Check out how much housing loan growth dropped in Singapore banks since 2010

Growth has fallen to 13%.

Nomura's recent visit to all the three Singapore banks reaffirmed their positive view on the Singapore banking sector.

"Our meetings reconfirm our view that loan growth this year will stay in double-digits, NIMs are stable (and not falling), asset quality is robust and capitalisation levels are more than adequate," Nomura said.

Here's more from Nomura:

We also think policy risk in Singapore could be easing as new mortgage bookings have fallen 20-30%y-y, while property prices have more or less levelled out.

The Singapore housing market appears to have cooled, with mortgage originations declining significantly (in line with banks’ initial guidance).

Mortgage rates have been stable this year at around 1.3%, albeit a nearly 30bp improvement from last year. The MAS macro-prudential measures implemented over the past three years are starting to have a moderating effect on the sector.

Housing loan growth has fallen to 13% currently from 15% in 2012, which we estimate should ease to 6% by mid-2015F assuming a 20-30% p.a. drop in new mortgage loans over the next two years.