mr funny
08-04-08, 23:57
April 8, 2008
Fewer home loans taken up as property market cools further
By Grace Ng, Finance Correspondent
THE number of home loans taken up has fallen sharply in recent months as the property market continues to contract.
Only 4,200 new home loans were approved in January, up about 13 per cent on the 3,722 in December but down 21 per cent from the peak of 5,319 last August.
The Credit Bureau of Singapore figures also show that 2,544 second mortgages were taken up in January, a 31 per cent drop from the high of 3,698, also last August.
'We expect the growth in new mortgages to slow further this year,' said Credit Bureau general manager Mark Rowley.
Inquiries for new home loans have also dropped, down to 8,923 in February, the lowest since April 2006.
Mr Gregory Chan, OCBC Bank's head of consumer secured lending, said: 'We have observed that property buyers are becoming more cautious in their purchase decisions.'
United Overseas Bank's (UOB's) head of loans, Mr Kevin Lam, said that 'in line with property sales transactions, our loan applications were slower in January and February' but there was 'a pick-up in market activity at the end of March'.
His counterpart at HSBC Singapore, Ms Alice Chia, said the bank has 'seen a reduction in applications for new home loans, which is reflective of sentiment towards the property market'.
Read the full report in Wednesday's edition of The Straits Times.
Fewer home loans taken up as property market cools further
By Grace Ng, Finance Correspondent
THE number of home loans taken up has fallen sharply in recent months as the property market continues to contract.
Only 4,200 new home loans were approved in January, up about 13 per cent on the 3,722 in December but down 21 per cent from the peak of 5,319 last August.
The Credit Bureau of Singapore figures also show that 2,544 second mortgages were taken up in January, a 31 per cent drop from the high of 3,698, also last August.
'We expect the growth in new mortgages to slow further this year,' said Credit Bureau general manager Mark Rowley.
Inquiries for new home loans have also dropped, down to 8,923 in February, the lowest since April 2006.
Mr Gregory Chan, OCBC Bank's head of consumer secured lending, said: 'We have observed that property buyers are becoming more cautious in their purchase decisions.'
United Overseas Bank's (UOB's) head of loans, Mr Kevin Lam, said that 'in line with property sales transactions, our loan applications were slower in January and February' but there was 'a pick-up in market activity at the end of March'.
His counterpart at HSBC Singapore, Ms Alice Chia, said the bank has 'seen a reduction in applications for new home loans, which is reflective of sentiment towards the property market'.
Read the full report in Wednesday's edition of The Straits Times.