Monday, October 8, 2012

Home buyers unfazed by new restrictions on home loans

Despite new restrictions on the length of home loans that took effect on Saturday, house hunters did not stay away from condominium showflats islandwide.

At new launches like Riversails along the Punggol waterfront and Cityscape at Farrer Park, showrooms were packed and agents said that business was brisk.

At a 748-unit development in Bedok South called eCO, for example, at least 20 units were sold on Saturday. The Monetary Authority of Singapore (MAS) said on Friday that it was capping the length of a home loan at 35 years.

It also lowered the loan limits for those who take loans past 30 years, or which extend beyond the retirement age of 65. Such buyers can take a loan of only 60 per cent of the property's value, down from 80 per cent, starting on Saturday.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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