THE recent surge in HDB and private home sales has seen a pick-up in the pace of lending among banks, which have come up with new and innovative loan products to lure home-buyers.
Compared to the first quarter, the second quarter saw the number of approvals more than doubled, said Mr Gregory Chan, head of consumer secured lending at OCBC Bank.
‘We continue to see double-digit growth in sales, with a 30 per cent quarter-on-quarter increase in new mortgages as of Q2 2009,’ said Mr Dennis Khoo, general manager of retail banking products at Standard Chartered Singapore.
Banks are introducing more variations in their loan products, not only to seize market share but also, in part, to avoid the old ‘How-low-can-you go?’ war of interest rates.
‘The best mortgage is not necessarily the one with the lowest interest, but the one that best suits a customer’s needs,’ Continue reading
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