Cooling measures rein in home prices

[yeokiwi]

Does it mean more people are enticed to take up HDB loans from banks rather than HDB to enjoy the lower market rate?

Quite possible. The HDB dwellers may also try to clear their HDB loan so that they can obtain a higher loan amount for their 2nd property.

I believe the bulk of CPF is under SA and MA so not much left in OA to clear mortgage debt.

Certainly.
But, the overall balance sheet of Singapore households is pretty good.
The debt ratio is about 0.16.

However, it is quite likely that the financial asset distribution is imbalanced.