Latest changes to mortgage rules may deter older investors
The latest changes to mortgage rules could deter many house-hunters from buying a new property - or at least give them serious pause, analysts and property market watchers said on Friday.
Chief among this group will be older investors looking to buy a second or third investment property, they noted. And HDB upgraders who want to get on the private property ladder will also not be spared.
From Saturday, the Monetary Authority of Singapore (MAS) will cap all new housing loans at a maximum allowable tenure of 35 years.
Tighter rules will also apply to borrowers taking loans longer than 30 years, or have their loan periods extend beyond the retirement age of 65.