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Why should I take up a SOR
Packages?
SOR Packages offer you:
(a) Transparency
SOR is a published rate. This means that your interest rate will
move in tandem with the market interest rate.
(b) Choice of SOR Rates*
You have a choice to peg your home loan rates to the 3-Month, 6-Month
or 12-Month SOR
(c) Flexibility
You can opt to change the Interest Rate Period on the expiry
date of the contracted Interest Rate Period by giving the Bank
one month's notice in writing, and pay an administrative fee
eg: If you have chosen a 3M SOR package, you can opt to change
to a 12M SOR package upon the expiry of the 3-month Interest
Rate Period, subject to the conditions.
If no prior instructions are given by you, your Loan will be re-priced
based on the new 3M SOR rate upon the expiry of the contracted
Interest Rate Period.
Upon the expiry of the contracted Interest Rate Period, your
Loan will be re-contracted based on the rate of the new 3M SOR
if there are no instructions to the contrary.
(d) No Partial / Full Redemption Penalty
There is no prepayment penalty, if you effect your prepayments
on the expiry date of the contracted Interest Rate Period,
subject to the required written notice**.
*Partial Prepayment: 1 month's notice in writing before the
expiry of the contracted Interest Rate Period. |
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