You must be Leo Cheng, a clone nick of his.Originally Posted by 狮子王
Property Watcher
You must be Leo Cheng, a clone nick of his.
Senior
I think e govt has mis interpreted e strong sales as bubble. It is more a reflection of trust in govt to deliver e JLD masterplan, pent up upgraders dream n failure of public transport. This rule will favour e rich buyers n increase e gap between rich n middle class.
Junior
Personally I like this CM. Too many borderline "investors" already. It's quite dangerous. This only affects the marginal investors, who barely can afford a second investment pty and dream of being a landlord. This is the root cause of all these MMs. Traditionally, pty investment has always been the business of the well off. Now, anyone is dreaming of becoming a landlord with his 200k saving. And unscrupulous developers build units with bite size quantum to suit this. Such situation is not healthy. And such marginal investors are treading a vey dangerous path without knowing it. (rental "yield" is never a sure thing , it's not even a "yield" by definitin. ) Thanks to PAP, gov is now babysitting everything.
Property Watcher
For all information...with this new ruling...
No more asset based landing.
In the past, if you are rich and no income, you still can get bank loan to ltv 60% guranteed.
Now, you need income in order to get the loan.
Hence you are unable to levage. Super rich with no income can buy, but pay in full cash.
Newbie
Is EC affected? Especially in the case of joint borrowers.
Planning to buy an EC
Property Watcher
Yes...100%
It's for any type of residential property purchase.
Junior
The rich has many ways of getting a loan. It doesn't have to be a mortgage.
Newbie
Again, u missed the target.
The super rich have been using asset leverage for donkey years. This time they will just bypass the landed here.
U are right, some call me Leo, others call me Blackjack21
Junior
Agree. It will be more effective for MND to lay down minimum unit sizes and kill off these shoeboxes once and for all.
Property Watcher
Definitely, but in this context...I am referring to residential property loan with regards to this new ruling.
Newbie
All official media sources say this is not a CM, merely framework development
Property Watcher
Haha...bingo....I know you are super handsome too.
Newbie
MAI HAI LANG LA !!!!Agree. It will be more effective for MND to lay down minimum unit sizes and kill off these shoeboxes once and for all.
Property Watcher
I never say is new CM, I only say is new ruling.
Please go channelnewsasia website.
It states, "MAS set new rules"
Senior
I agreeAgree. It will be more effective for MND to lay down minimum unit sizes and kill off these shoeboxes once and for all.
Newbie
I never say is new CM, I only say is new ruling.
I never say you say CM..... I just point out all official media says its not CM.
Newbie
NI GONG SIMI ? ( what talking you ? )
This is the arrow shooting right into the heart of the apple.
I have a gut feeling something else is coming, but I am just not smart enough to know what and how they are going to do it.
hence, my appeals to developers here not to be so haolian.
now see what happen liao lor... That is why I said go for CCR also.
But many laugh at me lor
Newbie
What does this mean?
Q8 The computation of the TDSR should aggregate the monthly
repayments of total debt obligations. Are there any exceptions to this rule?
A8 In the case of a borrower applying for a loan for the purchase of a HDB
flat or an Executive Condominium (EC) purchased directly from a property
developer, an FI may exclude the monthly repayment in respect of the
borrower’s outstanding loan for an existing residential property, in computing
the TDSR for the HDB flat or EC. This exemption takes into account HDB’s
current rules on ownership, which require buyers of HDB flats or ECs
purchased directly from a property developer to sell their existing properties
within six months of TOP/CSC of the EC or taking possession of the HDB flat. In
such cases, the existing residential property and loan for the property, would
be sold off and discharged within six months.
This exemption will only apply where the borrower has, at the time of applying
for such a loan –
(i) only one existing residential property that he owns, either by
himself or jointly, and which he will be taking steps to sell;
(ii) an outstanding loan for the purchase of the existing residential
property or the re-financing of such a loan;
(iii) no outstanding loan (either in his own name or jointly with
another borrower) for the purchase of property or the re-financing
of such a loan, apart from the loan in (ii);
(iv) no outstanding loan (either in his own name or jointly with
another borrower) otherwise secured on any property, including the property referred to in (i), or the re-financing of such a loan;
and
(v) no property other than the property referred to in (i) that he
owns, either by himself or jointly.
An FI should obtain documentary evidence to verify (i) to (v). 2
This exemption will also apply to the computation for the MSR of 30%, of
borrowers applying for a loan for the purchase of a HDB flat.
Newbie
U praise me like that I have to say ur eyes stuck with stamps lor.Haha...bingo....I know you are super handsome too.
Woahahahhehhehhehehheh
Newbie
NI GONG SIMI ? ( what talking you ? )
This is the arrow shooting right into the heart of the apple.
I have a gut feeling something else is coming, but I am just not smart enough to know what and how they are going to do it.
hence, my appeals to developers here not to be so haolian.
now see what happen liao lor... That is why I said go for CCR also.
But many laugh at me lor
Brother I never say this...official media CNA say one...I also like you worried for the future....
Property Watcher
Haha....by getting banks to do credit tightening on individuals, this is definitely part of the Cooling measures to cool the property market
The above is a 100% correct statement.
Property Watcher
That is not what I said, that is what blackjack always love to say.
I am just quoting his words.
Newbie
I agree brother
Newbie
Just bear with it lor... What can we do tiobo? Next time just ask the developers u meet not to be so haolian and earn money quiet quiet earn can already
Property Watcher
Haha...Leo Cheng is a super rich man living next to Singapore river.
He is definitely not worry about his future.
Newbie
Cannot believe u can quote a siaolang like blackjack. I am the saner part in him lor. LOL anyway, I agree with you la... Just teasing u only lorThat is not what I said, that is what blackjack always love to say.
I am just quoting his words.
Woahahahhhhhehhehehehhe
Newbie
Just bear with it lor... What can we do tiobo? Next time just ask the developers u meet not to be so haolian and earn money quiet quiet earn can already
Pppl also to be blamed...if developer set price, they all think wah must be a bargain even if they pay $1600 for Jurong.....two hands to clap
Newbie
You are right. This is called CREDIT TIGHTENING. Now u are shooting correctly.
Newbie
Of course I never worry, anything I can just jump into the river lor
Property Watcher
Importantly, we also need to look at the govt land sales. What is the bidding price.Pppl also to be blamed...if developer set price, they all think wah must be a bargain even if they pay $1600 for Jurong.....two hands to clap
If developer bid price is at 700psf in Punggol , what will the break even cost?
1300psf? Then how much do you think developer will sell to make profit?
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