35-year limit set on home loans

[yeokiwi]

Existing home loan(before oct 6th 2012) ppl will not be affected as long as they dont refinance with another bank or put in a request to adjust their loan tenor. Let say your fren took up a 40yr loan 1yr ago.. lock in period expires nxt yr...he can simply reprice his home loan with the bank..if the loan rates nxt yr is still at 1% (likely to stay this way) .. your fren's loan package will be repriced to 1% (with new lock in period) with the loan tenor at 38yrs left and counting down...he will not be affected in anyway by this measure..because the original loan agreement dates before oct 6th 2012.

Refinancing and Repricing are 2 different things when it comes to home loans... Refinancing simply means Switching out to a new bank, Repricing simply means getting a new package from your existing bank.

Basically, if I am the bank, I will be quite happy to increase the loan interest rate since the borrower is stuck.
So shiok, now the banks have a group of customers to exploit.