“More Singaporeans are unable to pay their loans on time (14 per cent versus 9 per cent in 2021), with more indicating they would have to sell or downgrade their homes to pay their loans (8 per cent compared to 6 per cent in 2021),” said OCBC in a media release.
This was an increase from 31 per cent of Singaporeans who faced such “mortgage stress” in 2021, said the bank. SINGAPORE: The stress of paying for a house seems to be rising in tandem with home loan interest rates, according to a bank’s financial survey.īut banks and analysts who spoke to CNA said mortgage foreclosures are rare in Singapore, and lenders said they would do their best to support those facing financial difficulties in a challenging economic environment.Ī Financial Wellness Index report released by OCBC on Tuesday (Nov 22) found that 40 per cent of Singaporeans face “some difficulties in paying off their mortgage loans”.
