For the many property owners out there with only 1 property loan, you can refinance now without TDSR concern. Learn on how we can help you to seek exemption from TDSR guidelines.
Refinancing Exemption from TDSR
The TDSR threshold of 60% can be exceeded in the case of a refinancing facility for the purchase of a residential property if:
- the option to purchase was granted prior to 29 June 2013;
- the residential property is the only property (including non-residential properties) that the borrower owns, either by himself or jointly with others;
- the borrower is one of the occupiers of the residential property;
- the borrower does not have any other outstanding credit facility (either in his own name or jointly with others) for the purchase of any property or the re-financing of such a credit facility, other than the residential property being re-financed; and
- the borrower does not have any other outstanding credit facility (either in his own name or jointly with others) otherwise secured by any property, including the residential property being re-financed, or the re-financing of such a credit facility.
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