There’s been much speculation on possible new measures the Government will introduce to “cool” the heated property market. Well it finally did.
A good move indeed? The jury is still out there.
Here’s a quick bit.
If you are buying a 2nd property, your new loans will be affected!
You can only take upto 70% loan from banks. Your cash payment for the valuation limits will also be increased to 10% instead of the past 5%. This is especially so if you have 1 or more outstanding housing loan at the time of the new property purchase.
The seller stamp duty measures introduced earlier this year will now be extended from 1 to 3yrs.
These measure will take immediate effect from 30th August 2010.
I guess the government is really targeting speculators and preventing buyers from over gearing.
Will these measures help in cooling the property market? Will prices fall? Are genuine buyers also indirectly affected? We have lots to talk about indeed.
So lets talk here!