Regulatory Alerts2013-11-29
Added
MAS Notice 633 Bridging Loans for the Purchase of Immovable Properties
The Monetary Authority of Singapore issued this notice to regulate bridging loans for immovable property purchases, replacing the previous version effective 1 December 2013. It prohibits banks from granting unsecured bridging loans to Singaporean citizens or permanent residents with annual incomes below $20,000, while imposing stricter security or income thresholds for higher earners. The regulation also specifies that security taken over a property to be sold is sufficient for HDB flat purchases, provided the loan amount does not exceed the net value of that property.
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