What is next for HDB control measure?

[Arcachon]

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https://www.facebook.com/profile.php?id=100010476636616

[wt_know]

what's there to control if the people is willing to pay for it?
what irks me is the valuation report ...

[august]

what's there to control if the people is willing to pay for it?
what irks me is the valuation report ...

Nothing wrong with the valuation report if people are willing to pay such prices.

[bargain hunter]

while some places set such record prices/stay near highs, the hdb market in general is cooling so no additional measures should be needed.

[Arcachon]

Welcome to the New HDB valuation.

Valuation control has since removed by HDB since they change from 5pm, 10 March 2014.

http://app.mnd.gov.sg/Portals/0/MNDHDB_Annex%20A.pdf

http://www.cea.gov.sg/docs/default-source/module/speech/99f14302-a80d-480d-9cf1-37f211f1419c.pdf

http://www.todayonline.com/singapore/hdb-resale-parties-must-agree-price-valuation

[Arcachon]

while some places set such record prices/stay near highs, the hdb market in general is cooling so no additional measures should be needed.

When more get to know what their neighbour is selling, more will set record price.

[Arcachon]

what's there to control if the people is willing to pay for it?
what irks me is the valuation report ...

They have been controlling it since they started HDB valuation.

Now instead of valuation, they control the amount of loan, loan servicing ratio (MSR), duration of loan and the sale proceed.

Taking a second HDB loan
If you plan to apply for a second HDB concessionary rate loan, do note that the loan amount has to be reduced by using your full CPF proceeds and part of the cash proceeds from the sale of your current or immediate past HDB flat.

You may keep $25,000 or half of the cash proceeds, whichever amount is more. We will take into account the remaining part of the cash proceeds when determining the amount of the second loan to be granted to you.

The right-sizing of loan amount ensures that you do not take a larger second concessionary loan than necessary, and can help to reduce the likelihood of subsequent mortgage arrears.

Check out the following 2 scenarios you can find yourself in:

If you are buying a resale flat after selling your current flat
You have to use up to half of the cash proceeds from the sale of your current or immediate past HDB flat, and all of the CPF balance to finance the purchase of your next flat. This applies regardless of when you sold your previous HDB flat.

If you are buying a flat before selling your current flat
As you would not have received the proceeds from the sale of your existing flat when you apply for an HDB loan, we will grant you a bigger loan at commercial interest rates.

The commercial interest rate is pegged to the 3-month average non-promotional interest rate for purchase of HDB flats offered by the 3 local banks. Currently, the rate is 3.38%.

After the sale of your current flat, you will have to redeem this loan with the full CPF refund and part of the cash proceeds from the sale of your existing flat. Upon redemption, the loan will be converted to a concessionary rate loan.

http://www.hdb.gov.sg/cs/infoweb/residential/selling-a-flat/options-for-your-next-flat

[Arcachon]

Eligibility Conditions for Housing Loan

http://www.hdb.gov.sg/cs/infoweb/residential/financing-a-flat-purchase/housing-loan-from-hdb/eligibility-conditions

Mortgage Servicing Ratios (MSRs) for Loans for the Purchase of New or Resale HDB Flats

http://www.mas.gov.sg/~/media/resource/news_room/press_releases/2013/Annex%20III.pdf

http://eccompare.sg/msr/

[Arcachon]

http://www.lexology.com/library/detail.aspx?g=fe5ceb8a-2cb7-4bc8-af41-5957cc44b5f1

MAS explains application of loan-to-value limit and total debt servicing ratio where residential property owned by individual borrower is compulsorily acquiredhttp://www.thepoizresidencesandcentre.com/wp-content/uploads/2015/11/HDB-PTE-Bank-Chart.jpg