Mr Chua Kheng Wee Louis asked the Prime Minister how has the share of private residential properties and HDB flats with outstanding mortgage loans changed since the 2008 Global Financial Crisis.
Mr Tharman Shanmugaratnam (for the Prime Minister): The share of private residential property owners with outstanding mortgage loans increased from 54% to 62% between 2011 and 2013, before stabilising since. It was 62% in 2022. In comparison, those HDB flat owners with outstanding mortgage loans has decreased from 57% to 42% from 2011 to 2022.
As reported in its Financial Stability Review published on 25 November, the Monetary Authority of Singapore’s stress tests show that most households are financially resilient to income and interest rate shocks, although some households would be vulnerable under a more stressed economic environment. As interest rates continue to rise, all households should prudently manage their borrowings, especially when considering new mortgage loans.
Prime Minister’s Office
29 November 2022