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Singapore’s biggest lender DBS raises mortgage rates: ST

Singapore’s largest lender DBS Group has raised the rates on all its home loan packages as of Tuesday.
DBS raises rates on all its home loans as of Tuesday. (PHOTO: REUTERS/Caroline Chia)

By Aradhana Aravindan

(Bloomberg) – Singapore’s largest lender DBS Group Holdings Ltd. has raised the rates on all its home loan packages as of Tuesday, The Straits Times reported, as it joins other banks in tracking the Federal Reserve’s decision to boost interest rates to tame inflation.

DBS also scrapped its five-year fixed rate package for owners of public housing apartments, the ST said, citing its own checks.

The bank raised the rate on its two-year fixed rate package by 0.3 percentage points to 2.75% per annum, while the three-year fixed rate package is now 0.15 percentage points higher at 2.75% per annum.

Local peers United Overseas Bank Ltd. and Oversea-Chinese Banking Corp. had raised their rates last week.

The Fed this month increased interest rates by 75 basis points, the biggest hike since 1994.

Globally, borrowing costs are rising as central banks seek to cool surging inflation.

Singapore home sales were at a six-month high in May, with the city-state’s rebounding economy fuelling demand for housing.

© 2022 Bloomberg L.P.