SINGAPORE - With immediate effect, the Housing and Development Board (HDB) has shortened its maximum loan tenure to 25 years and the mortgage servicing ratio (MSR) limit has also been cut to 30 per cent of the borrower's gross monthly salary.
Previously, the maximum HDB loan tenure was at 30 years and the MSR limit was at 35 per cent of the borrower's gross monthly salary.
From August 28, financial institutions will in tandem reduce the maximum tenure of new housing loans and re-financing facilities from 35 years to 30 years.
With immediate effect as well, Permanent Residents (PR) who want to buy resale flats will have to wait three years after receiving their PR status. Prior to this change, they could buy a flat as soon as they received PR status.
Announcing these changes on Tuesday, the HDB also provided more details of the extension of the Special CPF Housing Grant (SHG) and the new Step-Up CPF Housing Grant, which Prime Minister Lee Hsien Loong first announced during the National Day Rally.
The income ceiling for SHG will be raised significantly, from S$2,250 a month to S$6,500 a month for families and S$3,250 for singles. Mr Lee previously announced that the SHG would be extended to middle-income households and could be used for buying new four-room flats.
Under the new Step-Up Housing Grant, families who want to upgrade from a two-room to a three-room flat can get a housing grant of S$15,000.
The changes to the housing grants will apply from the July 2013 Built-To-Order (BTO) exercise.
From next month, parents who want to live near their children will also be offered more alternatives.
Parents will be allowed to apply for three-room flats, under the multi-generation priority scheme (MGPS). Currently, the scheme allows parents to jointly apply, with their married child, for either a studio apartment or two-room flat, together with another flat in the same project. This will come into effect in next month's BTO exercise.
To further cater to multi-generation families who wish to live under the same roof, the HDB will pilot a new type of flat.
The new Three-Generation flats - 80 of which will be available for sale in Yishun in the BTO exercise next month - will have four bedrooms and three bathrooms, with an internal floor area of about 115 square metres. Subletting of rooms in these new flats will not be allowed for the Minimum Occupation Period to ensure it serves its purpose.
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