Ong Ye Kung on banks' housing loan interest rates
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Ong Ye Kung on banks' housing loan interest rates(Updated: )
The Monetary Authority of Singapore (MAS) does not intervene directly in determining housing loan interest rates. These are determined by the market. But it expects rates to be revised downwards fairly, consistent with sustained trends in the banks' cost of funding for such loans. Education Minister and MAS Board Member Ong Ye Kung said this on Tuesday (May 26) in reply to Parliamentary questions. Mr Ong said some borrowers would already have seen interest rates for their loans come down in the past months, as falling interbank interest rates are passed on to them.