Impact of Singapore’s latest property-market curbs on housing loan demand will only be marginal since genuine buyers can still borrow up to 80% of a property’s value, with measures not affecting existing loans, says CIMB, according to Dow Jones.

Reduction in borrowing limit to 70% of value from 80% applies only to home owners with existing mortgages seeking to buy another property.

“We see these measures as positive for the banking sector.” Notes, if measures successful in reining in property speculation, “some of these flows might be diverted back to structured products, bonds or the stock market, benefiting banks.”

Rates OCBC (O39.SG), UOB (U11.SG) at Outperform with respective targets of $10.08, $21.37, DBS (D05.SG) at Underperform with $14.03 target. DBS shares +1.0% at $13.86, OCBC +1.0% at $8.76, UOB +0.2% at $18.82.