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Borrowers in jobs at risk face tighter processing for new home loans

Those with variable income in certain virus-hit industries affected; banks supportive of existing borrowers seeking refinance

Published Wed, Aug 5, 2020 · 09:50 PM

Singapore banks

Singapore

HOME buyers are reportedly facing tighter credit assessment when they apply for mortgages - especially if they work in sectors that have been severely affected by Covid-19.

On the other hand, for existing borrowers hoping to re-finance to cheaper home loans, banks are supportive and are easing the debt servicing criteria.