Mr Paul Wee, vice-president of fintech at PropertyGuru Group, said the US Fed has started to signal that a percentage point increase in the benchmark rates is a possibility.The total debt servicing ratio framework introduced in 2013 had a stress-test interest rate of 3.5 per cent as the rate the banks use to extend loans.
If rates go up to 3.5 per cent, an individual can borrow only up to the limit where his monthly debt repayments do not exceed 55 per cent of total income. Mr Wee said this may prompt the Monetary Authority of Singapore to raise the stress-test rate, which ultimately means homeowners will be able to borrow less if they still have to meet the TDSR limit.
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