QUESTION NO 2268

NOTICE PAPER 1449 OF 2022

FOR WRITTEN ANSWER

 

Date: For Parliament Sitting on 20 October 2022

Name and Constituency of Member of Parliament

Mr Chua Kheng Wee Louis, MP, Sengkang GRC

Question:

To ask the Prime Minister of the current outstanding mortgage loans financed by commercial banks, what is the percentage of borrowers who are on fixed rate mortgages and floating rate mortgages for (i) HDB flats and (ii) private residential properties respectively.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1. Based on latest available data, as of Q2 2022, about 20% of loans extended for HDB flat purchases by financial institutions (FIs) were on floating rate packages that move in tandem with market interest rates.  The remaining 80% were either on (i) rates linked to board rates or fixed deposit rates, which track market interest rates but with some lag, or (ii) fixed interest rates over the first few years of their loan. 

2. As of Q2 2022, about 37% of loans extended for private residential property purchases by FIs were on floating rate packages while the remaining 63% were either on (i) rates linked to board rates or fixed deposit rates, which track market interest rates but with some lag, or (ii) fixed interest rates over the first few years of their loan.

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