Household mortgage debt on the rise

Steady growth: People resting in the Marina Bay area of Singapore. The economy is set to grow by about 7% this year and 3% to 5% next year. — Bloomberg

SINGAPORE: Singapore households have amassed a larger pile of debt than they had before Covid-19 struck, thanks to a buoyant property market.

Hence, households must carefully assess their ability to meet mortgage obligations and those with a heavy debt load should not take on more loans, the Monetary Authority of Singapore (MAS) advised in its annual Financial Stability Review (FSR) released yesterday.