SAME RULES APPLY FOR OVERSEAS HOMES
September 2, 2010
People owning a property overseas will still have to comply with the new rules on property ownership if they are planning to purchase an HDB resale flat.
The clarification came amidst uncertainty on who might not be exempted from the new regulations, which states that home owners planning to purchase a HDB resale flat must first sell any existing private property within six months of the purchase.
According to HDB, the new rule also applies to people owning a property abroad. This means that an overseas property must be sold within six months of purchasing an HDB resale flat.
A non- subsidised HDB flat owner who has yet to meet the minimum occupation period of (MOP) of five years will also not be allowed to purchase property both in Singapore and abroad.
Clarifications on new financing rules that affect property owners abroad have also been made. The MAS said that homebuyers with an overseas property loan will not be subjected to the new mortgage rules if purchasing an additional property in the country.
Info courtesy – Propertyguru
