The Government’s cooling measures on the property market have sharply cut Singapore home loan applications at DBS bank according to chief executive Piyush Gupta.
He said local mortgage applications have slumped by 20 to 25 per cent since the measures were introduced on Aug 30.
OCBC Bank CEO David Conner also indicated earlier this week that it has seen a 20 per cent fall in housing loan applications since Aug 30. The cooling measures included a reduction in the amount people with existing mortgages could borrow to buy second properties.
Urban Redevelopment Authority data out last month showed private home prices rising just 2.9 per cent in the third quarter – down from the previous quarter’s 5.3 per cent. The number of new homes sold by developers fell in the third quarter.