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Home >> Mortgage >> Singapore >> Rates

Singapore Mortgage Rates

Abstract:
In this paper we will discuss the trend in mortgage rates in Singapore. The mortgage market is growing. The mortgage rates will increase and so is the borrowing costs.

  • Singapore Mortgage Rates are likely to increase. Therefore, financing a house may cost more. The consumer banks will force the government to increase the rates further for their loan offerings.

  • The borrowing costs, specially on the ground of home property, will also increase.

  • The half yearly interbank rate has witnessed an increasing trend. It is a benchmark based on which the banks fix their deposit rates.

  • Currently the half yearly interbank rate is almost 40 basis points.
    • The floating rates of home loan is now 3.25%. The banks may force the government to increase this rate.

    • More customers are now going for investment homes.

    • Consumer bankers are receiving more cases where the clients request for second or, sometimes, third home loans.

    • Since January 2006, the Citibank extended almost 5 to 10% of the home loan portfolio to several owners who have more than one home.

    • Moreover, the Citibank started to offer instant house loan approval facilities through internet to get some space in the competitive market. It also was paying the dividends.

    • The fixed mortgage interest rate was 1.61% for one year tenure in 2007.

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