The following announcement is extracted from website of Ministry of National Development http://www.mnd.gov.sg/
- Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
- For property buyers who already have one or more outstanding housing loans1 at the time of the new housing purchase:
- Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
- Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.
if you own a private property, now you cannot buy a HDB Resale flat. If you do, you must sell your private property within 6 months. Those who own HDB flats (whether New or Resale), after 5 years Occupation period, can buy private property, within 5 years cannot buy private property.
In my opinion, this measure announced is likely to dampen demand for HDB Resale flats and possibly cool down rising HDB Resale Flats' prices.
Welcome to the 136th Issue of Weekly e-newsletter by www.HousingLoanSG.com. This week I like to share with you "U.S. Economy is Weakeng...what might happen?”.
With U.S economy weaknening, I think U.S. Fed's Bernanke would be forced to print money again....and when that happens, some of the money will flow into stock markets. Thus, after the lacklustre performance for the last 1 month (Aug), IF and WHEN Bernanke starts printing money, the stock market might enjoy another period of Upward Movements....
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