If you have house loan with shitty bank

[Sabian]

If the adjustment is made after the customers contractual duration(first 3 years), then customers can always find another bank to refinance. So don't think MAS will do anything.

 

This is always the reason why I don't believe in life insurance, the t&c already win liao lor.

It shd be within the period and that's why the customer jumped. Double whammy. Sibor up and bank pull this kind of stunt.

 

But always the foreign bank like to chut stunt. Some time back, also got substandard chowtar bank offer home loan interest offset against deposit product, in the end they also shafted customer ass and pulled the product.

 

In short, have some SG pride and don't be a slut and drop tour panties for the bank just because the bank drops it's own panties cos when the bank pulls its panties back up, the T&C will say your panties must continue staying down.

Edited March 6, 2015 by Sabian

[Jamesc]

It shd be within the period and that's why the customer jumped. Double whammy. Sibor up and bank pull this kind of stunt.

 

But always the foreign bank like to chut stunt. Some time back, also got substandard chowtar bank offer home loan interest offset against deposit product, in the end they also shafted customer ass and pulled the product.

 

In short, have some SG pride and don't be a slut and drop tour panties for the bank just because the bank drops it's own panties cos when the bank pulls its panties back up, the T&C will say your panties must continue staying down.

 

Yup I also got the substandard chowtar bank offer home loan interest offset against deposit product, in the end I was also shafted when they pulled the product.

 

I couldn't believe I signed a contract and they could just change the terms.

 

That means the contract wan't worth the paper it was written on.

 

[Yewheng]

 

Yup I also got the substandard chowtar bank offer home loan interest offset against deposit product, in the end I was also shafted when they pulled the product.

 

I couldn't believe I signed a contract and they could just change the terms.

 

That means the contract wan't worth the paper it was written on.

 

No choice, unless there is qe4. rates will slowly increase further and I believe all banks will follow suit on. There is no other choice Because of bad decision in the past with all KPI pressure that they just give excuse that as long as it can hit target is good news. It's more deep then that man.

 

Alan greenspan also now have deep concern in the USA economy.

http://schiffgold.com/guest-commentaries/greenspan-poor-productivity-means-economy-trouble-video/?utm_medium=social&utm_source=twitter&utm_campaign=guest&utm_content=schiffgold so you see, how will bank not raise rate to sustain, more to come man.

 

That is why I feel that sometimes those on the top that make bad decision especially banks, politicians, everyone will suffer. So Well.. Have no other choice man, just have to head on to make sure they get the message that they are heading the wrong direction especially the financial institution. Unfortunately for the past few years they still feel things are under control. Luckily government step in and heavily monitor them, if not I cannot imagine their reckless because of cheap $ flowing in for the past few years. Cheap $ not flowing in as much now as there is no qe4 yet, so sooner or later all will have to raise interest rate one leh.

Edited March 6, 2015 by Yewheng

[Lala81]

Dey... It's not abt fixed or not fixed.

 

It's about the spread. If you take sign up for a 20yr home loan and the terms say 0.65%+3 mth sibor, it shd remain that way for the tenure of the home loan. So the effective rate will vary according to the 3 month sibor+0.65%.

 

The TS in that thread is kpkb abt his 0.65% being adjusted upwards unilaterally by the bank.

 

If like that, sign loan contract for fxxk?

 

Only got this guy complain?

Are there other complaints as well.

[Voodooman]

It shd be within the period and that's why the customer jumped. Double whammy. Sibor up and bank pull this kind of stunt.

 

But always the foreign bank like to chut stunt. Some time back, also got substandard chowtar bank offer home loan interest offset against deposit product, in the end they also shafted customer ass and pulled the product.

 

In short, have some SG pride and don't be a slut and drop tour panties for the bank just because the bank drops it's own panties cos when the bank pulls its panties back up, the T&C will say your panties must continue staying down.

Every long tenure housing loan has such a clause, the pressure to exercise the clause when funding and regulatory cost are inching up can be tremendous. So pick a bank that will face the least of these pressures. I always borrow from DBS or OCBC no matter how attractive Shitty Bank and its likes are quoting. Also, such management decisions are made by people who lives here, wary of bad publicity, not by some arse sitting in London or New York looking at some cross border reports and making decision based on those numbers.

 

Don't be a SPG.

Edited March 7, 2015 by Voodooman

[Little_prince]

It shd be within the period and that's why the customer jumped. Double whammy. Sibor up and bank pull this kind of stunt.

 

But always the foreign bank like to chut stunt. Some time back, also got substandard chowtar bank offer home loan interest offset against deposit product, in the end they also shafted customer ass and pulled the product.

 

In short, have some SG pride and don't be a slut and drop tour panties for the bank just because the bank drops it's own panties cos when the bank pulls its panties back up, the T&C will say your panties must continue staying down.

 

just sharing. for those buying HDB flats. POSB as loan scheme where the interest is capped for 10 yrs at max 2.5%. cheaper than HDB loan @2.6%.

 

so for those taking short term loan. less than 10 yrs pay off the house. this is a great alternative.

 

http://www.posb.com.sg/personal/landing/loans/hdbloan/index.html?pid=sg-posb-vanity-hdbloan-loans

 

 

Edited March 7, 2015 by Little_prince

[Sabian]

 

Only got this guy complain?

Are there other complaints as well.

 

So far in forums, only this guy kpkb.

 

I checked with my mortgage broker, he confirmed that his clients are affected. Those with spread less than 0.8% are adjusted to 0.85%.

[Duckduck]

Every long tenure housing loan has such a clause, the pressure to exercise the clause when funding and regulatory cost are inching up can be tremendous. So pick a bank that will face the least of these pressures. I always borrow from DBS or OCBC no matter how attractive Shitty Bank and its likes are quoting. Also, such management decisions are made by people who lives here, wary of bad publicity, not by some arse sitting in London or New York looking at some cross border reports and making decision based on those numbers.

 

Don't be a SPG.

 

yup ask any mortgage broker theyll tell u when push come to shove, AMDK banks rd first to heck care u, whereas local banks r more "caring" to personal loans, except for highly geared corporate loans which they dont show much leeway from my experience.

 

anyway UST short term treasuries rising faster than expected & short end rate curve expect to upz faster too.

 

I posted abt yield curve inversion & global recession theory & recently the short end is climbing quite alot.... lets see...

[Ake109]

 

yup ask any mortgage broker theyll tell u when push come to shove, AMDK banks rd first to heck care u, whereas local banks r more "caring" to personal loans, except for highly geared corporate loans which they dont show much leeway from my experience.

 

anyway UST short term treasuries rising faster than expected & short end rate curve expect to upz faster too.

 

I posted abt yield curve inversion & global recession theory & recently the short end is climbing quite alot.... lets see...

 

This.

 

I believe if you read the fine legalese in most mortgage agreements, the banks have the final right to vary almost anything or pull the mortgage at any time.

 

Friends in the banking industry also told me, just go with local banks esp DBS/POSB since they have a more 'social obligation' due to gahmen links.

 

They all can screw us jialat jialat if they wanted to. Just that some are less likely to do it.

[L_club23]

 

This.

 

I believe if you read the fine legalese in most mortgage agreements, the banks have the final right to vary almost anything or pull the mortgage at any time.

 

Friends in the banking industry also told me, just go with local banks esp DBS/POSB since they have a more 'social obligation' due to gahmen links.

 

They all can screw us jialat jialat if they wanted to. Just that some are less likely to do it.

 

"Social obligation" is so bloody intangible...

[Alpha78]

 

"Social obligation" is so bloody intangible...

 

So CPF withdrawal at 55 is tangible?

[L_club23]

 

So CPF withdrawal at 55 is tangible?

 

Relevance?

[Alpha78]

 

Relevance?

 

Both have social obligations to their "customers", but both can change their rules as and when they like.

 

Sad but true.

[Amazon777]

So pick a bank that will face the least of these pressures. I always borrow from DBS or OCBC no matter how attractive Shitty Bank and its likes are quoting.

I have 2 pte property loans, 1 from DBS and another from OCBC, just curious.. why didn't quote UOB ?

[Voodooman]

I have 2 pte property loans, 1 from DBS and another from OCBC, just curious.. why didn't quote UOB ?

Never maintained an account with UOB (save for credit card) todate, no particular reason actually.

[L_club23]

 

Both have social obligations to their "customers", but both can change their rules as and when they like.

 

Sad but true.

 

No ler, one is a highly paid obligation in fact...

[Ben_minton]

 

Only got this guy complain?

Are there other complaints as well.

 

My brother-in-law also the exactly the same letter from citi bank last week. He signed the housing loan with

Citi in 2011 at sibor + 0.65%.He recieved a Citi letter last week stated the rate will revised to 0.85%. Guess

Citi must have done it across the board & affecting all existing customers.

 

Understabd someone has highlighted to MAS & newspaper but guess Citi has the legl right to revised it as

stated in the contract.... the next best thing we can do is to check out other banks, call re-financing?? If got

reasonable deal, can share share here lah. (ANZ hosuing loan @ 1.5% for 1st 2 yrs?).

 

Or may be just go with Citi 0.85% for a few months to observe how other banks do with their spread...b4 u

decide to switch bank.

[Sabian]

 

My brother-in-law also the exactly the same letter from citi bank last week. He signed the housing loan with

Citi in 2011 at sibor + 0.65%.He recieved a Citi letter last week stated the rate will revised to 0.85%. Guess

Citi must have done it across the board & affecting all existing customers.

 

Understabd someone has highlighted to MAS & newspaper but guess Citi has the legl right to revised it as

stated in the contract.... the next best thing we can do is to check out other banks, call re-financing?? If got

reasonable deal, can share share here lah. (ANZ hosuing loan @ 1.5% for 1st 2 yrs?).

 

Or may be just go with Citi 0.85% for a few months to observe how other banks do with their spread...b4 u

decide to switch bank.

 

I am with ANZ.

 

I went through the my loan T&C again, I didn't see a clause that allows them to reset the spread but there is a clause that puts a 0.1% floor to both the SOR and SIBOR which it reasonable to me.

 

ANZ current variable package is 0.98% (throughout the entire loan tenure)+ average of (3M SOR+3M SIBOR) or 0.98%+3M SOR.

 

Hypothetically:

If I am have a similar crap Citi package and

I am able to refinance after taking into consideration TDSR and

I intend to stick with the loan over the long term,

I'd switch to ANZ provided ANZ did not revise their clauses to include a similar one as Citi.

 

Because there is always a risk that Citi will jack up the spread again and again and again depending on that jackass sitting in Asia Sq who decides he needs to take the easy way out to hit his KPI by shafting customers in the ass by invoking that clause.

 

BOC also offers a similar type of loan but with a 1% spread (I am not sure if BOC has a similar clause as Citi) instead of 0.98% by ANZ.

 

But if I am on Citi's non-guaranteed fixed spread package and intend to repay the loan fully in 3 years, I'd switch to a 3yr fixed home loan for a peace of mind and certainty on my outlay for loan repayment.

Edited March 11, 2015 by Sabian