Singapore home loan rates starting to climb

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All three local Singapore banks have raised their home loan rates as interest rates continue to spike, and mortgage advisers warn of more hikes to come.

DBS Bank, OCBC Bank and United Overseas Bank (UOB), which collectively account for the lion’s share of the housing loan market, have raised the interest on their fixed-rate and floating-rate packages since last month.

DBS and UOB have jacked up the interest on their three-year fixed-rate loans by 10 per cent a year. The fixed-rate packages now sell for 1.85 per cent a year for each of the three years. In October, less than two months ago, the rate was 1.68 per cent.

 

Adapted from : The Straits Times, 5 December 2017