Results 1 to 4 of 4

Thread: 1 in 3 home buyers still not familiar with TDSR: UOB survey

  1. #1
    Join Date
    May 2012
    Posts
    2,429

    Default 1 in 3 home buyers still not familiar with TDSR: UOB survey

    http://www.businesstimes.com.sg/prem...urvey-20140510
    ONE in three home buyers are unaware of or do not understand the new total debt servicing ratio (TDSR) framework, a recent survey has revealed.
    The survey by UOB found that home buyers' top two uncertainties over the new TDSR framework are how the existing cooling measures affect their loan application and how the framework applies to their personal situations.
    The TDSR was introduced last June by the Monetary Authority of Singapore (MAS) to ensure that all debt obligations of borrowers do not exceed 60 per cent of their gross monthly income, in a bid to encourage prudent borrowing by households and to strengthen credit underwriting standards by financial institutions.
    "Ten months on, our survey shows there is still a significant group of potential home buyers who are not familiar with the rules," said Chia Siew Cheng, head of secured loans at UOB Group.
    "Most of the time, home buyers bring inadequate or incorrect documents to support their application or are not aware that loans are granted based on an assessment of their total outstanding debt including credit cards," she said.
    Some 210 people were surveyed by UOB between March 20 and 27. They include Singaporeans and permanent residents aged 21 to 65 years who have bought a property in the past nine months or are looking to purchase a property within the next two years.
    About 30 per cent were looking to buy a private condo.
    There also seems to be a gap between what borrowers think they know and what they truly know.
    While some 64 per cent of the respondents claimed that they are aware of how debt is calculated in the new framework, UOB observed that potential borrowers often do not bring along all the relevant documents such as their credit card statements, vehicle loans and guarantor notes.
    To deal with the situation, UOB said that it came up with a home loan application checklist for its customers.
    To simplify the home loan application process, UOB is also working with several industry bodies to access more comprehensive credit bureau information.
    The survey also showed that first-time home buyers tend to do their own research online while experienced home buyers prefer to engage a mortgage specialist to find out more about the application process and suitable loan options.

  2. #2
    Join Date
    Mar 2014
    Posts
    97

    Default

    Not surprising.

    Based on our experience, you need to go through the TDSR process yourself to fully understand it! (painful experience....)

  3. #3
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,531

    Default

    ONE in three home buyers just wake up, Bank create money and their money in the Bank is depreciating faster than they can save.

  4. #4
    Join Date
    Apr 2012
    Posts
    335

    Default

    Then they realize 1 of safest investment in SG they can't invest anymore because of all those artificial CMs which has nothing to do with real investment risks!

    Quote Originally Posted by Arcachon View Post
    ONE in three home buyers just wake up, Bank create money and their money in the Bank is depreciating faster than they can save.

Similar Threads

  1. Replies: 0
    -: 23-08-21, 16:52
  2. Home buyers, clueless about TDSR? Read on
    By reporter2 in forum Finance and Legal
    Replies: 0
    -: 30-05-14, 18:21
  3. 1 in 3 home buyers 'unaware of how TDSR rules work'
    By reporter2 in forum Finance and Legal
    Replies: 1
    -: 15-05-14, 18:54
  4. TDSR hit Singapore buyers harder than foreigners
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 7
    -: 29-10-13, 12:26
  5. need help with a survey for condominium buyers!
    By pjays1212 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 06-01-07, 10:46

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •