Regulatory Alerts2013-09-03
Added
MAS Circular on Residential Property Loans for Individuals with Properties Gazetted for Acquisition
The Monetary Authority of Singapore issued this circular to clarify the application of Residential Property Loans and Total Debt Servicing Ratio notices to individuals whose residential property has been gazetted for government acquisition. It permits financial institutions to grant up to 80% Loan-to-Value limits and provides specific exemptions from TDSR thresholds for borrowers purchasing replacement properties, subject to the submission of a Notice of Land Acquisition and a written declaration. These relaxed lending criteria apply only to individual property owners, while non-individuals or those with non-residential acquired properties remain fully subject to standard regulatory requirements.
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