1 in 3 private home mortgages under a floating rate: MAS
For HDBs, that’s just 1 in 5 loans extended by financial institutions.
Over 1 in 3 or 37% of private home mortgages are under a floating rate as of Q2, according to the Monetary Authority of Singapore, making them more susceptible to changes in the interest rates.
In response to a question posed by MP Chua Kheng Wee Louis, MAS senior minister and minister in charge Tharman Shanmugaratnam named the percentage of mortgages that are under a floating rate: that is, 20% of loans extended for HDB flat purchases, and 37% of loans extended for private residential property purchases.
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Meanwhile, 63% of loans extended by financial institutions for private residential property purchases were either on rates linked to board rates or fixed deposit rates, or fixed interest rates over the first few years of their loan.
For HDB flat mortgages, 80% were on fixed rates as of Q2.
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