What to expect?
Our Mortgage Retention Officer will contact you within 5 business days.
Interest Rate is the rate of interest that is charged on the loan. It can be fixed, variable, or a combination of both over the loan period
Fixed Rate Loan
A fixed rate loan charges the same rate of interest throughout the duration of the loan.
Variable Rate / Floating Rate Loan
Our variable rate loan is currently benchmarked against SORA.
Loan amount is the total amount the borrower agrees to repay the Bank, in accordance to the terms and conditions of the loan agreement.
Lock-in Period refers to a predetermined number of years that the borrower is penalised for if he/she changes the terms of the contract (either by cancellation, prepayment or conversion). As every loan package has different terms and conditions, it is advisable to consult the Bank before making changes.
Repricing serves the same purpose as refinancing. However, instead of going to a different bank, you go to the same bank you took the home loan to request for a reduction in rates.
Singapore Interbank Offer Rate (SIBOR)
Singapore Interbank Offer Rate (SIBOR) refers to the rate that financial institutions in Singapore lend / borrow unsecured funds to / from each other. Your loan can be based on the 1-month or 3-month SIBOR. If your loan is based on the 3-month SIBOR, your interest rate will be 3-month SIBOR plus a margin for the Bank and repriced every 3 months. This rate is transparent and can be found on the Association of Banks in Singapore website.
Singapore Overnight Rate Average (SORA)
The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm.
Your loan can be based on the 3-month Compounded SORA. If your loan is based on the 3-month Compounded SORA, your interest rate will be 3-month Compounded SORA plus a margin for the Bank and repriced every 3 months. This rate is transparent and can be found on the Monetary Authority of Singapore website.