Banks: MAS eases financing for motor vehicles; positive first step
Revised rules:
OMV <= $20k: Maximum LTV lifted to 70% (prior: 60%)
OMV > $20k: Maximum LTV lifted to 60% (prior: 50%)
- Loan tenure for both categories lengthened to 7 years from 5 years.
- Easing rules positive for SG banks, but impact marginal
- This move can be seen as a first step to grow loan demand
- MKE keeps its negative view on the sector with UOB (Hold, TP $16.96 ) as its preferred pick.
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