Beware if you are taking housing loan from citibank...

[Jrage]

 

 

was checking the MAS factsheet that was given to me by citibank.

 

1 mth sibor highest record in their factsheet is 20% in Jan-98.

 

But i check everywhere, incl factsheet that other bank provided... never has 1mth sibor close the 10% mark..(MAS site)

Either the factsheet bear incorrect information, or the citibank's sibor is higher than other banks.

 

*pretty scary* if their sibor rate is higher than other bank even in the same given mth.

Edited May 31, 2012 by Jrage

[Acemundo]

was checking the MAS factsheet that was given to me by citibank.

 

1 mth sibor highest record in their factsheet is 20% in Jan-98.

 

But i check everywhere, incl factsheet that other bank provided... never has 1mth sibor close the 10% mark..(MAS site)

Either the factsheet bear incorrect information, or the citibank's sibor is higher than other banks.

 

*pretty scary* if their sibor rate is higher than other bank even in the same given mth.

 

not true la......sibor is transparent rate, there is no such thing as citibank sibor or dbs sibor.

 

also i signed the same fact sheet with citibank and hsbc and both bore the same one-time high interest rate you cited. i think you gotta compare in more details what are the types of sibor presented in mas and what are those presented by banks.

[Jrage]

not true la......sibor is transparent rate, there is no such thing as citibank sibor or dbs sibor.

 

also i signed the same fact sheet with citibank and hsbc and both bore the same one-time high interest rate you cited. i think you gotta compare in more details what are the types of sibor presented in mas and what are those presented by banks.

 

20% interest... you still dare to sign ? pop 1 mth.. will "die many ppl"

[Acemundo]

20% interest... you still dare to sign ? pop 1 mth.. will "die many ppl"

 

did you go and see the graph?

 

it is just one of those anomalous one month spike. it couldn't happen to any bank on sibor. yet it is only one month, what's there to fear.

 

that's a remote risk you have to live with with sibor packages. for board rate package, you can be sure whatever you have paid more in each month's monthly instalment may be more than compesnate this anomalous one month jump.

[Soya]

Jan 98 was probably during the asian financial crisis. Unsophisticated asian markets were in topsy turvy then. Whatever rates at the time is best left to the history books.

[Jrage]

Jan 98 was probably during the asian financial crisis. Unsophisticated asian markets were in topsy turvy then. Whatever rates at the time is best left to the history books.

 

i have other factsheets is max is for other floating rate ...only 3.66% over the last 20 yrs..i.e max interest that was paid is 4.36%. It does not make sense to take such risk.

 

Even say.. take 3m sibor.. your risk is miminused .

Edited May 31, 2012 by Jrage

[Soya]

if u wan zero risk in taking a housing loan (weird concept but it actualli exists......onli in s'pore) is buy bto, take hdb loan and dear ah gong onli charge u 0.1% above OA rate. dun even tink of pte property & pte bank loan is one cannot stomach any risk.

[Acemundo]

if u wan zero risk in taking a housing loan (weird concept but it actualli exists......onli in s'pore) is buy bto, take hdb loan and dear ah gong onli charge u 0.1% above OA rate. dun even tink of pte property & pte bank loan is one cannot stomach any risk.

 

 

haha yeah hdb rate fixed 2.6% all the way.

 

private now only 1%. there is always high cost involved to hedge risk. end of day what one incurs in cost to hedge risk can be saved and set aside to pay for the risky event if it eventually transpired.

[Soya]

haha yeah hdb rate fixed 2.6% all the way.

 

private now only 1%. there is always high cost involved to hedge risk. end of day what one incurs in cost to hedge risk can be saved and set aside to pay for the risky event if it eventually transpired.

 

 

no downside oso means no upside nor flexibility. if wan simple life then go for the simplest housing option and let ah gong take care of everything.

[CheongAhh]

i know a relative who made his fortune by buying up the cheap properties due to the Asian crisis in 97-98. He's now collecting rent for a living while i have to slog my life away.

 

同人不同命

[Soya]

i know a relative who made his fortune by buying up the cheap properties due to the Asian crisis in 97-98. He's now collecting rent for a living while i have to slog my life away.

 

同人不同命

 

 

haha...it's always easier to look back at hindsight and thought of what we could or should have done. but does one have the means to do so at the time?

perhaps u shld live up to your name. cheongahhhhh!....

 

 

[Johnnylim]

i know a relative who made his fortune by buying up the cheap properties due to the Asian crisis in 97-98. He's now collecting rent for a living while i have to slog my life away.

 

同人不同命

where got 同人? although maybe a bit same blood only

[Ilovemoney]

was checking the MAS factsheet that was given to me by citibank.

 

1 mth sibor highest record in their factsheet is 20% in Jan-98.

 

But i check everywhere, incl factsheet that other bank provided... never has 1mth sibor close the 10% mark..(MAS site)

Either the factsheet bear incorrect information, or the citibank's sibor is higher than other banks.

 

*pretty scary* if their sibor rate is higher than other bank even in the same given mth.

 

Quite a misleading post from you, sibor is not determined by citi but by ABS, and anyway the purpose of the factsheet is to warn comsumers that sibor rates can spike up.

[Acemundo]

haha...it's always easier to look back at hindsight and thought of what we could or should have done. but does one have the means to do so at the time?

perhaps u shld live up to your name. cheongahhhhh!....

hehe i also have been lamenting to myself on the missed chances on hindsight.

 

but i also comfort myself i didn't have the bullets at those times to capitalise hehe

[Chucky2007]

If I remember correctly, the Sibor in. 1997/98 was at all time high. Think 3mth Sibor is 9 or 12% during that time. Maybe 1mth Sibor is really at 20%.. 1/3/6/9/12 mth Sibor all different rate but at that exceptional time of financial crisis its possible. Why take yr loan based on mth sibor? Everytime rate changes very troublesome

[Chucky2007]

If I remember correctly, the Sibor in. 1997/98 was at all time high. Think 3mth Sibor is 9 or 12% during that time. Maybe 1mth Sibor is really at 20%.. 1/3/6/9/12 mth Sibor all different rate but at that exceptional time of financial crisis its possible. Why take yr loan based on mth sibor? Everytime rate changes very troublesome

[Joseph22]

was checking the MAS factsheet that was given to me by citibank.

 

1 mth sibor highest record in their factsheet is 20% in Jan-98.

 

But i check everywhere, incl factsheet that other bank provided... never has 1mth sibor close the 10% mark..(MAS site)

Either the factsheet bear incorrect information, or the citibank's sibor is higher than other banks.

 

*pretty scary* if their sibor rate is higher than other bank even in the same given mth.

bro, Sibor is not set by Citibank themselves and universal across all banks.

so if you concern about sibor rate so high, better go get a fixed rate loan or loan from HDB. HDB rate is 0.1% above Interest rate of CPF

[Acemundo]

If I remember correctly, the Sibor in. 1997/98 was at all time high. Think 3mth Sibor is 9 or 12% during that time. Maybe 1mth Sibor is really at 20%.. 1/3/6/9/12 mth Sibor all different rate but at that exceptional time of financial crisis its possible. Why take yr loan based on mth sibor? Everytime rate changes very troublesome

 

 

one have a choice of 1mth, 3mth, 6mth or 9mth sibor.

 

1 mth sibor is lower and changes every month.

 

the rest is correspondingly higher and fluctuates by the tenure of month they are named after.

 

depends on whether one wants lowest rate or fixed for certain period of time.

 

if one forecast rates to be going up, he can opt for one month sibor. borrowers should note that markup+12 month sibor is always lower than any fixed rate package. banks don't fix the rate free of charge. if the outlook is itnerest rate stays flat, much better to go for 1-month sibor package.