Originally Posted by Ringo33
Time to buy ccr now...
Newbie
Time to buy ccr now...
Newbie
One drastic anouncement after another, we are going to see a real cooling of the property market in no time.
Thanks to J Gateway yah.
Junior
A punishment for not building mm in sh ....
Newbie
Madhouse today... Really a madhouse, no room to breathe at all.
Congrats to all buyers though
Ride or Die
Junior
Suddenly all the hype n euphoria of j gateway is gone!
Many buyers who bought start panicking now!
Newbie
Sian~~~. Worst case I will lose 3 months of salary. What to do?
Junior
I feel for you.
But those who bought Hill View Peak will have plentiful of worries now. The developer may belly up.
Junior
Why? shouldn't u have settled the paperwork by today?
Newbie
He's meaning = forfeit 1.25% deposit.
Ride or Die
Newbie
He's meaning = forfeit 5% deposit.
No, 25% of the 5%
Newbie
Hehe, I realised that before your post. See above.
Ride or Die
Junior
Why forfeit? the cooling measure only effective tomorrow. The OTP should already be signed just now.He's meaning = forfeit 1.25% deposit.
Senior
why shud u worry ?
you already bought right ?
Newbie
You sign OTP today, can still choose not to exercise ma.
Ride or Die
Junior
Signed OTP is equivalent consent to purchase.
So, those who sign today before 0000hr will be spared from this CM?
Even if they successfully circumvent this situation, who will/can buy from them in future?
Newbie
It is OTP or Offer letter that counts?? I looks through MAS website cannot find...
Newbie
How is this 60% cap of monthly installment a big measure? I think you'd be nuts to commit 60% of your income.
Ride or Die
Newbie
No, OTP signed today has no effect. Unless the buyer has secured bank loan by today. New rules for home loan takes effect from tomorrow.
And the fact that announcement for new rules was made at about 7PM today, means there is no time buffer from buyer to successfully secure loan by today.
Newbie
I'm wondering, was this measure introduced specifically cause of this project?
If so, is the garmen trying to create firesales?
Ride or Die
Newbie
where did u get this from? care to share? can copy and paste from your source? I look through all sources cannot find this...Even hear CNA also they nvr say...Other CMs were very clear....They mention that OTP signed before CM date will be safe.....
I feel highly unlikely that they arrow those ppl who buy today lei...Most won't sign their offer letter today...if cannot meet requirements, how? Cannot be so unfair rite??
Junior
Shouldn't the bank loan look at the date of signed OTP?
Newbie
I think this is not very fair to the buyers of J Gateway, who have spent almost the whole day to purchase their choice units. Some days of grace should be given to genuine buyers who were caught by surprise today. Every buyer is using their hard earned money to invest in a quality property for the future.
Newbie
The ruling is not on OTP, but loan application date.
Junior
No firesale. Returned units will be eagerly snapped up by those who did not get to ballot.
Junior
Many who did not get a unit today will feel relieved..
Newbie
The question is the Approval in Principle. The rule are not that clear on that. If the bank has approve my loan amount, can they back down and lower it?
Newbie
The question is the Approval in Principle. The rule are not that clear on that. If the bank has approve my loan amount, can they back down and lower it?
Junior
The question here is how many people has the money to draw down to pay for the J gateway when the new rule is so impactful.
Newbie
I have no idea, looking forward to reading the newspaper tomorrow to find out more. What a day it is today.
Junior
I dont think the latest rule is as impactful as the previous one.
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