SIBOR (Singapore Interbank Offered Rates) is the interest rate used by Singapore’s banks to lend unsecured funds of a reasonable size to other banks in the country. There are 4 SIBOR rates – 1-month, 3-months, 6-months, and 12-months. Numerous home loans in Singapore are pegged to SIBOR. In most banks, one can only choose between 1-month or 3-months SIBOR home loan package. As of April 2020, the 1-month SIBOR rate is 0.98% while the 3-months SIBOR rate is 0.99%, a decrease of 0.60% and 0.64% respectively.
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