Regulatory Alerts2004-12-30
Added
BD 14/2004: Cash Rebates Offered for Housing Loans
The Monetary Authority of Singapore issued Circular No. BD 14/2004 to prohibit financial institutions from offering cash rebates that effectively assist borrowers in meeting the required cash down payment for housing loans. The regulator mandates that any cash rebate disbursed within one year of the down payment being paid in full is considered non-compliant if the total financing exceeds the maximum permitted amount under relevant notices. This directive applies to all loan applications received from 6 January 2005 onwards to ensure a level playing field and adherence to prudential policies.
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