11:12
so is it older or younger...:confused:...so if a 50 year old man with 20 year old wife both working...obviously wife working UNDER him...:D
then can take max loan:confused:
If both are working, then take younger.... If only one is working, then take his/her age regardless of older or younger.
Govt not stupid
older one of course
Never underestimate the stupidity of the government
Sleepyhead
27-10-12, 11:13
Never underestimate the stupidity of the government
:confused: :confused:
Means they stupid or not stupid?
My banker told me it's basedon the younger of whichever borrower whose income was used to secure the loan.
So for eg.. If husband-wife took loan, husband older, wife younger and doesn't work... So only husband's income was used to secure the loan, then the age rule will apply to the husband, and in this case, the older of the joint borrowers.
Could be the other way..l if wife is younger and earns more, then will be based on the younger borrower.
Then what about father and son both working but father income is 3x. Loan is proved based on father income?
buttercarp
27-10-12, 11:20
Then what about father and son both working but father income is 3x. Loan is proved based on father income?
Should be, i think.
Cos MAS did not specify that restriction, so it is up to the bank.
I remembered carbuncle said in another thread that the borrower need not even be the buyer - I know this is off topic but I brought it up just to illustrate that if bank say can and there is no MAS restriction, it can be done.
The MAS Notice 632 is not clear on this issue.
Not to worry, this should be cleared soon.
buttercarp
27-10-12, 11:35
The MAS Notice 632 is not clear on this issue.
Not to worry, this should be cleared soon.
Wow, Laguna.
Were you a conveyancing lawyer or someone in MAS ?
Wow, Laguna.
Were you a conveyancing lawyer or someone in MAS ?
no lah! I am just a simple retiree....
not lawyer non knowing anyone in MAS....
arghh i should have married my ex-girlfriend many years ago...:banghead::banghead::banghead:...she was 7 years younger than me...:D...:D
arghh i should have married my ex-girlfriend many years ago...:banghead::banghead::banghead:...she was 7 years younger than me...:D...:D
well, muslim can have 4 legal wives
buttercarp
27-10-12, 11:41
arghh i should have married my ex-girlfriend many years ago...:banghead::banghead::banghead:...she was 7 years younger than me...:D...:D
LOL..... I hope she is still 7 years younger.
If she was, then if you had married her, also no use!
The MAS Notice 632 is not clear on this issue.
Not to worry, this should be cleared soon.
Why would mas be so vague on such an impt point. Makes you wonder if they actually thought over the measure properly
Why would mas be so vague on such an impt point. Makes you wonder if they actually thought over the measure properly
In fact, MAS notice 632 is a very long notice covers many aspects. Joint borrowers were covered, but it was interprated differently.
where a credit facility is granted to joint Borrowers, a reference to "Borrower" shall be read accordingly to refer to the joint Borrowers, except that in paragraphs 2(d) and (e), 6, 7 8(a) and 9, and the tables under sub-paragraph (n), such a reference shall be read to also refer to each Borrower;
where a credit facilitiy is granted to joint Borrowers one of whom is not an Individual, the credit facility shall be considered to be granted to a Borrower which is not an Individual; and
no lah! I am just a simple retiree....
not lawyer non knowing anyone in MAS....
I know people from all the impt govt agencies dealing with money and tax.
LOL..... I hope she is still 7 years younger.
If she was, then if you had married her, also no use!
Gd one.......
well, muslim can have 4 legal wives
Bro rad is indian, but definitely not muslim.
He has pet dog. And a very cute and active one at that.
My company is based on the younger borrower of joint tenancy.
Allthepies
27-10-12, 12:29
The government is not stupid, it is trying to please both sides of the camp.
First they come up with this CM to show the complainers they are doing something for them; then they make their rules ambiguous so smart people and bankers can still overcome this CM :D :D :D
:cheers1: :cheers1: :cheers1:
My company is based on the younger borrower of joint tenancy.
Staff loan is no longer is exempted.
So next, this issue will be clear as well.
Staff loan is no longer is exempted.
So next, this issue will be clear as well.
All thanks to the whistle-blower.
buttercarp
27-10-12, 12:43
Gd one.......
PSLE question usually got one question on age.
I find it somewhat tricky when it comes to ages in math sums.
All thanks to the whistle-blower.
Who fed the whistle- blower???
All thanks to the whistle-blower.
ya, u shall be very thankful to the whistle-blower preventing you from over stretching......
BTW, I am not the whistle-blower, I just let u know my friends are reading this forum...this is good enough
Since u are in IT, u should also know there is this service employing by the Govt agencies in clawing the net over all the postings.
Who fed the whistle- blower???
I think I am one of them, sharing too much of my company benefits and welfares.
Crawlng, not clawing.
Spiders crawl.
Hawks claw.
Crawlng, not clawing.
Spiders crawl.
Hawks claw.
haha, that is why I know my brain is getting worst...
buttercarp
27-10-12, 12:53
haha, that is why I know my brain is getting worst...
Either way, also can.
Crawl - do it secretly.
Claw - do it in the open.
So if it is an open secret, claw or crawl also can.
It is good that they are listening.
Lets see.
Current members in this forum 21017
Apply 80/20 rule, active members investing is 4203
Assuming each buy 3, can suck up all the 12609 to be completed units in an avg year lol
So we ARE a force to be reckoned with.
Lets see.
Current members in this forum 21017
Apply 80/20 rule, active members investing is 4203
Assuming each buy 3, can suck up all the 12609 to be completed units in an avg year lol
So we ARE a force to be reckoned with.
Actually, looking at the price delta , those who can afford seems to have soak up the EC now
Lets see.
Current members in this forum 21017
Apply 80/20 rule, active members investing is 4203
Assuming each buy 3, can suck up all the 12609 to be completed units in an avg year lol
So we ARE a force to be reckoned with.
Bro,u got it mixed up liao. 20% are doers, 80% are dreamers. You look in coy, 20% management, 80% on-management. You go salary.sg - 20% earn a lot and 80% earn a little.
But 20% will be the one driving 80% of the economy.
So please redo your calculation and know how to apply ok. You apply wrongly, it becomes, 80% will buy condo. Hahahaha
Check this out :
How many % stay in Hdb?
Ho many % stay in private?
Check this out :
How many % stay in Hdb?
Ho many % stay in private?
I know, I know
80-20
I know, I know
80-20
Haha, CORRECT!! actually, the 80-20 rule is quite accurate 80% of the time.
Remember, 20% rule the economy and the 80% just follow. That's life. The 20% are the rich. Take Indonesia as an example.
S when you have no stats to support your study, a quick and dirty way is apply 80-20 rule.
Hahahahaha
well, muslim can have 4 legal wives
ya muslim also must cut U know what...:scared-1:
LOL..... I hope she is still 7 years younger.
If she was, then if you had married her, also no use!
but honestly we broke up cos she too young always want to go pub/disco and cheong i older want to relax...so honestly ideally age difference between husband and wife should be 1 or 2 years like my present wife...:spliff:...PERFECT...ah well maybe not she like to nag but which woman dont...:D:cheers1:
Bro rad is indian, but definitely not muslim.
He has pet dog. And a very cute and active one at that.
bro all MEN are equal regardless of race language or religion...:cheers1:...but soMe MEN are more equal than others...:confused:
bro all MEN are equal regardless of race language or religion...:cheers1:...but soMe MEN are more equal than others...:confused:
This i know. A-MEN
ya, u shall be very thankful to the whistle-blower preventing you from over stretching......
BTW, I am not the whistle-blower, I just let u know my friends are reading this forum...this is good enough
Since u are in IT, u should also know there is this service employing by the Govt agencies in clawing the net over all the postings.
That is great. I really hope the government will take notice and clarify the issue on age. If the age taken is the lesser of the two, it just does not makes sense. Because the older guy cannot qualify for such a loan, and if he cannot qualify, his income should not be taken into account for the borrowing, ie only the younger person can borrow.
It is USELESS to have cooling measures if the government is not serious in enforcing them.
This i know. A-MEN
bro u also got sense of humour like me...:D
As long as 1 of the joint owner is responsible for the loan, why can't bank take age of younger mortgager? All those that you all said make no sense. :p
That is great. I really hope the government will take notice and clarify the issue on age. If the age taken is the lesser of the two, it just does not makes sense. Because the older guy cannot qualify for such a loan, and if he cannot qualify, his income should not be taken into account for the borrowing, ie only the younger person can borrow.
It is USELESS to have cooling measures if the government is not serious in enforcing them.
reading the property market in Malaysia
see what happen in Penang, I am not sure how true it is,
will go over in Dec/Jan to take a look
http://www.penangpropertytalk.com/2012/10/penang-property-prices-soar/
As long as 1 of the joint owner is responsible for the loan, why can't bank take age of younger mortgager? All those that you all said make no sense. :p
It's psychology, not rationality, that caused them to say that.
I.e. since I have been regulated or priced out of it, every person that could be regulated must be regulated to the max.
But some sense as well, especially if the younger joint owner doesn't earn much. Case by case analysis bah.
cooling measures in Malaysia
From the Sun Daily online (full article):
PETALING JAYA (Sept 28, 2012): The Real Estate and Housing Developers' Association Malaysia (Rehda) is relieved that the government has not taken too drastic a measure with the real property gains tax (RPGT) and stamp duty in Budget 2013 announced today.
"Although it is not in accordance with Rehda's wish list, we are relieved that the government has not taken too drastic a measure to tamper with RPGT and/or stamp duty which may otherwise have adverse impact on the real estate and property sector," said its president Datuk Seri Michael Yam in a statement today.
Under Budget 2013, the RPGT rate effective Jan 1, 2013 will see an increase of 5% from 10% to 15% for properties sold within two years, and from 5% to 10% for properties sold within the third and fifth year.
reading the property market in Malaysia
see what happen in Penang, I am not sure how true it is,
will go over in Dec/Jan to take a look
http://www.penangpropertytalk.com/2012/10/penang-property-prices-soar/
Quite similar to food price increase in Singapore. Is the food getting better? No it is the other way round because more money is used to pay higher rental.
buttercarp
27-10-12, 22:26
This i know. A-MEN
ROTFL!!!!
Now I m surfing in a public area, n I can't believe that I actually laughed out loud.
What about da man?
cooling measures in Malaysia
From the Sun Daily online (full article):
PETALING JAYA (Sept 28, 2012): The Real Estate and Housing Developers' Association Malaysia (Rehda) is relieved that the government has not taken too drastic a measure with the real property gains tax (RPGT) and stamp duty in Budget 2013 announced today.
"Although it is not in accordance with Rehda's wish list, we are relieved that the government has not taken too drastic a measure to tamper with RPGT and/or stamp duty which may otherwise have adverse impact on the real estate and property sector," said its president Datuk Seri Michael Yam in a statement today.
Under Budget 2013, the RPGT rate effective Jan 1, 2013 will see an increase of 5% from 10% to 15% for properties sold within two years, and from 5% to 10% for properties sold within the third and fifth year.
What about in between 2nd - 3rd year? 10% or 15% applies?
What about in between 2nd - 3rd year? 10% or 15% applies?
first two years from date of completion is 15%.
From third year is 10%.
One thing, I am not sure whehter the policy applies to all properties disregard the purchase date...look like this is the case.
it's going forward for all purchases right?
first two years from date of completion is 15%.
From third year is 10%.
One thing, I am not sure whehter the policy applies to all properties disregard the purchase date...look like this is the case.
Just spoke to my agent in Malaysia, the policy disregards whether u bot the unit before or after the new policy.
ie, if u buy in 2011, the new policy still apply
buttercarp
28-10-12, 11:48
Just spoke to my agent in Malaysia, the policy disregards whether u bot the unit before or after the new policy.
ie, if u buy in 2011, the new policy still apply
Thanks.....that means those who bought their houses less than 5 years ago will be affected by this new ruling should they sell.
Thanks.....that means those who bought their houses less than 5 years ago will be affected by this new ruling should they sell.
yes, from what I understood from the agent/developer.
yes, from what I understood from the agent/developer.
This is typical Malaysia . That's why I never touch Malaysia.
Just spoke to my agent in Malaysia, the policy disregards whether u bot the unit before or after the new policy.
ie, if u buy in 2011, the new policy still apply
wah, go retrospect. all those buy iskandar suck thumb?
wah, go retrospect. all those buy iskandar suck thumb?
Just fyi, was told to me by a malaysian property agent that u can offset yr property gain tax with agent's com, lawyer's fees n some other household expenditures...
So at the end of the day,its not so bad.. No need to suck thumb afterall.. :D
bro u also got sense of humour like me...:D
Too bad u married. Hugs
ROTFL!!!!
Now I m surfing in a public area, n I can't believe that I actually laughed out loud.
What about da man?
Thats da moneyman.
Just fyi, was told to me by a malaysian property agent that u can offset yr property gain tax with agent's com, lawyer's fees n some other household expenditures...
So at the end of the day,its not so bad.. No need to suck thumb afterall.. :D
Here also can offset these from property tax wat.
Here also can offset these from property tax wat.
Our topic was on property gain tax in MALAYSIA.. :p
This is typical Malaysia . That's why I never touch Malaysia.
Malaysia is good in roti prata style.. peng lai peng ki..
Even those bought before the implementation of the policy oso kena one..
That's why I dare not touch M'sia also.. :D
I won't be surprise that if their property market become too hot, they may introduce policy where you (foreign owners) can only sell to locals! :doh:
By then, you have to sell to their locals at about half the price about locals usually can't / won't pay >RM300k for a property!
Malaysia is good in roti prata style.. peng lai peng ki..
Even those bought before the implementation of the policy oso kena one..
That's why I dare not touch M'sia also.. :D
the locals are already buying properties on the other side of johor at half price. not familiar with the situation in kl and penang.
I won't be surprise that if their property market become too hot, they may introduce policy where you (foreign owners) can only sell to locals! :doh:
By then, you have to sell to their locals at about half the price about locals usually can't / won't pay >RM300k for a property!no this wont happen. always remember, the people in power or their close ones have vested interest.
remember that in malaysia they have low income housing scheme (my first home), to cater to those in really low income.
Malaysia is good in roti prata style.. peng lai peng ki..
Even those bought before the implementation of the policy oso kena one..
That's why I dare not touch M'sia also.. :Dcan name one such example of policy?
Such tightening has happened before, when from no restrictions to RM250k to prices of properties that foreigners can buy from RM250k to RM500k. This means if you have bought a property for RM499k, you can only sell to Malaysians where majority won't pay so much for a property.
no this wont happen. always remember, the people in power or their close ones have vested interest.
remember that in malaysia they have low income housing scheme (my first home), to cater to those in really low income.
I won't be surprise that if their property market become too hot, they may introduce policy where you (foreign owners) can only sell to locals! :doh:
By then, you have to sell to their locals at about half the price about locals usually can't / won't pay >RM300k for a property!
Such tightening has happened before, when from no restrictions to RM250k to prices of properties that foreigners can buy from RM250k to RM500k. This means if you have bought a property for RM499k, you can only sell to Malaysians where majority won't pay so much for a property.such tightening occurs when price keeps going up. if you have bought a propety for rm400k, and now the restriction is rm500k, it means foreigner can only buy rm500k and above, so just price your property at rm500k.
Sleepyhead
29-10-12, 00:20
such tightening occurs when price keeps going up. if you have bought a propety for rm400k, and now the restriction is rm500k, it means foreigner can only buy rm500k and above, so just price your property at rm500k.
Sorry... catch no ball... if your property is worth 500k in the open market, then surely there will be willing buyers to pay the 500k asking price regardless of foreign or local?
someone said locals don't buy >300k. I beg to differ. It's almost impossible to find anything in the Klang Valley area that is less than 300k. Therefore the 500k threshold is really no big deal. Locals will still continue to buy from you if the price is right. This becomes a problem if they raise the threshold to 1m. Then you will struggle to find locals to buy from you.
MAS's stand on the joint borrower...take the age of the younger one or older one.
MAS does not prescribe whether to take the older or younger borrower’s age in the determination of the loan tenure, for a joint borrowership situation. However, MAS has conveyed to financial institutions (“FIs”) that they are expected to assess joint borrowers’ ability to repay loans and use the age taken for credit assessment when applying the rules on loan tenure. Borrowers should be assessed based on their income capability and ability to contribute towards loan repayment. The loan tenure should take into account the borrower’s life expectancy, current and likely future income, and repayment capacity, especially where the term of the loan extends past retirement.
MAS's stand on the joint borrower...take the age of the younger one or older one.
MAS does not prescribe whether to take the older or younger borrower’s age in the determination of the loan tenure, for a joint borrowership situation. However, MAS has conveyed to financial institutions (“FIs”) that they are expected to assess joint borrowers’ ability to repay loans and use the age taken for credit assessment when applying the rules on loan tenure. Borrowers should be assessed based on their income capability and ability to contribute towards loan repayment. The loan tenure should take into account the borrower’s life expectancy, current and likely future income, and repayment capacity, especially where the term of the loan extends past retirement.
same reply I got.
Which is SUPER STUPID. They expect the banks to do proper assessment???? duh... I thought the whole point of this ruling was that the bank cannot be trusted to do proper assessment in the first place. They were giving out like 50 year loans, etc. That is why MAS came up with a ruling. How can you leave it to the bank's discretion??????
This is plain ridiculous. If you want to come up with a ruling, please make it clear and enforce it. IF not, please don't do anything and don't waste taxpayers money.
Sometimes, I find some comments here are damn stupid. :doh:
Govt should just collect & be custodian of all their money and give them stipends since they can't manage their money! :p
For all we know, those who took up 50 years loans are the smartest Alex! :beats-me-man:
Sometimes, I find some comments here are damn stupid. :doh:
Govt should just collect & be custodian of all their money and give them stipends since they can't manage their money! :p
For all we know, those who took up 50 years loans are the smartest Alex! :beats-me-man:
It does not matter whether you think the 50 year loans are smart or stupid.
The point is MAS thinks it is stupid and that is why they introduce the latest CM. But by not making it clear and enforcing it, basically they are making themselves look totally ineffective/stupid. They already feel that they have to step in to regulate the 50 year loans but they do it in such a way which is totally ineffective.
By your reasoning, I am sure you welcome a 2009 US Financial crisis in Singapore too right?? clever boy.
Who moved the thread here? I see a lot of cm threads in the general forum. Almost all cm is about loans etc. once moved here the thread just dies...
This threadis not discussing getting financing but about how the latest cm will affect property prices...
Who is the mod here?
buttercarp
01-11-12, 08:05
Who moved the thread here? I see a lot of cm threads in the general forum. Almost all cm is about loans etc. once moved here the thread just dies...
This threadis not discussing getting financing but about how the latest cm will affect property prices...
Who is the mod here?
If you feel it is unjustified, you can email the admin.
If you feel it is unjustified, you can email the admin.
Who is the admin? Does he posts?
buttercarp
01-11-12, 08:17
Who is the admin? Does he posts?
At the main page, right at the bottom on the right side of the page, click on "contact us" to leave a message.
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