MORTGAGE INSURANCE AND HOME OWNERSHIP FOR SINGAPORE YOUNG ADULTS

Abstract

Singaporeans now aspire for better quality housing with the increase in the standard of living. Buying a house is probably the biggest, most expensive and far reaching financial investment for most people. The increase in residential property prices over the years has become a hurdle for most Singapore citizens and permanent residents. With the increasing homeownership, the government has encouraged more people to take up insurance packages as a kind of security and protection to our homes like defects insurance, home protection insurance scheme under Central Provident Fund (CPF) for government subsidised public housing and fire insurance, and so on. This study provides an overview of mortgage insurance in the United States and the risks involved. The findings from the survey reveals that the implementation of mortgage insurance in Singapore will not have significant effect on the young working adults owning a private property.