23 Jun '11, 3am

MAS wants home loan facts spelt out: By Gabriel Chen, Finance Correspondent THE Monetary Authority of Singapore

MAS wants home loan facts spelt out: By Gabriel Chen, Finance Correspondent THE Monetary Authority of Singapore

The MAS says they want banks to sit their customers down and use a fact sheet to run through the facts and figures of exactly what borrowing will entail. -- ST PHOTO: LIM WUI LIANG THE Monetary Authority of Singapore (MAS) wants all home buyers to take a reality check before they take a bank loan for their property. It thinks banks should sit their customers down and use a fact sheet to run through the facts and figures of exactly what borrowing will entail. That means getting to grips with much more than the loan quantum, the period of repayment and what the immediate monthly payments will be. MAS also wants customers to be aware that their financial situation could change severely should interest rates go up and monthly repayment amounts balloon. 'A residential property loan is a long-term financial commitment. The current low global interest rate environment will not co...

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