Pursuits
Singapore Tightens Rules for Home Loans in Latest Curbs
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Singapore unveiled new rules governing how financial institutions grant property loans to individuals, extending efforts to curb speculation as prices in Asia’s second-most expensive housing market continue to rise.
Starting today, a new framework requires that lenders take a borrower’s debt into consideration when granting property loans, the Monetary Authority of Singapore said in a statement yesterday. Home loans should not exceed a total debt servicing ratio of 60 percent and those that do will be considered “imprudent,” it said.