Government Updates


HDB Q3 performance update!

  As per the housing board revealed,Prices of Resale Flats fell by 1.6 percent in Q3 2014 to 192.5 points, the lowest level in two years, revealed flash estimates from the housing board. This is the fifth consecutive quarter of decline. For the first three quarters of 2014, HDB resale […]


Changes to HDB valuation

Changes to HDB Valuation Ruling (Source from ST Property) Buyers and Sellers of HDB flats will now undergo a different process when settling on a price, after announcements made by Minister Khaw Boon Wan on 10 March 2014. This will eventually improve the long-term stability of the Resale Market.

HDB Flat

Refinancing-homeloan

MAS Broadens Exemption from TDSR (Total Debt Servicing Ratio) Threshold.

Refinancing of Owner-Occupied Residential Properties Purchased before the Implementation of TDSR Rules:-

On 20 Feb 2014,MAS has decided to broaden the existing exemption from the TDSR threshold of 60 per cent for such loans to ease the debt servicing burden of these borrowers.

 

Refinancing of owner-occupied property loans

2   Under the revised rules, a borrower who bought a residential property before the TDSR rules were introduced – i.e. the Option to Purchase (OTP) of the residential property was granted before 29 June 2013 – will be exempted from the TDSR threshold as long as he occupies the residential property that is being refinanced.1 This is a concession compared to the current rules, which also require that he does not own any other property, or have any other outstanding property loan.

3   The Mortgage Servicing Ratio (MSR) will also not apply to the refinancing of loans for HDB flats and Executive Condominiums (ECs) that are owner-occupied and were purchased before their respective MSR implementation dates.2

4   A similar concession will apply with regard to loan tenures, for residential properties purchased before the respective implementation dates for the loan tenure limits.3 In such cases, borrowers whose loan tenures for their owner-occupied residential properties exceed the current regulatory limits4 will be allowed to maintain the remaining tenures of their loans at the point of refinancing

Refinancing-homeloan

Refinancing Homeloan Option

 

5   The TDSR threshold of 60 per cent will continue to apply to the refinancing of all investment property loans. This is to encourage borrowers to right-size their loans and thereby reduce their vulnerability to adverse economic conditions or changes in interest rates.

For more details Click here !

 

 

 

 

 

PROPERTY TAX

Progressive Tax Rates from 1 Jan 2014

Residential Properties (Exclude residential land)

Annual Value ($)
Tax Rates (%)
Tax Payable ($)
First $ 30,000
10
3000
Next $ 15,000
11
1650
First $ 45,000
4650
Next $ 15,000
13
1950
First $ 60,000
 –
6600
Next $ 15,000
15
2250
First $ 75,000
8850
Next $ 15,000
17
2550
First $ 90,000
11400
Amount exceeding $ 90,000
19

 

 

 

Owner-Occupied Homes

Annual Value ($)
Tax Rates (%)
Tax Payable ($)
First $ 8,000
0
0
Next $ 47,000
4
1880
First $ 55,000
1880
Next $ 5,000
5
250
First $ 60,000
2130
Next $10,000
6
600
First $ 70,000
2730
Next $ 15,000
7
1050
First $ 85,000
3780
Next $ 15,000
9
1350
First $ 100,000
5130
Next $ 15,000
11
1650
First $ 115,000
6780
Next $ 15,000
13
1950
First $ 130,000
8730
Amount exceeding $ 130,000
15

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