Adjournment motion on coping with rising interest rates

Subsidise housing loans for lower-income citizens and allow people to refinance their home loans to concessionary rates offered by HDB. These were among the suggestions from MP Saktiandi Supaat, as he called for targeted "interventions" amid high interest rates in his adjournment motion in Parliament on Tuesday (Oct 4). He stressed the need to prepare in the extraordinary event where home loan rates rise sharply. He wanted to know if the Government has any contingency plans in place and whether the Monetary of Singapore will consider implementing temporary measures, such as rate ceilings to ensure that rates do not spiral out of control and become unaffordable. Responding, Senior Minister of State for Finance Chee Hong Tat said Government agencies will look into Mr Saktiandi's points and suggestions. He said the Government will continue to ensure that essential areas, such as public housing, healthcare and education will remain affordable and accessible to all Singaporeans. On housing, he said the Government will continue to sell new flats at prices below market value with significant housing subsidies. This is to encourage home ownership and enable as many families as possible to own their homes. He said the Government will continue to monitor the property market and review its policies when necessary in a rising interest rate environment. It will also work with financial and non-financial institutions to better help borrowers understand their loan commitments. Mr Chee expressed confidence that Singapore and Singaporeans have what it takes to weather the challenges ahead because of mutual trust and social cohesion.