Home loan rates have shot past the 4 per cent mark after DBS and OCBC raised their fixed-rate packages on Tuesday. DBS is now offering a rate of 4.25 per cent with tenors of 2 to 5 years, while OCBC has one and two-year fixed rates packages at 4.3 per cent. A DBS...
This brings fixed home loan rates above the 4 per cent medium-term interest rate floor that the Monetary Authority of Singapore has set to determine the loan amount that an individual can apply for.
Even though the latest home loan rates have exceeded the 4 per cent floor rate, borrowers need not be overly concerned that they are paying more than what they can afford. As such, homeowners will only be allowed to borrow a smaller loan amount, thus ensuring that their monthly instalments can still meet the total debt servicing ratio threshold, which stipulates that a borrower’s total debt obligations are to comprise at most 55 per cent of his monthly income.
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