Longer mortgage tenures could have adverse implications for the property market, borrowers and banks if it becomes more widespread. Deputy Prime Minister Tharman Shanmugaratnam gave the assessment in a written reply to Parliament on Monday. He added that the government will continue to closely monitor the property market. Stretching a home loan out over 50 years does translate to a lower monthly...
50 years loan
National Development Minister Khaw Boon Wan said the 50-year mortgage bank loans that are available now are not likely to have significant impact on the public housing market. In a written reply to a question by Member of Parliament Chen Show Mao, Mr Khaw added that while some borrowers may be attracted by the lower monthly instalments, the ministry does not expect 50-year housing loans to be popular. Mr...
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said longer mortgage tenures have implications for the property market. In a written reply to parliamentary questions, Mr Tharman said they give buyers the impression of improved housing affordability. He said the reality is that of a larger long term debt service burden. United Overseas Bank drew controversy when it launched a new...