SINGAPORE — The Monetary Authority of Singapore (MAS) has refined the Total Debt Servicing Ratio (TDSR) framework to allow all homeowners to be exempted from meeting the 60 per cent threshold when refinancing mortgages of the home they reside in.
In a statement on Thursday (Sept 1), the central bank said the move was taken in response to feedback from some borrowers who are unable to refinance their existing property loans at lower interest rates due to the TDSR framework, which requires financial institutions to ensure loans they approve do not push borrowers’ debt servicing ratio above 60 per cent of their gross monthly income.
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