Housing loan applications up 20%, Latest Singapore News - The New Paper

Housing loan applications up 20%

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More people applied for housing loans in the first three months of this year, compared with the last three months of last year, according to a new report.

It found that mortgage loan applications rose 20 per cent in the three months to March 31 from the fourth quarter last year, said the Credit Bureau Singapore (CBS) yesterday, which compiles an index on consumer credit.

The index studies consumer credit behaviour and how people use credit balances, their payment delinquency and default rates in both secured and unsecured credit facilities.

Home loans are examples of secured facilities, while unsecured debt refers to loans with no collateral, like those racked up on credit cards or overdrafts.

CBS data showed that mortgage applications grew the most in the first quarter, followed by motor vehicle loan applications, which grew 4.13 per cent.

Home loan applications could have been given a boost after the Government tweaked some property cooling measures in early March, the first adjustments since the curbs were implemented in 2009. - THE STRAITS TIMES