hi guys, chanced upon this thread talking about interest rates, thought i'd get some advice. i am currently with Stan Chart, paying 3mth SIBOR+1.25% with no lock in. however, as i had taken the loan to purchase a new property, part of the loan amount has not been disbursed to the developer yet. also, was given full legal subsidy and 3 yrs fire insurance.

i had compared around and stanchart doesnt seem to be giving me the best deal and none of the their existing packages are enticing enough.. am i able to do a re-financing with other banks? what are the implications? legal subsidy call-back? penalty on undisbursed amount?

thanx!

Wow so good, no lock in & yet low i/r, unbelievable, sure got "hidden costs". Read yr facility letter & term & conditions carefully. My terms & conditions letter got 12 pages, all in small print !...

Edited April 27, 201016 yr by bepgof

hi guys, chanced upon this thread talking about interest rates, thought i'd get some advice. i am currently with Stan Chart, paying 3mth SIBOR+1.25% with no lock in. however, as i had taken the loan to purchase a new property, part of the loan amount has not been disbursed to the developer yet. also, was given full legal subsidy and 3 yrs fire insurance.

i had compared around and stanchart doesnt seem to be giving me the best deal and none of the their existing packages are enticing enough.. am i able to do a re-financing with other banks? what are the implications? legal subsidy call-back? penalty on undisbursed amount?

thanx!

Actually I did my refinancing early last year from UOB to DBS. DBS gave me 3 months SIBOR + 0.7% with no lock-in. Even after 2 years it will still be 3 mth SIBOR +0.7%. Furthermore, they were willling to pay for my Penalty and Legal fees. As Sibor kept going down, my interest rate was cut from 1.5% to 1.3%. This is alot of savings considering I was paying 3.75% previously with UOB.

I am paying paying 1.5% interest rate.

I think every one have don’t give up if they don’t immediately lower their interest rate. You should keep trying about once a month to lower your rates. It does take a little time, but it will be worth it.

I am paying paying 1.5% interest rate.

I think every one have don’t give up if they don’t immediately lower their interest rate. You should keep trying about once a month to lower your rates. It does take a little time, but it will be worth it.

hi kelvincrispy, which bank are you loaning from? is this a fixed rate or SIBOR package? any lock-in periods?

somehow i feel stanchart svcs not so good, after signing the loan contract, their response time for any rate queries gets multipled by 3. &^$%$#!@#

Sibor + 0.5%

currently 'am paying 3mth sibor + 1.3% with no lock in.. it's almost 2 years alrdy so i'm thinking to refinance.. my loan tenure is around 30 yrs, maybe wanna shorten a bit to 20 yrs plus..

if within the bank, they offered me 1st yr: 1.95% fixed, 2nd yr onwards: 3mth sibor + 1.25% no lock in

another bank offered me 3yr fixed lock in: 1.99%, onwards: 3mth sibor + 1.25%

anyone can suggest which one better? or should i wait for another months?

thanks

currently 'am paying 3mth sibor + 1.3% with no lock in.. it's almost 2 years alrdy so i'm thinking to refinance.. my loan tenure is around 30 yrs, maybe wanna shorten a bit to 20 yrs plus..

if within the bank, they offered me 1st yr: 1.95% fixed, 2nd yr onwards: 3mth sibor + 1.25% no lock in

another bank offered me 3yr fixed lock in: 1.99%, onwards: 3mth sibor + 1.25%

anyone can suggest which one better? or should i wait for another months?

thanks

hi reffine, which bank is offering you the "3yr fixed lock in: 1.99%, onwards: 3mth sibor + 1.25%" package? personally i feel better with a fixed package deal than a floating one. cos SIBOR is low (if not lowers) now and the only way to go is up. would rather have a fixed deal for the next 3 years. at least i know my damages in the short term lah..

jus my personal opinion of cos. if any experts can also advise?

currently 'am paying 3mth sibor + 1.3% with no lock in.. it's almost 2 years alrdy so i'm thinking to refinance.. my loan tenure is around 30 yrs, maybe wanna shorten a bit to 20 yrs plus..

if within the bank, they offered me 1st yr: 1.95% fixed, 2nd yr onwards: 3mth sibor + 1.25% no lock in

another bank offered me 3yr fixed lock in: 1.99%, onwards: 3mth sibor + 1.25%

anyone can suggest which one better? or should i wait for another months?

thanks

A 3-page article from UOB, wrt i/r, worth reading, especially the past trend & the forecast on 3month sibor.

http://img697.imageshack.us/img697/4205/ca...apr101page1.jpg

http://img594.imageshack.us/img594/9364/ca...apr101page2.jpg

http://img41.imageshack.us/img41/2230/casin30apr101page3.jpg

Edited May 1, 201016 yr by bepgof

Mine's fixed at 1.58% for first year and 1.98% at 2nd year.. I think there's a lock-in but can't remember if it's a 1 year lock-in or 2 year lock-in.

For me I feel more "steady" with a fixed interest rate.

Mine's fixed at 1.58% for first year and 1.98% at 2nd year.. I think there's a lock-in but can't remember if it's a 1 year lock-in or 2 year lock-in.

For me I feel more "steady" with a fixed interest rate.

My "finance minister" feels the same.

Edited May 4, 201016 yr by bepgof

Australia is rising the interest rate, will singapore mortgage bank interest rate will be increase in near future?

Singapore interest rate is follow US Fed rate.

Australia is rising the interest rate, will singapore mortgage bank interest rate will be increase in near future?

Check the past year trend, will give u some indication:

https://secure.sgs.gov.sg/apps/msbs/soraForm.jsp

Personally find unlikely banks to increase rate in near future (6 months), S'pore will follow the "big brother" to make the mix of currencies in one basket make sense. "you up I up", "you down I down" - better be follower be than leader in this mattery as S'pore is small. Money =m1+m2+m3, see MAS's monetary & fiscal policies.

India & China also up their rate to "tarak" & "absorbe" the "liquid" into banks, so make no flooding over country. Too liquidity up CPI and currency worths "less value".

Edited May 5, 201016 yr by bepgof

Check the past year trend, will give u some indication:

https://secure.sgs.gov.sg/apps/msbs/soraForm.jsp

Personally find unlikely banks to increase rate in near future (6 months), S'pore will follow the "big brother" to make the mix of currencies in one basket make sense. "you up I up", "you down I down" - better be follower be than leader in this mattery as S'pore is small. Money =m1+m2+m3, see MAS's monetary & fiscal policies.

India & China also up their rate to "tarak" & "absorbe" the "liquid" into banks, so make no flooding over country. Too liquidity up CPI and currency worths "less value".

Anyone sucessfully managed to get the refinance bank to pay for the penalty charges for early redemption? Currently, my loan is taken up with OCBC, 3.25% pa and loan outstanding of 450k. Is it worthwhile for me to refinance the loan?

Cheers!

Anyone sucessfully managed to get the refinance bank to pay for the penalty charges for early redemption? Currently, my loan is taken up with OCBC, 3.25% pa and loan outstanding of 450k. Is it worthwhile for me to refinance the loan?

Cheers!

I think it is worthwhile to explore refinancing. You can get the mortgage broker to help you do the sums and explain to you whether it is worthwhile to do refinancing. If you need to find a broker, I can intro my broker to you.

The broker don't charge you any fees and he earns his income from a commission that is paid by the bank. You get the service but don't pay him any fees. Cheers!