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SIBOR borrower- it's high time to manage your loan!
Posted: Mon Mar 09, 2015 5:20 pm
by MortgageAdvisor
3M sibor hit 0.8%
interest payable higher and higher now for home owners!
what's your rate?
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Mon Mar 09, 2015 5:26 pm
by starlight1968sg
MortgageAdvisor wrote:3M sibor hit 0.8%
interest payable higher and higher now for home owners!
what's your rate?
I signed up for Std Chart's Mortegage One for my housing loan
How to find out the latest sibor?
Thank you.
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Mon Mar 09, 2015 7:20 pm
by MortgageAdvisor
starlight1968sg wrote:MortgageAdvisor wrote:3M sibor hit 0.8%
interest payable higher and higher now for home owners!
what's your rate?
I signed up for Std Chart's Mortegage One for my housing loan
How to find out the latest sibor?
Thank you.
You can go to association of banks in Singapore(ABS)
Google ABS Sibor and you can see the rates.
It will be updated every working day on the previous day SIBOR/SOR rate.
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Thu Mar 12, 2015 10:10 am
by zbear
I don't want to create new thread n I couldn't find any existing threads on car loans.
I assume that not only interests on housing loans but also car loans would have gone up.
For those who are left with 3 years of car loan, would you consider doing a full redemption (with the financial ability to do so) or still continue to pay the loan till the end of loan period?
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Thu Mar 12, 2015 11:00 am
by hquek
zbear wrote:I don't want to create new thread n I couldn't find any existing threads on car loans.
I assume that not only interests on housing loans but also car loans would have gone up.
For those who are left with 3 years of car loan, would you consider doing a full redemption (with the financial ability to do so) or still continue to pay the loan till the end of loan period?
Car loan interests are fixed at point of taking up the loan. There should not be any change (unless change financial institution). It's a bit unlike home loan where the interest fluctuates.
Full redemption may still be subject to a small penalty for the interest revenue lost by the lender.
New car loans will probably be affected by the higher interest rate. Note that what they quote you is only the nominal - eg 1.88%, 2.15%. The real interest rate is probably 4-6%. More information here.
http://www.motorcar.com.sg/Information/ ... ancing.htm
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Thu Mar 12, 2015 11:26 am
by scang
Yes, Car loan interests are fixed so early redemption does not help for existing car loans.
On the other hand, housing loan is dependent on the interest rate, be it floating or fixed plans taken and the trend in the direction of interest rate.
Sibor Rate Trend
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Thu Mar 12, 2015 6:48 pm
by atrecord
scang wrote:Yes, Car loan interests are fixed so early redemption does not help for existing car loans.
On the other hand, housing loan is dependent on the interest rate, be it floating or fixed plans taken and the trend in the direction of interest rate.
Sibor Rate Trend
Strictly speaking it's not true that it doesn't help at all to settle car loans early. You do get a rebate. But the banks will impose a penalty for you deciding to not continue to pay them the interests that the banks felt they should continue to earn from you (if you loaned till the end).
Overall, when redeeming early, one still pays less than the original total capital + total interests. But it is made less attractive becos of the penalty. Some banks will waive this penalty if you had stayed a number of years with them...
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Wed Mar 25, 2015 2:59 pm
by i love my family
MortgageAdvisor wrote:starlight1968sg wrote:MortgageAdvisor wrote:3M sibor hit 0.8%
interest payable higher and higher now for home owners!
what's your rate?
I signed up for Std Chart's Mortegage One for my housing loan
How to find out the latest sibor?
Thank you.
Sibor has hit to 1%
You can go to association of banks in Singapore(ABS)
Google ABS Sibor and you can see the rates.
It will be updated every working day on the previous day SIBOR/SOR rate.
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Thu Apr 16, 2015 2:33 pm
by elenang
Looking at today's rate, how come SOR dropped below SIBOR? Anyone knows the reason?
SGD SIBOR SGD SWAP OFFER
Overnight - 0.47431
1 month 0.88508 0.90487
3 month 1.01441 0.90921
Re: SIBOR borrower- it's high time to manage your loan!
Posted: Thu Apr 16, 2015 2:39 pm
by rivereast
newbie question: my mortgage interest rate is lower than what CPF is paying. so is it better to keep the money in CPF, than to do a capital repayment?