The Monetary Authority of Singapore has warned Singapore households to carefully assess their ability to meet mortgage obligations, as households have amassed a larger pile of debt than they had before Covid-19 struck. So, what do homeowners need to know about financing their home?
Most of us tend to consume too much housing. For example, I only need a two-bedroom apartment, but I look for a three-bedroom apartment instead as I think that [the extra room] could be used for my future needs. However, I simply cannot afford it right now as the debt servicing on that might be too much.
The biggest problem I have seen is having a lack of understanding when it comes to financing, and getting a loan from one of the private banks rather than from the Housing and Development Board . When you sell that house, you have to return the money back to the CPF [board]. Essentially the capital gains – that you would have made from the house – would then be used to pay the interest that you owed upon selling the house.Rachel: With interest rates expected to rise, how would this impact the property buying plans for next year? What should homeowners do to plan?
Source: Loan Digest (loandigest.net)
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