Read: 322
Homeowners with loans tied to the Singapore Interbank Offered Rate SIBOR are encouraged to consult their banks before June 1, 2024. As of December 31, 2022, approximately half of the 87,000 SIBOR-based home loans have been converted by homeowners as of March 31, 2024.
Early communication with your bank will provide you more time to consider alternative options, which could include one of their current packages or the Singapore Overnight Rate Average SORA Conversion Package SCP. Should you fl to choose an alternative plan before June 1, 2024, your existing SIBOR-based loan will automatically transition to SCP by your bank in June.
The SORA is a rate designed as an alternative benchmark for interbank ling and borrowing rates like the SIBOR. As financial markets evolve, using this new benchmark can help mitigate risks associated with interest rate fluctuations.
A home loan that uses SIBOR as its reference rate adjusts based on the average rate at which Singapore banks l to each other for overnight transactions.
Retn Existing Loan: You can continue with your current SIBOR-based loan if it fits your financial plan.
SCP Offer: Consider transitioning to SCP, provided by your bank as a conversion package.
Alternative Bank Packages: Explore different offerings from other banks that may suit your needs better.
Selecting the best option requires considering factors such as interest rate stability, long-term trs in financial markets, and alignment with your personal or business financial goals.
Consultation fees may apply deping on specific bank policies. It's recommed to check directly with your bank for detls.
Once converted to SCP, you might inquire about the possibility of switching back to another loan package within a defined timeframe without penalties.
FAQs: For detled information and guidance in English or Chinese.
Letter from Bank: A personalized guide that banks may provide outlining specific options for their clients.
For comprehensive information and updates, visit our website section dedicated to the transition roadmap, announcements, publications, events, and FAQs related to SIBOR and SORA rates.
12-08, MAS Building
10 Shenton Way, Singapore 079117
Tel: +65 6224 4300
Fax: +65 6224 1785
Eml: [email protected]
Automated Exchange of Information AEOICommon Reporting Standard CRS
Dr Goh Keng Swee Scholarship Program
FATCA Guidance for Financial Institutions
K2 Rates and Other Investment Resources
Online e-learning Platforms for Investors Members
Prime Ling Rate Updates
Credit Counseling Singapore
Consumer Credit Bureau Services
Financial Industry Disputes Resolution Center FIADR
Directory of Financial Institutions in Singapore
Singapore Deposit Insurance Corporation Information Page
This article is reproduced from: https://abs.org.sg/sibor
Please indicate when reprinting from: https://www.669t.com/loan_limit/HomeLoanConversion2024_AMP.html
SIBOR to SORA Loan Conversion Guide Singapore Home Loans Interest Rate Options SIBOR vs. SORA: Financial Transition Advice Navigating Singapores Loan Benchmark Rates Home Loan Package Selection Process 2024 Preparation for SIBOR to SORA Shift