Regulatory Alerts2013-11-29
Added
MAS Notice 826 Bridging Loans for the Purchase of Immovable Properties
The Monetary Authority of Singapore issued this notice to regulate bridging loans granted by finance companies for the purchase of immovable properties. It prohibits unsecured bridging loans for Singapore citizens or permanent residents with annual incomes below $20,000, while imposing strict security or income thresholds for higher earners. The regulations also specify that security over the property to be sold is sufficient for loans used to purchase HDB flats.
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