Is it true that foreigners would be subjected to aggregate loan caps?
I am a foreigner and I have been living and working in singapore for a long time and I even made my own company. I have been borrowing money from time to time as an investment for my business but I pay off my debts on time. Is it true that we would now be subjected to aggregate loan caps? How would this affect us?
In a joint statement, the Ministry of Law (MinLaw) and Ministry of Manpower (MOM) said that foreigners living in Singapore will be subject to new aggregate loan caps and the self-exclusion framework for borrowing from licensed moneylenders just like Singaporeian citizens. This just implies that this will better protect foreigners such as yourself residing here and your/their employers from the effects of over-borrowing.