Despite the new housing loan rules from the Monetary Authority of Singapore (MAS), home buyers are still flocking to condominium showflats, with strong turn-out seen last weekend at Skies Miltonia in Yishun and Riversails at Upper Serangoon, according to The Business Times. 67 percent of units at the 420-unit Skies Miltonia have been taken up. In addition, the developer is offering an 18 percent discount...
Home Loans
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...
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...
Home buyers should consider their financial situation carefully before committing to a home loan in the market. This, according to experts who warn buyers against being swayed by new loan offerings. United Overseas Bank (UOB) drew controversy recently when it introduced a new home loan spanning 50 years, the longest available in the market - which it said is geared towards young executives. On Sunday,...
The Monetary Authority of Singapore (MAS) says banks are not allowed to approve home loans at temporary locations, whether in-principle, verbal or in writing. MAS says while the regulator's rules allow banks to set up a temporary location at a property launch site to receive applications for residential property loans, the loan must be approved or rejected at the bank's branch. A spokesperson said a...
Potential home buyers who are visiting showflats can now receive an instant decision on their home loan application on-site under a new service introduced by United Overseas Bank (UOB) on Thursday. UOB said home buyers will be able to find out the status of their loan application as soon as they finish keying in their personal and financial details into UOB's automated approval system, which can be...
Homebuyers in Singapore will likely opt for mortgage loans with shorter repayment periods. That's despite the availability of new home loans that offer up to 50-year tenors. Experts said more are taking into account their retirement age and interest costs when servicing their loans. Currently Singapore banks are offering home loans with a maximum term of 35 to 40 years with age capped at 70 to 75. UOB...
Whether you are a first-time home-buyer or are looking into investing in a property, securing the right housing loan package to suit your financial need is of utmost importance. In Singapore, the major banks offer highly competitive housing loan interest rates and packages. Understanding the differences between these packages and their impact on your financial commitment will help you decide on the most...
Interest rates in Singapore may rise - from their lowest levels in 40 years - as early as March next year, according to analysts. They say home loan refinancing is surging, but bank profitability and the rising cost of funds offshore may force the banks' hand. Banks could be forced to raise their home loan interest rates as early as six months from now. Low rates have hurt their profitability and they...
Singapore’s swap offer rate (SOR) — a rate signifying the synthetic cost of borrowing Singapore dollars, by borrowing US dollars at similar maturity and exchanging them for Singapore dollars — turned negative last week as funds seeking safety flooded the local market. This resulted in several mortgage brokers receiving orders from DBS Group and Maybank to stop offering home loans pegged to SORs,...