28 Jun '14, 7am

Fixed deposit rates or #Sibor for your mortgage loan? Read more @ #FHR #loan

HOME buyers who like the certainty of a more fixed mortgage rate have another option to consider in the form of a new package rolled out by DBS Bank. Its fixed deposit home rate, or FHR, is pegged to the bank's fixed deposit interest rate and not the Singapore Interbank Offered Rate, commonly known as Sibor. Sibor reflects the day-to-day money market and so can fluctuate, especially in volatile financial periods. That means mortgages pegged to it are exposed to the same movements. The new DBS package aims to iron out many of these potential ups and downs and reduce the anxiety for some mortgage holders. The FHR, which is now at 0.4 per cent, is derived by calculating the simple average of the bank's 12-month and 24-month fixed deposit interest rates. A premium, known as the spread, is tacked on, resulting in the final interest charged. So if the spread for the first year i...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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