Barely a week after getting a strong mandate in the recent general election, the Singapore Government raised mortgage rate to 7 year high through the Association of Banks in Singapore (ABS). The key interest rate known as Singapore Inter-bank Offered Rate (SIBOR) was raised to 1.13100 for its 3-month rate.
Singapore property owners will pay higher mortgage loan repayment and is expected to pay more in the future as the Singapore Government will likely increase SIBOR further to match US’s much-speculated rising rate.
