MAS Amends Notices Related to Residential Property Loans
MAS published amendments to Notices 632B, 645A, 825B, 831A, 1106B, and 1115A related to the residential property loans in Singapore. Additionally, MAS published amendments to Notices 642 and 1113 related to motor vehicle loans, along with amendments to Notices 635, 827, and 1109 related to unsecured credit facilities to individuals. The amendments shall take effect on May 06, 2020. Notices 825B, 827, and 831A apply to all finance companies in Singapore; Notices 632B, 635, 642, and 645A apply to all banks in Singapore; and Notices 1106B, 1109, 1113, and 1115A apply to all merchant banks in Singapore.
Notice 632B sets out the rules for banks when granting residential property loans, including limits on loan amount, conditions for loans, and tenure of credit and refinancing facilities. Notice 825B sets out the requirements for finance companies to comply with when granting new and refinanced residential property loans, including loan-to-value (LTV) limits and loan tenure rules. Notice 1106B sets out rules for merchant banks when granting residential property loans to individuals and non-individuals. Notices 645A, 831A, and 1115A set out requirements on computing the total debt servicing ratio (TDSR) for property loans for banks, finance companies, and merchant banks, respectively. Notices 642 and 1113 set out rules for banks and merchant banks, respectively, when granting motor vehicle loans to individuals, including loan tenure and LTV limits. Notices 635, 827, and 1109 set out requirements on granting an unsecured non-card credit facility to an individual for banks, finance companies, and merchant banks, respectively.
Effective Date: May 06, 2020
Keywords: Asia Pacific, Singapore, Banking, Securities, Residential Property Loans, Merchant Banks, Debt Service Ratio, LTV, MAS
Previous Article
US Agencies Extend Submission Dates for Resolution Plans of BanksRelated Articles
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
DNB Publishes Multiple Reporting Updates for Banks
DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.
NBB Sets Out Climate Risk Expectations, Issues Reporting Updates
The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting
EBA Updates Address Securitization Standards and DGS Guidelines
The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.
FSB Publishes Letter to G20, Sets Out Work Priorities for 2023
The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023
ISSB Standards May Become Effective from January 2024
The International Organization of Securities Commissions (IOSCO) welcomed the confirmation statement by the International Sustainability Standards Board (ISSB) setting out its progress in the development of its first sustainability-related corporate disclosure standards.