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.

More from OMY: Rising interest rates are set to affect 1 in 3 homeowners with outstanding mortgages

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).

More from OMY: Refinancing Vs. Repricing Your Home Loan In Singapore

“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%.

More from OMY: Best Mortgage Home Loan in Singapore

Share This Story:

More Articles

No Need to Shop Around, Find the Best Personal Loan Offers in One Place! 

In just minutes, OMY can give you access to multiple loan offers from various banks and loan providers – all for free.

Personal Loan Offers!