SINGAPORE - The Monetary Authority of Singapore (MAS) has urged prospective property buyers to exercise caution when considering taking up loans to fund purchases amid rising interest rates and upcoming supply.
Household debt grew 3 per cent year-on-year in the third quarter, mainly on the back of a 3.4 per cent increase in housing loans in the same period, MAS said in its annual Financial Stability Review released on Friday (Nov 23). The rise in household debt is in line with income growth, it added.
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Control land sales activities
Higher debt serving
Higher liquid assets exceeding household liabilities
Impact of increase of interest rates
Improving economic fundamentals
Lower borrowing ratio
Stabilising market
Temper the pace of price increase
Upcoming supply of private residential units