30 Aug '13, 3am

S'pore household debt at 77.2% of GDP: report #PR

Singapore’s household debt during the first quarter was relatively high compared to other Asian countries at 77.2 percent of its GDP, revealed a report from Bank of America Merrill Lynch. It then comes as no surprise that the government has implemented measures to ensure that Singaporean households do not over-borrow, and also cool the HDB resale market, the report added. For instance, the Monetary Authority of Singapore (MAS) imposed a Total Debt Servicing Ratio (TDSR) framework for all mortgages granted by financial institutions to home buyers. “MAS is mindful of the risks when Singapore interest rates begin normalising (i.e. rising), highlighting that an estimated five to ten percent of borrowers have over-leveraged on property purchases,” said the bank. “The Housing & Development Board (HDB) has introduced more measures to cool the resale market for HDB flats. The mort...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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