Regulatory Alerts2013-11-29
Added
MAS Notice 116 Bridging Loans for the Purchase of Immovable Properties
The Monetary Authority of Singapore issued this notice to regulate bridging loans granted by direct insurers for the purchase of immovable properties. It prohibits granting unsecured bridging loans to Singapore citizens or permanent residents with annual incomes below $20,000, while imposing stricter credit limit and risk management requirements for those earning $20,000 or more. The notice also specifies that security taken over a property to be sold is sufficient for loans used to purchase HDB flats, provided the loan amount does not exceed the net value of that property.
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