Policy before and after · Macroprudential
Singapore tightens HDB loan rules and introduces a three-year PR wait-out period
Announced 27 August 2013 · Effective 27 August 2013
Read the full event recordCompare with another policyCreate research brief
Comparison window
Comparison anchored to effective date: 27 August 2013. Before: 28 July 2013 to 26 August 2013. After: 27 August 2013 to 25 September 2013. The same 30 days on each side; the anchor day counts as after.
Before · 28 Jul 2013 to 26 Aug 2013
5 land-sales awards
- 9 land-sales steps in all
- 0 other archive events
The event
Announced 27 Aug 2013
Effective 27 Aug 2013
The effective date is the anchor.
After · 27 Aug 2013 to 25 Sep 2013
2 land-sales awards
- 7 land-sales steps in all
- All 30 days observable
What this comparison can and cannot show
Generated from this window's records
Recorded
- 3 verified claims on this event record a before and an after value.
- 5 land-sales awards in the 30 days before the effective date, and 2 in the 30 observable days after.
- None of the 3 tracked series has a whole period on both sides of a 30-day window, so no market figure is compared.
Cannot be concluded
- That this event moved any figure on this page. The comparison is by date; nothing here is attributed to the event.
- A reading of the concurrent land sales and events as responses to this one. They are listed by date alone.
About this eventIssuing authority, category, affected market, primary source, summary
- Announced
- 27 August 2013
- Effective
- 27 August 2013
- Issuing authority
- Monetary Authority of Singapore, Ministry of National Development, Housing & Development Board
- Category
- Macroprudential
- Affected market
- HDB flats. HDB concessionary loans, housing loans granted by financial institutions for HDB flats including DBSS flats, and resale eligibility for Singapore Permanent Resident households.
- Primary source
- More Help, Stronger Support, Better Homes (MND and HDB joint press release, Annex C sets out revised mortgage loan terms and effective dates)
On 27 August 2013 Singapore reduced the Mortgage Servicing Ratio for HDB concessionary loans from 35% to 30%, shortened the maximum HDB loan tenure from 30 years to 25, cut the maximum financial-institution loan tenure for HDB flats from 35 years to 30 with tighter loan-to-value treatment above 25 years, and required Singapore Permanent Resident households to wait three years from obtaining permanent residency before buying a resale flat.
In brief
In brief
- 5 GLS site awards were recorded in the before window and 2 in the after window.
What changed
No policy matrix is recorded for this event. These are its verified claims that store a before and an after value.
| As recorded in the claim | Before | After | Change | Source |
|---|---|---|---|---|
| Maximum HDB concessionary-loan tenure, shortened from 30 years.years | 30 | 25 | −16.7% | Claim 2 |
| Maximum MSR for HDB concessionary loans, reduced from 35%. | 35% | 30% | −5 pts | Claim 1 |
| Maximum bank-loan tenure for HDB flats including DBSS, cut from 35 years.years | 35 | 30 | −14.3% | Claim 3 |
Observed around this event
View linked outcomesThe same statistic over the 30 days before and after the anchor. Figures describe what was recorded in each window; they do not attribute a change to this event.
Singapore private residential transactions, all types of sale
units · Total over whole periodic periods inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole periodic period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- FLOW
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Calculated (sum of published period values)
- Shown because
- Mapped to this kind of event
Private Residential Property Price Index, All Residential
index (2009Q1=100) · Value in the latest whole periodic period inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole periodic period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- INDEX
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Source fact (latest whole period)
- Shown because
- Mapped to this kind of event
HDB Resale Price Index
index (2009Q1=100) · Value in the latest whole periodic period inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole periodic period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Housing & Development Board
- Series kind
- INDEX
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Source fact (latest whole period)
- Shown because
- Mapped to this kind of event
Concurrent planning and land activity
Land sales and other archive events dated inside the windows, listed by date only. Each land-sales line shows the site as the record stood on that day.
Before the effective date
9 lines
9 land-sales steps (5 awards) · 0 archive events
From the effective date
7 lines
7 land-sales steps (2 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (9)
29 July 2013 · Land sales
Woodlands Industrial Park E9: AwardedBusiness 2 with an integrated Heavy Vehicle Park · status on 29 July 2013: Awarded · awarded to Incorporated Woodlands Pte Ltd at S$72,690,000
30 July 2013 · Land sales
Yuan Ching Road / Tao Ching Road: Tender closedExecutive Condominium housing · status on 30 July 2013: Tender closed, award pending
30 July 2013 · Land sales
Punggol Drive / Edgedale Plains: Tender closedExecutive Condominium housing · status on 30 July 2013: Tender closed, award pending
30 July 2013 · Land sales
Punggol Central / Edgedale Plains: Tender closedExecutive Condominium housing · status on 30 July 2013: Tender closed, award pending
2 August 2013 · Land sales
Yuan Ching Road / Tao Ching Road: AwardedExecutive Condominium housing · status on 2 August 2013: Awarded · awarded to Evia Real Estate (5) Pte Ltd, BBR Development Pte Ltd, CNH Investment Pte Ltd and OKP Land Pte Ltd at S$272,838,888
2 August 2013 · Land sales
Punggol Drive / Edgedale Plains: AwardedExecutive Condominium housing · status on 2 August 2013: Awarded · awarded to Peak Square Pte. Ltd. at S$312,800,000
2 August 2013 · Land sales
Punggol Central / Edgedale Plains: AwardedExecutive Condominium housing · status on 2 August 2013: Awarded · awarded to Master Contract Services Pte Ltd / Keong Hong Construction Pte Ltd at S$156,000,000
15 August 2013 · Land sales
Cecil Street / Telok Ayer Street: Tender closedCommercial and open space (residential use will not be allowed) · status on 15 August 2013: Tender closed, award pending
19 August 2013 · Land sales
Cecil Street / Telok Ayer Street: AwardedCommercial and open space (residential use will not be allowed) · status on 19 August 2013: Awarded · awarded to FC Commercial Trustee Pte. Ltd. (as Trustee-Manager of Aquamarine Star Trust) at S$923,952,040
After (7)
29 August 2013 · Land sales
Gambas Crescent: Launched for tenderBusiness 1 · status on 29 August 2013: Tender open
29 August 2013 · Land sales
Gambas Crescent: Launched for tenderBusiness 1 · status on 29 August 2013: Tender open
5 September 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: Tender closedMixed commercial and residential · status on 5 September 2013: Tender closed, award pending
9 September 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: AwardedMixed commercial and residential · status on 9 September 2013: Awarded · awarded to North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust) at S$1,428,880,000
10 September 2013 · Land sales
Mount Sophia: Tender closedResidential · status on 10 September 2013: Tender closed, award pending
12 September 2013 · Land sales
Mount Sophia: AwardedResidential · status on 12 September 2013: Awarded · awarded to Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and S C Wong Holdings Pte Ltd at S$442,280,000
18 September 2013 · Land sales
Havelock Road: Launched for tenderHotel · status on 18 September 2013: Tender open
Methodology5 rules
- Comparison anchored to effective date: 27 August 2013. The anchor is the effective date where one is recorded, otherwise the announcement date.
- The windows are the same number of days on each side of the anchor, and the anchor day belongs to the after window.
- A series counts toward a window only for observation periods wholly inside it, with values as originally recorded, not as later revised.
- Where no whole period falls inside a window, no value and no difference is stated; a day no whole period covers is missing, never zero.
- Concurrent land sales and archive events are listed by date alone. Nothing on this page is attributed to the event.
Sources
The event's sources (2)
Primary sources2
More Help, Stronger Support, Better Homes (MND and HDB joint press release, Annex C sets out revised mortgage loan terms and effective dates)
Ministry of National Development · Primary source · Published 27 August 2013
MAS Notice 825, Residential Property Loans (Finance Companies), issued 27 August 2013, effective 28 August 2013. Cited as the current consolidated version, last revised 21 August 2025.
Monetary Authority of Singapore · Primary source · Published 27 August 2013
Event checked against its primary sources on 14 August 2026. Each claim keeps its own verification status.
Observed series come from the published statistics named on each card. Land-sales lines link to the site record and its releases.