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?
Originally Posted by wind30
Govt not stupid
older one of course
Depend on banks implementation
Thanks everyone for the support! Find A Home Loan is Standard Chartered #1 broker in 2013.
it is based on the younger age.
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......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.Originally Posted by radha08
Cos this one MAS did not specify.
So it is up to the bank, i suppose.
If both are working, then take younger.... If only one is working, then take his/her age regardless of older or younger.Originally Posted by radha08
Never underestimate the stupidity of the governmentOriginally Posted by Laguna
Originally Posted by wind30
Means they stupid or not stupid?
Then what about father and son both working but father income is 3x. Loan is proved based on father income?Originally Posted by Sleepyhead
Should be, i think.Originally Posted by wind30
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.
Wow, Laguna.Originally Posted by Laguna
Were you a conveyancing lawyer or someone in MAS ?
no lah! I am just a simple retiree....Originally Posted by buttercarp
not lawyer non knowing anyone in MAS....
arghh i should have married my ex-girlfriend many years ago......she was 7 years younger than me......
well, muslim can have 4 legal wivesOriginally Posted by radha08
LOL..... I hope she is still 7 years younger.Originally Posted by radha08
If she was, then if you had married her, also no use!
Why would mas be so vague on such an impt point. Makes you wonder if they actually thought over the measure properlyOriginally Posted by Laguna
In fact, MAS notice 632 is a very long notice covers many aspects. Joint borrowers were covered, but it was interprated differently.Originally Posted by wind30
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
I know people from all the impt govt agencies dealing with money and tax.Originally Posted by Laguna
Gd one.......Originally Posted by buttercarp
Bro rad is indian, but definitely not muslim.Originally Posted by Laguna
He has pet dog. And a very cute and active one at that.
My company is based on the younger borrower of joint tenancy.
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
Staff loan is no longer is exempted.Originally Posted by yowetan
So next, this issue will be clear as well.
All thanks to the whistle-blower.Originally Posted by Laguna
PSLE question usually got one question on age.Originally Posted by carbuncle
I find it somewhat tricky when it comes to ages in math sums.
Who fed the whistle- blower???Originally Posted by yowetan
ya, u shall be very thankful to the whistle-blower preventing you from over stretching......Originally Posted by yowetan
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.