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Singapore banks raise housing loan rates through SIBOR margins
The market has begun to awake. The world economy has also been showing signs of recovery. The US household income has grown several by between 0.1 to 0.3% over the past several months. The household income number’s absolute growth are in the single digit billions, which is a drop in the ocean. But this signify that the world’s locomotive of consumption has gradually recovered.
Singapore has also shown signs of recovery. Unemployment rate fell in Singapore. Singapore’s domestic activity is also waking up, with property prices shooting up. The market is no longer fearful.
Several measures to curb speculators are not showing much results as demand outstrip supply in HDB sector. HDB prices rising is pushing up mass market private properties. Although there is still ~60,000 units of supply in the pipeline for private properties, these units are still building under-construction (BUC) and do not add to supply immediately.
All in all, Singapore economic activity is rising. The demand of funds for financing all sorts of activities will be high. Even though that the Sibor or SOR rates have kept relatively stable up until now March 2010.
Singapore banks are raising their lending margin. For example, banks usually charge SIBOR + margin%, this margin is being raised.
We should now expect more and more banks to follow suit with more expensive home and housing loans from 05 April 2010.
Stay tuned while we wait for latest updates from banks. Meanwhile, some older housing loan rates in Singapore from March 2010 will be only valid until 9th April 2010 and all documents must be in.
You may wish to quickly compare singapore home loans and then to decide one within days.
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Related posts:
Refinance
Private Residential
HDB Residential
Commercial
