Home Loans

OCBC launches compounded Sora home loan

OCBC Bank has launched a new Sora-based home loan, which references the three-month compounded Singapore overnight rate average (Sora) that is published by the Monetary Authority of Singapore (MAS). The three-month Compounded Sora Home Loan is available for all loan types - completed properties, properties under construction, new home loans and repricing of existing home loans. This comes as the...

After Fed’s rate cut, where are Singapore interest rates and home loans headed?

Home owners hoping for some relief from their monthly mortgage repayments may be in for some disappointment, even if a benchmark local interest rate, which many home loans are pegged to, has edged down following a recent rate cut by the US Federal Reserve. This as some banks have begun trimming their home loan interest rates as early as April in anticipation of the Fed’s move, market watchers told...

Taking a home loan amid rising interest rates

A residential property is the biggest financial asset most of us will own. Before purchasing a property, it is important to know how much you can borrow, understand the types of mortgage packages available, and what your options are when interest rates rise. How much can you borrow? There are several online resources that can help you calculate how much you can borrow from a bank based on the total...

MAS fine-tunes refinancing rules under TDSR framework

The Monetary Authority of Singapore (MAS) said on Thursday (Sep 1) that it is fine-tuning the refinancing rules under the Total Debt Servicing Ratio (TDSR) framework to allow borrowers more flexibility in managing their debt obligations. The move was in response to feedback from some borrowers who are unable to refinance existing property loans owing to the application of the 60 per cent TDSR threshold,...

A deleveraging nudge from fine-tuning of TDSR rules on refinancing

The Monetary Authority of Singapore’s recent fine-tuning of refinancing rules relating to the total debt servicing ratio (TDSR) governing property loans is a strong nudge towards deleveraging. Stretched borrowers who hold investment properties will have to think about actively managing down their debt, especially as rental income is under pressure and economic growth is easing. Far from stimulating...

Applying for a loan? Find out your credit standing

Starting next month, consumers applying for a new credit facility with a bank or financial institution will be told they can get a free copy of their credit report, regardless of the outcome of the application. The move is to make it easier for individuals to review their credit standing, said Credit Bureau Singapore (CBS) in a press release issued on Monday (Mar 21). Consumers can currently request...

More facing problems refinancing homes due to TDSR

Home owners looking to refinance their properties are finding it increasingly difficult to do so against the backdrop of falling property prices, stringent definitions of what constitutes income and the tedious paperwork involved. Conservative property valuations also mean that only smaller loan amounts can be refinanced. With rising interest rates, more home owners are opting to switch from floating to...

Home owners should prepare for higher mortgage rates: Analysts

Mortgage rates have risen since the start of the year, and analysts have said home owners should brace themselves for further increases. At the beginning of 2015, home buyers in Singapore could get loans that start at 1.6 per cent in the first year. That rate has been creeping up, and the figure is now around 2 per cent, for rates pegged to three-month Singapore Interbank Offered Rate (SIBOR), said CEO...

Three-month Sibor reaches 7-year high

Singapore’s key mortgage benchmark jumped to a seven-year high on Monday (Sep 14), ahead of a Federal Reserve meeting later this week that could mark the start of US interest rate hikes. The three-month Singapore Interbank Offered Rate (Sibor) rose 5.2 per cent to 1.13100 per cent, up from 1.07483 per cent on Thursday, according to latest data from the Association of Banks in Singapore. Monday’s...

SIBOR climbs to four-month high

A key interest rate benchmark hit a four-month high on Thursday (Aug 13), as sentiment towards the Singapore dollar remain weak following the depreciation of the Chinese Yuan. On Wednesday, the three-month Singapore Interbank Offered Rate (SIBOR) rose to 0.9345 per cent. On Thursday, the rate climbed further to 0.9388 per cent. Property analysts said banks have not yet adjusted mortgage rates that...

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