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4 price drops in a row.
Another proof that the government's cooling measures are getting effective has come. Resale flat prices drop to its lowest point in 2 years and has been dropping for 4 consecutive quarters in a row.
A PropNex analysis said that the HDB resale market continued to cool in Q2 2014; this is also the fourth consecutive quarter of price drops.
On Feb 10, 2014, the Monetary Authority of Singapore (MAS) announced some exemptions that would please owners having difficulties refinancing older properties due to the TDSR measures. In their press release entitled, "MAS Broadens Exemption from TDSR Threshold for Refinancing of Owner-Occupied Residential Properties Purchased before the Implementation of TDSR Rules", it was announced that some exemptions will be allowed for owner occupied and investment properties.
The Monetary Authority of Singapore (MAS) has widened the existing exemptions from the Total Debt Servicing Ratio (TDSR) to cover the refinancing of loans for owner-occupied properties that were bought before the measure was introduced last year.
In a statement, the MAS said it had received feedback from borrowers who have faced challenges refinancing such loans.
Under the revised rules, a borrower who bought a residential property before the TDSR rules were introduced will be exempted from the TDSR threshold as long as the buyer occupies the home that is being refinanced.
