Sep 2, 2010 - PropertyGuru.com.sg
Bookmark & Share
People owning a property overseas will still have to comply with the new rules on property ownership if they are planning to purchase an HDB resale flat.The clarification came amidst uncertainty on who might not be exempted from the new regulations, which states that home owners planning to purchase a HDB resale flat must first sell any existing private property within six months of the purchase.
According to HDB, the new rule also applies to people owning a property abroad. This means that an overseas property must be sold within six months of purchasing an HDB resale flat.
A non- subsidised HDB flat owner who has yet to meet the minimum occupation period of (MOP) of five years will also not be allowed to purchase property both in Singapore and abroad.
Clarifications on new financing rules that affect property owners abroad have also been made. The MAS said that homebuyers with an overseas property loan will not be subjected to the new mortgage rules if purchasing an additional property in the country.
However, the MAS noted that it “expects financial institutions to take into account the borrower's outstanding loans when making their credit assessment”.
Search Property News
Keywords:
Reader Comments: (10 comments)
Do you think that the rules will change say like 6 months later? Overseas property to sell off within 6 months after you buy HDB resale
How abt non-subsidised hbd owner who's bought for 2yrs but has no more outstanding loan? Are we affected as well?
Yes to pisces, one can buy pte properties once MOP is fulfilled
What has overseas properties got to do with this ruling? Now this is absurd and completely irrelevant. Can someone please explain???
Well, I agreed. This is not practicle that people own property in foreign country cannot buy HDB in SGP. Most of the SPR, do have parents / own property in their home country.
All these policies are good in cooling down the market. In fact freezing Singaporean in their path and likely benefiting foreigners in scooping up all the overhang at lower prices, since financing does not affect them in any major way.
I think the government could have over-reacted in this instance regarding property owned overseas;who would know? I would say that this is not very practical measure if you are to do a search for every individual.
how abt a non subsidised hdb owner who has met the occupation period of five years can he still be allowed to purchase a pte property in singapore or abroad
properties abroad shud be exempted from this kind of measure,,
How about for those spore PR? Those PR have Thierry own property in Thierry country if buy resales hdb in Singapore still have to sell their home property?