2 in five Singaporeans face difficulty in paying off mortgage loans
Singapore. According to a Financial Wellness Index report released by OCBC on 22 November, about 40% of Singaporeans are having trouble paying off their mortgage loans. This was up from 31% of Singaporeans who faced such mortgage stress in 2021.
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OCBC said in a media release that about 14% of Singaporeans were unable to pay their loans on time (up from 9% in 2021). Moreover, about 8% of Singaporeans would sell, or downgrade their homes to pay off their loans (up from 6% in 2021).
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“This has resulted in more Singaporeans worried about home financing – 38 per cent worry about not being able to afford a home, an increase from 36 per cent last year,” OCBC added.
The index was generated using a 21-to-65-year-old Singaporean online poll. In August, the three-month Singapore Overnight Rate Average (SORA) was 1.27%.
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