With the prospect of a drop in property prices looming large on the horizon, Singapore banks are already tightening their lending criteria. Prospective buyers of so called shoe-box units are already discovering that access to funding is proving to be a challenge.
An employee of CIMB who declined to be named told PropertyGuru that financing for shoe-box units is simply no longer being offered. "It's just too risky right now" he said, adding that he understands most banks are not even considering applications from individuals with a substantial deposit and perfect credit history. Full story
