How to obtain MSR exemption on EC

Executive condominiums (ECs) were the latest to be affected with new cooling measures in 2013. Mortgage servicing ratio (MSR) is set at 30% threshold for ECs, bringing it in line with HDB flats. This is a timely article on how to obtain MSR exemption for ECs, allowing you to refinance easily.

MSR exemption for ECs

The following criteria must be met in order to be exempted from the 30% MSR threshold.

the date on which the option to purchase the EC was granted is prior to 10 December 2013;
the EC is the only Property that the Borrower owns, either by himself or jointly;
the EC is for the occupation of one or more persons which shall include the Borrower;
the only property loan is for the said EC

If you qualify for an exemption, the next step is to quickly compare the refinancing rates for ECs.