Tuesday, February 28, 2006
Standard Chartered, OCBC raise home mortgage rates
Two more banks have joined their competitors in raising mortgage rates.
Standard Chartered Bank says it will increase its Singapore mortgage rates by between 75 and 150 basis points.
Meantime, local lender OCBC Bank has also raised its average mortgage rates by 50 basis points.
Both banks are citing the higher cost of funds in the interbank market as the main reason for the move.
But they are not alone.
Just last week, HSBC hiked its mortgage rate by 80 basis points, while DBS and UOB increased theirs by 50 basis points.
Home mortgage rates have been climbing in Singapore in recent weeks.
Some observers say that may have an impact on the residential property market, which has been improving in the last few quarters. - CNA/ch
Standard Chartered Bank says it will increase its Singapore mortgage rates by between 75 and 150 basis points.
Meantime, local lender OCBC Bank has also raised its average mortgage rates by 50 basis points.
Both banks are citing the higher cost of funds in the interbank market as the main reason for the move.
But they are not alone.
Just last week, HSBC hiked its mortgage rate by 80 basis points, while DBS and UOB increased theirs by 50 basis points.
Home mortgage rates have been climbing in Singapore in recent weeks.
Some observers say that may have an impact on the residential property market, which has been improving in the last few quarters. - CNA/ch
// posted by Shajahan @ 5:39 PM 