With the latest round of Government measures, there might be concerns among first-time home buyers, those looking to upgrade their properties as well as property investors on how they will be impacted. Let me share my views: First-Time Home Buyers and Property Upgraders For first-time home buyers, you need not worry as these measures do not impact you directly. You will still be able to obtain loans of...
Finance
A knee-jerk reaction to the latest round of property cooling measures is expected to hit banks and developers but industry players believe that normal service will resume. For now though, banks here are likely to see a dip in new housing loan applications, while developers may postpone new launches. Commenting on the latest measures, the Real Estate Developers' Association of Singapore (REDAS) said it...
1 The Government announced today the following measures to maintain a stable and sustainable property market: a. Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current three years to four years; b. Raise the SSD rates to 16%, 12%, 8% and 4% of consideration for residential properties which are bought on or after 14 January 2011, and are sold in the first, second,...
The Government has announced more measures to maintain a stable and sustainable property market. From Friday, the holding period for imposition of Seller's Stamp Duty (SSD) will be raised to four years from the current three. The SSD rates would also be raised while the Loan-To-Value (LTV) limit would be lowered to 50 per cent on housing loans for property buyers who are not individuals. The LTV limit...
The battle among banks here - both local and foreign - to acquire mortgage customers is intensifying as expectations gain ground that the Government will announce new measures to cool the residential property market. Malaysian bank CIMB, for instance, is offering to charge private-home buyers only 0.65-per-cent more than the three-month Singapore Interbank Offered Rate (Sibor), which is currently at 0.44...
Sibor, commonly used by Singapore banks to peg their variable home loan rates, hits its lowest in 23 years Record-low interest rates could re-ignite the price war for a piece of the home loan pie, industry observers said. The benchmark Singapore interbank offered rate for three-month Singapore-denominated loans (Sibor) was at 0.44 per cent on Friday - its lowest in 23 years, according to Bloomberg...
Analysts expect Singapore's three big banks to report weaker earnings for the third quarter of this year, due to an all-time low Singapore Interbank Offered Rate or Sibor. As of last Friday, Sibor stands at 0.44 per cent or 44 basis points - it's lowest in 23 years. As interest from interbank loans is pegged to Sibor, analysts said banks may see lower net interest incomes in their latest financial...
Local interest rates plunged to all-time lows following the appreciation of the Singapore dollar against the US unit. This gave home buyers reason to cheer. The key three-month Sibor or interbank rate fell 0.7 per cent to a record low of 0.49667 per cent as more money flow is expected here in anticipation of currency gains. This is after an unexpectedly hawkish monetary policy statement from the Monetary...
It cites reduced exposure to highly leveraged clients and future price shocks RECENT rules to cool the property market could bring short-term pain but longer-term gain to banks in Singapore says Moody's Investors Service. The ratings agency said the measures will benefit Singapore banks over the medium term, by cutting exposure to highly leveraged customers and possible property price shocks. 'In the...
HOME owners wanting to move and hoping for an 80 per cent loan on a new property will now have to produce evidence that they have sold their existing home. The proof must come in the form of a signed sale and purchase agreement and a certificate showing that the buyer of their current property has already paid the stamp duty for the deal, said the Monetary Authority of Singapore (MAS) yesterday. The...