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Thread: MAS new cooling measure

  1. #1
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    Default MAS new cooling measure

    guys,

    is the new cooling measure based on the oldest age or youngest age for joint loans?

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    Quote Originally Posted by wind30
    guys,

    is the new cooling measure based on the oldest age or youngest age for joint loans?

    Govt not stupid
    older one of course

  3. #3
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    Depend on banks implementation

  4. #4
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    it is based on the younger age.

  5. #5
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    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.

  6. #6
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    so is it older or younger......so if a 50 year old man with 20 year old wife both working...obviously wife working UNDER him...

    then can take max loan

  7. #7
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    Default Got a fright when I saw the title!

    Quote Originally Posted by radha08
    so is it older or younger......so if a 50 year old man with 20 year old wife both working...obviously wife working UNDER him...

    then can take max loan
    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.

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    Quote Originally Posted by radha08
    so is it older or younger......so if a 50 year old man with 20 year old wife both working...obviously wife working UNDER him...

    then can take max loan
    If both are working, then take younger.... If only one is working, then take his/her age regardless of older or younger.

  9. #9
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    Quote Originally Posted by Laguna
    Govt not stupid
    older one of course
    Never underestimate the stupidity of the government

  10. #10
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    Quote Originally Posted by wind30
    Never underestimate the stupidity of the government


    Means they stupid or not stupid?

  11. #11
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    Quote Originally Posted by Sleepyhead
    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?

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    Quote Originally Posted by wind30
    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.

  13. #13
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    The MAS Notice 632 is not clear on this issue.

    Not to worry, this should be cleared soon.

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    Quote Originally Posted by Laguna
    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 ?

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    Quote Originally Posted by buttercarp
    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....

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    arghh i should have married my ex-girlfriend many years ago......she was 7 years younger than me......

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    Quote Originally Posted by radha08
    arghh i should have married my ex-girlfriend many years ago......she was 7 years younger than me......
    well, muslim can have 4 legal wives

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    Quote Originally Posted by radha08
    arghh i should have married my ex-girlfriend many years ago......she was 7 years younger than me......
    LOL..... I hope she is still 7 years younger.
    If she was, then if you had married her, also no use!

  19. #19
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    Quote Originally Posted by Laguna
    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

  20. #20
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    Quote Originally Posted by wind30
    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





  21. #21
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    Quote Originally Posted by Laguna
    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.

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    Quote Originally Posted by buttercarp
    LOL..... I hope she is still 7 years younger.
    If she was, then if you had married her, also no use!
    Gd one.......

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    Quote Originally Posted by Laguna
    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.

  24. #24
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    My company is based on the younger borrower of joint tenancy.

  25. #25
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    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

  26. #26
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    Quote Originally Posted by yowetan
    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.

  27. #27
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    Quote Originally Posted by Laguna
    Staff loan is no longer is exempted.
    So next, this issue will be clear as well.
    All thanks to the whistle-blower.

  28. #28
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    Quote Originally Posted by carbuncle
    Gd one.......
    PSLE question usually got one question on age.
    I find it somewhat tricky when it comes to ages in math sums.

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    Quote Originally Posted by yowetan
    All thanks to the whistle-blower.
    Who fed the whistle- blower???

  30. #30
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    Quote Originally Posted by yowetan
    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.

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