Exercise financial prudence in home purchases given potential rising interest rates: Alvin Tan

nd Industry Alvin Tan on Monday .

He was responding to parliamentary questions by Mr Saktiandi Supaat and Mr Desmond Choo on the impact of a higher interest rate environment on the household debt situation and mortgage rates here. Mr Tan noted that although there is a need for prudence in borrowing as interest rates are expected to rise in the coming years, Singaporean households have generally been able to service and manage their debts.

"Households' net wealth grew even through the pandemic, with household assets growing faster than household debt. Households' liquid assets such as cash and bank deposits continued to exceed the total liabilities in aggregate," he added.

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