Foreign homes, same rules
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Sep 2, 2010 - Straits Times
Foreign homes, same rules
by Esther Teo
PEOPLE who own a home overseas will still have to comply with the tough new rules on property ownership if they want to buy a HDB resale flat.
The clarification on Wednesday came amid uncertainty over who might or might not be exempt from the rules announced on Monday. The new regulations state that if you buy a HDB resale flat you must dispose of any additional private property within six months of the HDB purchase.
That rule also applies to people who own homes offshore, according to the HDB on Wednesday. This means an overseas property must be sold within six months of buying a HDB resale flat. And an owner of a non-subsidised HDB flat who has yet to meet his minimum occupation period of (MOP) of five years will also not be allowed to buy a private property locally or abroad.
How new financing rules affect owners of homes offshore was also made clearer on Wednesday. Under the revised regulations, a buyer with a mortgage on a local property must stump up a downpayment of 30 per cent when buying an additional property. This is up from 20 per cent previously.
And at least 10 per cent of this deposit must be in cash - up from 5 per cent before - with the rest coming from his Central Provident Fund (CPF) accounts.
But the Monetary Authority of Singapore (MAS) said that a buyer with a home loan for an overseas property will not be subject to these financing rules if buying an additional property here. However, the MAS said it 'expect(s) financial institutions to take into account the borrower's outstanding loans when making their credit assessment'.
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regulating will be tough.
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Another stupidity stupidity policies....!
So now a policies that want Singaporean who owned PR else where to drop Singapore citizenship so that they can make room for newly arrival!!!!
What about PR who owned property in their home country and come here take up HDB.....
The point being You want Singaporean to be Singaporean even those held PR in another State. You do not want them to drop Singapore citizenship.
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They are pissing Singaporeans to the core, I wonder what is their ulterior motive?
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Zzz... =X
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Originally posted by Clivebenss:
They are pissing Singaporeans to the core, I wonder what is their ulterior motive?
The more they pissed Singaporeans, more votes will swing to the opposition. -
Originally posted by tranquilice:
The more they pissed Singaporeans, more votes will swing to the opposition.Never mind about that, they have a strong swing vote of new migrant voters whom they helped assimilate into Singapore....
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Even if the majority were to vote opposition, the ruling party will still win? Don't believe? Try it.
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Originally posted by ditzy:
Even if the majority were to vote opposition, the ruling party will still win? Don't believe? Try it.
Due to unfair election laws and GRCs. Even SMC they can anyhow draw.They can anyhow draw the areas.
Wait all areas 51 vs 49 percent like ENOUS GRC that time in 1988.
Lets say opp won more than half of parliement.
They call in army to destroy the freak election results and elected opp MPs.
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Originally posted by Junyang700:
Never mind about that, they have a strong swing vote of new migrant voters whom they helped assimilate into Singapore....
Some of these migrant voters may be pissed off by PAP as well. Who knows? -
Originally posted by ditzy:
Even if the majority were to vote opposition, the ruling party will still win? Don't believe? Try it.
Yes, they will still win. But this time they will not get the 66% or higher. -
Originally posted by Mountain Dew:
Due to unfair election laws and GRCs. Even SMC they can anyhow draw.They can anyhow draw the areas.
Wait all areas 51 vs 49 percent like ENOUS GRC that time in 1988.
Lets say opp won more than half of parliement.
Lee kuan yew call in army to destroy the freak election results and elected opp MPs.
What it takes is a significant amount of swing votes..
I am not sure about this.... Maybe a sudden swing.... -
Anyway, how is HDB going to verify if you indeed have property offshore? You could always declare "No". Unless they come and search your property for incriminating evidence?
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Originally posted by tranquilice:
Some of these migrant voters may be pissed off by PAP as well. Who knows?Those who are pissed off would have already renounce citizenship and return back to home country....
But what is interesting is whether new migrants from India and China will go to the polling stations? In India, a lot of people do not go to the polling station on polling station for fear of being bombed or killed.. In China, there has never been elections. -
Originally posted by Mountain Dew:
Due to unfair election laws and GRCs. Even SMC they can anyhow draw.They can anyhow draw the areas.
Wait all areas 51 vs 49 percent like ENOUS GRC that time in 1988.
Lets say opp won more than half of parliement.
They call in army to destroy the freak election results and elected opp MPs.
Whose army? LKY's army or our people's army? -
Originally posted by Junyang700:
Those who are pissed off would have already renounce citizenship and return back to home country....
But what is interesting is whether new migrants from India and China will go to the polling stations? In India, a lot of people do not go to the polling station on polling station for fear of being bombed or killed.. In China, there has never been elections.
They are not returning to their home country. They are using Singapore as a stepping board to a better destination. -
Originally posted by tranquilice:
They are not returning to their home country. They are using Singapore as a stepping board to a better destination.If they are here for a short period of time, they wun go to the polling station... You wun get jailed anyway... Just that you forfeit your chance to vote at the next elections, in which you can pay $50 i think to get the opportunity to vote again...
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Originally posted by Junyang700:
If they are here for a short period of time, they wun go to the polling station... You wun get jailed anyway... Just that you forfeit your chance to vote at the next elections, in which you can pay $50 i think to get the opportunity to vote again...
They are waiting to vote at elections not here but at their final dream destination country. -
Originally posted by tranquilice:
They are waiting to vote at elections not here but at their final dream destination country.Yah lor...
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you're trying to regulate another country? don't make me laugh. You have already make fool of yourself to warrant another one.
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fools will be fools.
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Ridiculous, absurd! Tyranny is so real in this small island.
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Originally posted by Clivebenss:
They are pissing Singaporeans to the core, I wonder what is their ulterior motive?
Pissing Singaporeans off is a lifetime project as long as they rule. Probably saddism is the key for doing so or they are full of anger with locals and aiming to drive all of us out of Singapore. -
Sep 4, 2010 - ST Forum
Rule applies to local and overseas properties
WE THANK Mr James Koh for his letter on Wednesday ('Unfair'). Mr Koh commented that it is unfair for permanent residents to be able to own private properties overseas during the minimum occupation period for HDB flats while Singaporeans cannot own local private properties during the minimum period. The measure to disallow the concurrent ownership of private properties and non-subsidised HDB flats during the minimum occupation period introduced on Monday applies to local and overseas private properties.
Lily Wong Jee Choo (Mrs)
Deputy Director (policy and property)
Housing & Development Board -
Originally posted by Clivebenss:
Sep 4, 2010 - ST Forum
Rule applies to local and overseas properties
WE THANK Mr James Koh for his letter on Wednesday ('Unfair'). Mr Koh commented that it is unfair for permanent residents to be able to own private properties overseas during the minimum occupation period for HDB flats while Singaporeans cannot own local private properties during the minimum period. The measure to disallow the concurrent ownership of private properties and non-subsidised HDB flats during the minimum occupation period introduced on Monday applies to local and overseas private properties.
Lily Wong Jee Choo (Mrs)
Deputy Director (policy and property)
Housing & Development BoardProblem is foreigners dun declare what they have back at home, while we locals have all the data with them.