SINGAPORE — The Monetary Authority of Singapore (MAS) has widened the existing exemptions from the Total Debt Servicing Ratio (TDSR) to cover the refinancing of loans for owner-occupied properties that were bought before the measure was introduced last year.

Under the revised rules, a borrower who bought a residential property before the TDSR rules were introduced will be exempted from the TDSR threshold as long as the buyer occupies the home that is being refinanced.

The Mortgage Servicing Ratio (MSR) will also not apply to the refinancing of loans for HDB flats and Executive Condominiums that are owner-occupied and were purchased before the respective MSR implementation dates of Jan 12 2013 and Dec 10 2013.

A similar concession will apply to loan tenures. In such cases, borrowers whose loan tenures for their owner-occupied residential properties exceed the current limits will be allowed to maintain the current tenure when refinancing the loan.

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