Tag Archives: clauses

Mortgage Loan Terms – What does it mean?

Here are the explanation for the different terms you would commonly see in a bank’s letter of offer. 1.Commitment Period (Lock-in Period) 2.Cancellation fee 3.Interest Review Date 4.Loan commencement date     Commitment Period (Lock-in Period) Like signing a mobile phone contract from a telco, you are “stuck” with the bank for that particular period. […]

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How Does Sibor and SOR work in Singapore housing loans?

In a new launch show-flat, you spoke to a banker and he showed you this package. Here’s how to interpret the package. Bank’s Margin / Spread This 0.75% portion is known as the bank’s margin/spread. This is an annual rate. It will not change unless the bank invokes Interest rate review clause (some banks called it Right to […]

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