Chart of the Day: Mortgage applications crashed 30-40% post property curbs
Here's the impact on housing loan growth.
According to DBS, since further property cooling measures were imposed early this year and with the Total Debt Service Ratio implemented since late Jun 2013, DBS understands from the banks that mortgage applications have declined by 30-40% y-o-y.
Here's more:
Housing loan growth would likely stay around low double digits as there are still loans that were previously approved to be drawn down, this could last till end 1H14.