Car Loan Curbs: MAS announces exemptions for disabled car-buyers
More details have been released on how the physically disabled will be exempted from new curbs on car loan financing.
To qualify for the exemption - which applies for only one car per disabled person - the vehicle must be registered in the name of the borrower. This can be either be the disabled person or the caregiver.
Financial institutions can apply to the Monetary Authority of Singapore (MAS) for the exemptions to be granted to an eligible borrower. This person must provide documents including a written declaration saying that he has not already been granted exemption for an existing vehicle.
Applicants will be considered physically disabled if they meet one of the following criteria: