As above. Do you think it will solve the problems that singapore is currently facing? I feel that the operating cost of a business is what drove business away rather than the workers shortage problem as the primary cause. With higher rental costs, electrical bills, petrol bills and COE. It's getting harder to sustain a business anymore hence the reason for them to move to other countries thats cheaper. Do you think this budget 2013 will help? Pls share your views.
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The budget overall is a mixed feel from a business standpoint
Whilst u get incentives and breaks to improve productivity
The offset is increase levy, thus there is a lot of short term pain
But not very clear long term gains from productivity enhancements"He could not just wear a watch. It had to be a Rolex." �Ian Fleming, Casino Royale (1953)
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MAS Imposes Financing Restrictions on Motor Vehicle Loans
Singapore, 25 February 2013 … The Monetary Authority of Singapore (MAS) will re-introduce1 financing restrictions on motor vehicle loans granted by financial institutions.
2 The maximum motor vehicle loan amount will depend on the open market value (OMV) of the motor vehicle purchased:
(i) For a motor vehicle with OMV that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where applicable; and
(ii) For a motor vehicle with OMV of more than $20,000, the maximum LTV is 50%.
In addition, the tenure of a motor vehicle loan will be capped at 5 years.2
3 The financing restrictions are necessary to encourage financial prudence among buyers of motor vehicles. In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves on motor vehicles.
4 The financing restrictions will not apply to loans for the purchase of commercial vehicles3. They will also not apply to loans for the purchase of motorcycles.
5 The rules will take effect from 26 February 2013.4
COE Price Will Drop By Half During July....
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Originally posted by new View PostMAS Imposes Financing Restrictions on Motor Vehicle Loans
Singapore, 25 February 2013 … The Monetary Authority of Singapore (MAS) will re-introduce1 financing restrictions on motor vehicle loans granted by financial institutions.
2 The maximum motor vehicle loan amount will depend on the open market value (OMV) of the motor vehicle purchased:
(i) For a motor vehicle with OMV that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where applicable; and
(ii) For a motor vehicle with OMV of more than $20,000, the maximum LTV is 50%.
In addition, the tenure of a motor vehicle loan will be capped at 5 years.2
3 The financing restrictions are necessary to encourage financial prudence among buyers of motor vehicles. In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves on motor vehicles.
4 The financing restrictions will not apply to loans for the purchase of commercial vehicles3. They will also not apply to loans for the purchase of motorcycles.
5 The rules will take effect from 26 February 2013.4
COE Price Will Drop By Half During July....I can resist anything but temptation. - Oscar Wilde
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Well, 'affordable' by whose standards? How many are willing/can afford to take out $40,000 to $50,000 cash to buy a car? How many can afford the (higher) monthly installments with the reduced loan repayment period (5 years)? Will banks and financial institutions raise the car loan interest rates, since now that they can only lend for 5 years?
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Originally posted by Oceanklassik View PostWell, 'affordable' by whose standards? How many are willing/can afford to take out $40,000 to $50,000 cash to buy a car? How many can afford the (higher) monthly installments with the reduced loan repayment period (5 years)? Will banks and financial institutions raise the car loan interest rates, since now that they can only lend for 5 years?
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Originally posted by problmchylde View PostAgreed. If u buy a $120k car.....u will have to cough out $60k upfront.......how many people can do dat...????I can resist anything but temptation. - Oscar Wilde
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To some extent I agree with wolfeyes that Singaporean is resourceful in one way or another. I recall the old days when many people were cash tight, and so some people "worked" with the renovation contractor to get a higher loan for other purpose. Resale HDB is another example where selling prices were over declared in order to pay less COV until the authority plug the hole.Watches are like potato chips - You never stop at one
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Originally posted by wolfeyes1974 View PostWe'll be surprised... for example, people are paying higher COV for HDBs nowadays...a lot of things are against logic nowadays. Too many rich people in the small red dot.
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I think there will always be a way to get that cash for the car payment. Ie ( one can take up the personal loan to make up the short fall). As long as the person borreow can pay in this low interest env they wil try and the banks will still lend but maybe at a higher rate.."He could not just wear a watch. It had to be a Rolex." �Ian Fleming, Casino Royale (1953)
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It's a scheme to make cars affordable to those who have cash and willing to drain a larger portion of their pay monthly.
As some bro mentioned, workaround will be on the way.
IMO that doesn't stops businesses to bid high for COE as they have the cash to submit bids.
Car dealers should not bid for COE as they are not the car owners.Audemars Piguet Ball Bell&Ross Cartier IWC Longines Omega Panerai Rolex Sinn Tissot
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