Singapore home owners hoping to get an 80 percent loan on new property must first present evidence that their existing home has been sold.
According to the MAS, home owners must present proof in the form of a purchase agreement and signed sale, as well as certification showing that stamp duty for the existing property has already been paid for by the buyer.
On Monday, the government announced a series of new measures to curb property speculation, including tighter mortgage rules for home owners with exiting loans who are looking to purchase another property.
This prompted questions from several home owners who were unsure about whether they would qualify for the 80 percent loan if they sell their existing property.
The MAS said home borrowers who are in the process of selling their existing property will still qualify for an 80 percent loan if they present proof of the sale process.
For private property, supporting evidence includes a purchase agreement and signed sale, and a certification from the Inland Revenue Authority of Singapore (IRAS) showing that the buyer has paid the stamp duty of the existing property.
For HDB flats, an approval letter from the HDB to the seller is required within two weeks from the date of the first appointment.