FULL STORY: MAS eases car loan curbs
The rules on motor vehicle loans will be revised as follows with effect from May 27, 2016:
|Open Market value of motor vehicle||Maximum loan-to-value (LTV)*||Maximum loan tenure|
|Less than or equal to S$20,000||70% (previously 60%)||7 years (previously 5 years)|
|More than S$20,000||60% (previously 50%)||7 years (previously 5 years)|
*LTV is the amount of the loan expressed as a percentage of the purchase price of the motor vehicle. The purchase price includes relevant taxes and price of the Certificate of Entitlement.
Full story to come.