22 Jun '11, 2pm

Standardised fact sheet on home loans soon

SINGAPORE: Financial institutions should provide a fact sheet in a standardised format when marketing loans for residential property to consumers, the Monetary Authority of Singapore (MAS) said on Wednesday. It has issued a consultation paper seeking feedback on what exactly the fact sheet should contain. A residential property loan is a long-term financial commitment. As the current low global interest rate environment will not continue indefinitely, the fact sheet is intended to help consumers understand that higher interest rates could have severe implications if they overextend themselves. HousingLoanSG.com spokesman Dennis Ng said: "If someone borrowed S$500,000 by taking a 25-year loan, at the current interest rate of about 1.5 per cent, every month, the instalment is just about S$2,000. "But if interest rates move up to four per cent, the instalment will move up to ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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