Dear readers, Singapore banks have begun raising HDB flat loans!
DBS bank is reported to be revising interest rates for its fixed rate packages other than the 2.05% per annum for its 5-year fixed rate package. This revision is expected to be north.
OCBC bank: a 1-year fixed rate loan package of 2.25% per annum now revised to a 2-year and 2.65% per annum
UOB bank: interest rate of 2-year fixed rate package raised from 2.35% to 2.65%
In the above regard, bank housing loan interest rates may soon exceed HDB housing loan, the latter charging 2.6% per annum for 25 years with review of rates every quarterly (Jan, Apr, Jul and Oct).
The raising of bank housing loans means that not only are new housing more expensive for prospective housing owners but existing housing owners will have to pay more in their mortgage loan payments.
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