NON-performing mortgage loan risks will persist for Singapore banks this year, albeit with a shift from defaults by foreigners on luxury homes to those by locals on suburban homes. Banks remain safe, nevertheless. Maybank Kim Eng analyst Ng Wee Siang, in a report this week, said that high-end apartment prices may have fallen sharply, but…
DetailsSINGAPORE: More homeowners who took housing loans from banks are now looking for refinancing options. Loan specialists said they have been getting more inquiries since the recent spike in SIBOR (Singapore Interbank Offered Rate). Homeowners – whose mortgages are tied to SIBOR – are now facing higher monthly payments. One of those affected is 30-year-old…
DetailsSINGAPORE: A committee tasked to review moneylending regulations wants to limit the amount of money a person can borrow from licensed moneylenders, and to simplify the costs involved, especially for late payments. At a panel discussion on Monday (Nov 3), it suggested a loan cap of four times the borrower’s monthly income, interest rates to be…
Details
