January
Lowered LTV limits and raised minimum cash down payment for housing
- LTV limits for new housing loans to borrowers who are individuals with one outstanding housing loan and applying for another housing loan were lowered to
(i) 50 percent if the loan tenure does not exceed 30 years and the loan period does not extend beyond the borrower’s age of 65 years and;
(ii) 30 percent if the loan tenure exceeds 30 years or the loan period extends beyond the borrower’s age of 65 years.
- LTV limits for new housing loans to borrowers who are individuals with two or more outstanding housing loans and applying for another housing loan were lowered to
(i) 40 percent if the loan tenure does not exceed 30 years and the loan period does not extend beyond the borrower’s age of 65 years; and
(ii) 20 percent if the loan tenure exceeds 30 years or the loan period extends beyond the borrower’s age of 65 years.
- The LTV limit for housing loans to non-individuals was lowered to 20 percent, regardless of whether the borrower has any outstanding housing loan.
- Raised the minimum cash down payment for individuals applying for a second or subsequent housing loan from 10 to 25 percent.
Introduction of Mortgage Servicing Ratio (MSR) for public housing loans granted by FIs
The MSR was capped at 30 percent of a borrower’s gross monthly income.
Raised ABSD rates
ABSD rates were raised between five and seven percentage points across the board. Imposed ABSD on SPRs purchasing their first residential property and on Singapore citizens purchasing their second residential property.
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June
Introduction of Total Debt Servicing Ratio (TDSR) framework
The TDSR framework comprised the standardisation of the methodology for assessing the debt servicing ability of borrowers applying for residential property loans. FIs are required to compute the percentage of total monthly debt obligations to gross monthly income, on a consistent basis and based on a headline threshold of 60 percent.
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August
Revised Mortgage Loan Terms for public housing
The maximum tenure of new housing loans and re-financing facilities granted by FIs for the purchase of HDB flats was reduced from 35 years to 30 years. New loans with tenures exceeding 25 years and up to 30 years will be subject to tighter LTV limits.
Lowered LTV limits for public housing
- LTV limits for new housing loans granted for the purchase of public housing to borrowers who are individuals with no outstanding housing loan were lowered to 60 percent if the loan tenure exceeds 25 years or the loan period extends beyond the borrower’s age of 65 years.
- LTV limits for new housing loans granted for the purchase of public housing to borrowers who are individuals with one outstanding housing loan and applying for another housing loan were lowered to
(i) 50 percent if the loan tenure does not exceed 25 years and the loan period does not extend beyond the borrower’s age of 65 years; and
(ii) 30 percent if the loan tenure exceeds 25 years or the loan period extends beyond the borrower’s age of 65 years.
- LTV limits for new housing loans granted for the purchase of public housing to borrowers who are individuals with two or more outstanding housing loans and applying for another housing loan were lowered to
(i) 40 percent if the loan tenure does not exceed 25 years and the loan period does not extend beyond the borrower’s age of 65 years; and
(ii) 20 percent if the loan tenure exceeds 25 years or the loan period extends beyond the borrower’s age of 65 years
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December
Introduced MSR for Executive Condominiums (ECs)
The MSR for housing loans granted by financial institutions for EC units bought directly from property developers is capped at 30 percent of a borrower’s gross monthly income.
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