Rules for finance companies when granting residential property loans to individuals and non-individuals.
Refinancing Rules for Housing Loans
A loan tenure cap applies to refinanced housing loans. There is no regulatory limit on loan-to-value on refinanced housing loans, as long as the borrower is deemed creditworthy.
Loan Tenure Cap
The maximum duration for a refinanced housing loan is:
- HDB flats: 30 years – X
- Non-HDB properties: 35 years – X
Where X = number of years that have run since the first housing loan was first disbursed for the residential property being refinanced.
There is no regulatory LTV limit on refinanced housing loans. FIs can grant up to the full amount outstanding, as long as the borrower meets the FI's credit assessment criteria.
Borrower-Mortgagor and Guarantor-Borrower Requirements
Whether MSR or TDSR is needed
|Type of property||Is MSR/TDSR required?|
|Owner-occupied||No, but the borrower must still fulfil the FI’s credit assessment criteria.|
Yes, unless the borrower meets both these criteria: