SINGAPORE, Sept 14 (Reuters) - Singapore will tighten rules on housing loans to make it tougher for people to borrow, National Development Minister Mah Bow Tan said on Monday according to state television.
With the new rules that come into effect immediately, banks and developers will not be allowed to offer housing loans whereby the borrower only pays the interest and defers repayment of the principal to a later date, Channel NewsAsia said.
Home prices in Singapore have soared in recent months, with transactions hitting record monthly highs, as buyers flock to showrooms for new apartments.