View Full Version : Citibank 1M SIBOR + 0.65%
Hi, any other banks have offer better than Citibank 1M SIBOR + 0.65% throughout.
Hi, any other banks have offer better than Citibank 1M SIBOR + 0.65% throughout.
Any lock in period??
Any lock in period??
2 years lock in i think.
i am currently on this loan...so far so good
Now 1M SIBOR is higher than 3M SOR, usually it is lower.
However 1M SIBOR + 0.65 is lower than 3M SOR + 0.85 (which is the lowest SOR in market) most of the time, even now.
anybody knows of 1M SOR or 3M SOR with low spreads, like +0.65 or +0.70%?
The spread remains constant throughout.
I got the loan last month from DBS 3M Sibor + 0.75% throughout. No lock in period.
I got all these quotations last month, hope it can be of some guide.
OCBC - 3 months Sibor +0.55% (1st) +0.60%(2nd) +0.65%(3rd)
Thereafter +1.25% 3 years Lockin
UOB (No lock in period)
1st Yr: 3mth SOR + 0.75%
2nd Y: 3mth SOR + 0.75%
3rd Yr: 3mth SOR + 0.75%
4th Year: 3mth SOR + 0.75%
Thereafter: 3mth SOR + 1%
DBS - 3 months Sibor + 0.75% throughout (No lock-in period).
Just to add to this list:
ANZ: 0.75% + 3 mth SOR throughout tenure (no lock-in)
I got all these quotations last month, hope it can be of some guide.
OCBC - 3 months Sibor +0.55% (1st) +0.60%(2nd) +0.65%(3rd)
Thereafter +1.25% 3 years Lockin
UOB (No lock in period)
1st Yr: 3mth SOR + 0.75%
2nd Y: 3mth SOR + 0.75%
3rd Yr: 3mth SOR + 0.75%
4th Year: 3mth SOR + 0.75%
Thereafter: 3mth SOR + 1%
DBS - 3 months Sibor + 0.75% throughout (No lock-in period).
rattydrama
16-05-11, 21:27
Hi, any other banks have offer better than Citibank 1M SIBOR + 0.65% throughout.
My experience with Citibank is not good. Bad response and poor management of customers. Must run after them for replies.
Looks like now the rates are better, I did refinance with DBS around Feb no lock in was 0.9 + sibor for 1st 3 years.
Ypu should have gone for ANZ then with 0.65% + 3 month SOR then with no lock-in throughout.
Looks like now the rates are better, I did refinance with DBS around Feb no lock in was 0.9 + sibor for 1st 3 years.
Ypu should have gone for ANZ then with 0.65% + 3 month SOR then with no lock-in throughout.
Did asked about ANZ. But they say they target at Singaporeans with incomes, and not foreigners using assets to secure mortgages.
That IMO, was the best package so far......
now ANZ is 3M SOR + 0.95% throughout:doh:.
devilplate
17-05-11, 09:18
Did asked about ANZ. But they say they target at Singaporeans with incomes, and not foreigners using assets to secure mortgages.
That IMO, was the best package so far......
now ANZ is 3M SOR + 0.95% throughout:doh:.
U bot smthing ?
Oh! I see. It was 0.75% + 3mth sor throughout with no lock-in just a month ago. Lots of movement amongst the banks. They give good extended tenure.
Did asked about ANZ. But they say they target at Singaporeans with incomes, and not foreigners using assets to secure mortgages.
That IMO, was the best package so far......
now ANZ is 3M SOR + 0.95% throughout:doh:.
devilplate
17-05-11, 09:27
Oh! I see. It was 0.75% + 3mth sor throughout with no lock-in just a month ago. Lots of movement amongst the banks. They give good extended tenure.
Or u hf special package?
There is aso a diff in buc n completed projects
U bot smthing ?
1 relative bought the pier @ robertson that time using CIMB step down package.
now another relative looking at the clift. now holding otp and looking for financing..
It is for completed project. BUC does not make much difference in the early stage of project that is why they can offer much lower base interest for 1st 2 years.
Or u hf special package?
There is aso a diff in buc n completed projects
devilplate
17-05-11, 09:35
1 relative bought the pier @ robertson that time using CIMB step down package.
now another relative looking at the clift. now holding otp and looking for financing..
Not much diff lor....
Most impt which bank can give highest ltv n match the purchase px so tat u dun hf to top up
Not much diff lor....
Most impt which bank can give highest ltv n match the purchase px so tat u dun hf to top up
not sure about capital gains of the clift now.....won't be much I guess.
So they are focusing on rental yield aspects and cash-on-cash returns ((like Regulator).
so the mortgage and rental income is important to them....
devilplate
17-05-11, 09:49
not sure about capital gains of the clift now.....won't be much I guess.
So they are focusing on rental yield aspects and cash-on-cash returns ((like Regulator).
so the mortgage and rental income is important to them....
Diff by 0.1-0.2% only wor.....
Service aso vy impt.....:D
What will the likely rental yield for them to buy now?
not sure about capital gains of the clift now.....won't be much I guess.
So they are focusing on rental yield aspects and cash-on-cash returns ((like Regulator).
so the mortgage and rental income is important to them....
should be around 4-4.2% depending on rental.
What is the maintenance at this place?
should be around 4-4.2% depending on rental.
What is the maintenance at this place?
devilplate can answer better, but agent say about 200 per month only. Much lower than One Shenton. because of lower quantum, lower maintenance, same rental per month, they decided to get the clift instead of OS.
That is cheap for a studio. Does it include one free carpark lot?
devilplate can answer better, but agent say about 200 per month only. Much lower than One Shenton. because of lower quantum, lower maintenance, same rental per month, they decided to get the clift instead of OS.
That is cheap for a studio. Does it include one free carpark lot?
I think it doesn't.
What about fixed rates packages? Seems most people are taking the variable rates. Thought interest rates might go up soon, so better to take fixed rates for three years?
Should go for no lock-in in period of uncertainty especially for completed investment property.
What about fixed rates packages? Seems most people are taking the variable rates. Thought interest rates might go up soon, so better to take fixed rates for three years?
One shenton will be competing with one clift for rental. Should ask sales agent to secure a good rental deal for you before signing on the OTP.
I think it doesn't.
What about fixed rates packages? Seems most people are taking the variable rates. Thought interest rates might go up soon, so better to take fixed rates for three years?
i think that thinking applies to fixed deposits.
If rates are dropping, go for 1 year tenure or more.
If rates are increasing, go for 1M,3M tenure.
Not sure whether it applies to mortgage.
as in, rates are increasing, lock in for 3 years.
rates are dropping, switch to variable.
Because of transactions cost involved to refinance mortgage.
One shenton will be competing with one clift for rental. Should ask sales agent to secure a good rental deal for you before signing on the OTP.
now already asking agent to do that, but owners refuse to hand over keys, even after signing OTP.:banghead: So agent say can show similar units to potential tenants only.
devilplate
17-05-11, 10:22
Should go for no lock-in in period of uncertainty especially for completed investment property.
Yes...no lock in first for now n later can switch to fixed rate when usa start to raise int rates:D
I am sure he should allow you to take photos of the unit. Good for publicity. Use similar unit for viewing. I am sure agents can do wonders.
now already asking agent to do that, but owners refuse to hand over keys, even after signing OTP.:banghead: So agent say can show similar units to potential tenants only.
devilplate
17-05-11, 10:24
now already asking agent to do that, but owners refuse to hand over keys, even after signing OTP.:banghead: So agent say can show similar units to potential tenants only.
Shd buy thosenwif tenancy mah....
If i m the owner, i wun handover until completion too....meanwhile, i still the lawful owner wat....can stay there on n off or even rent out short term lease:D
devilplate
17-05-11, 10:26
I am sure he should allow you to take photos of the unit. Good for publicity. Use similar unit for viewing. I am sure agents can do wonders.
Not for now, bcoz there r many units for rental....
Cmpletion takes 10wks rite, too early to find tenants
Shd buy thosenwif tenancy mah....
If i m the owner, i wun handover until completion too....meanwhile, i still the lawful owner wat....can stay there on n off or even rent out short term lease:D those with tenancy asking for the sky. If I ask to buy from you, you also will ask for 23xx for even stack.
Just need some desperate owners to drop rent due to stiff competition from one shenton. Rental yield may go down.
Not for now, bcoz there r many units for rental....
Cmpletion takes 10wks rite, too early to find tenants
devilplate
17-05-11, 10:28
I am sure he should allow you to take photos of the unit. Good for publicity. Use similar unit for viewing. I am sure agents can do wonders.
Not for now, bcoz there r many units for rental....
Cmpletion takes 10wks rite, too early to find tenants
Actually wait till completion den look for tenant better.....let other units rent out first....i believe less competition after 3mths
devilplate
17-05-11, 10:29
Just need some desperate owners to drop rent due to stiff competition from one shenton. Rental yield may go down.
Oredi dropping slightly.....some unrealistic owner tot can rent 4.2-4.5k...haha....now guai guai accept 3.8-4k
devilplate
17-05-11, 10:31
those with tenancy asking for the sky. If I ask to buy from you, you also will ask for 23xx for even stack.
How much ur relative bot....u nvr approach me..."i can give u discount since no agt involved...22xxpsf can b done:D
Not for now, bcoz there r many units for rental....
Cmpletion takes 10wks rite, too early to find tenants
Actually wait till completion den look for tenant better.....let other units rent out first....i believe less competition after 3mths
Lumiere, even though didnt appear in URA rental for 2 straight quarters:doh:, rental seem to be picking up. > 7psf rental in streetsine for properties along mistri road. (is lumiere failed project or what)
Maybe icon tenants moving out because of construction altez and skysuites.....
anyway, layout of the clift and icon similar, so icon tenants should not have difficulting adjusting.
341 units coming from one shenton and 312 from clift. Let say 75% for rental: One shenton (256 units) and one Clift (234 units). How long does it take to take up all the units in both projects?
devilplate
17-05-11, 10:48
341 units coming from one shenton and 312 from clift. Let say 75% for rental: One shenton (256 units) and one Clift (234 units). How long does it take to take up all the units in both projects?
The sail took abt 6mths to see rental picking up:D
devilplate
17-05-11, 10:49
Lumiere, even though didnt appear in URA rental for 2 straight quarters:doh:, rental seem to be picking up. > 7psf rental in streetsine for properties along mistri road. (is lumiere failed project or what)
Maybe icon tenants moving out because of construction altez and skysuites.....
anyway, layout of the clift and icon similar, so icon tenants should not have difficulting adjusting.
Lumiere lousy project la....cmi layout....n noise from ecp
Hidden dark pool n joke clubhse
Thanks! Will it be worth the re-financing costs to convert to fixed rates?
devilplate
17-05-11, 11:07
Thanks! Will it be worth the re-financing costs to convert to fixed rates?
Stick wif same bank lor....unless 3yrs clawbck finish liao:D
Thanks! Will it be worth the re-financing costs to convert to fixed rates? have to do own calculation le, to see worth it or not.
The sail took abt 6mths to see rental picking up:D
It's musical chair in tis area so many competing existing nd upcomg project.
devilplate
17-05-11, 11:34
It's musical chair in tis area so many competing existing nd upcomg project.
I tink so...hmm...
But if rental drop for this area....all other city fringe will drop accordingly...
Let say clift 1bedder rental drop to 3k...southbank n cl 1bedder most likely will drop to 2.8k:scared-3:
Do not mean it will drop for gd unit like high flr nd gd view. Just like some tenants move fm citylight to southbk last yr. I
I tink so...hmm...
But if rental drop for this area....all other city fringe will drop accordingly...
Let say clift 1bedder rental drop to 3k...southbank n cl 1bedder most likely will drop to 2.8k:scared-3:
devilplate
17-05-11, 12:30
Do not mean it will drop for gd unit like high flr nd gd view. Just like some tenants move fm citylight to southbk last yr. I
I expect sb tenants to move bck to cl now:D
Thanks! Will it be worth the re-financing costs to convert to fixed rates?
I think there are some re-financing cost involved.
Some banks offer:
1) Free conversion within 3 or 6 mths after the TOP (depends on which bank).
2) Free insurance for 1 year (external), some include internal (depend on which bank).
3) Subsidze legal fee but 100% waive if borrow > 400K.
I have a few viewers who are looking at SB unit a year ago but offer is too low. They are russians and australians.
I expect sb tenants to move bck to cl now:D
devilplate
17-05-11, 12:43
I have a few viewers who are looking at SB unit a year ago but offer is too low. They are russians and australians.
Tot ur recent offer was vy good....16xxpsf rite....i sure sell oredi:ashamed1:
U aiming 1800psf ar?
If urs is 904sqft stack above 25th flr can try for 18xxpsf....other stack 16xxpsf super gd liao
My unit is way above this. Tenant paying for my unit and collect passive income. No hurry to sell.
Tot ur recent offer was vy good....16xxpsf rite....i sure sell oredi:ashamed1:
U aiming 1800psf ar?
If urs is 904sqft stack above 25th flr can try for 18xxpsf....other stack 16xxpsf super gd liao
devilplate
17-05-11, 12:53
My unit is way above this. Tenant paying for my unit and collect passive income. No hurry to sell.
Wats the rental yield if based on ur last offer?
Comparable to the clift.
Wats the rental yield if based on ur last offer?
Heard that this promotion is ending end of the month.
i got a very stupid question ...whart is a locked in period ?
Is it the period where you cannot make lump sum repayment..?
rattydrama
09-06-11, 09:10
i got a very stupid question ...whart is a locked in period ?
Is it the period where you cannot make lump sum repayment..?
lock in period is the period you cannot change bank when u serivce your loan. If you change it, you will have to incur penalty. Its usually not worthwhile.
CondoSearch
10-06-11, 22:35
please can someone advise which bank loan offer i shall go with. I'm not sure with the current interest rate situation where many people anticipated of up trend, will the unlimited conversation does make sense at all...
1. HSBC - 1mnth SIBOR+0.75% throughout, no lockin, 5years Fire Insurance but only 1 time conversion withn 6mnths after TOP.
2. Citibank - 1mnth SIBOR+0.75% throughout, 2 years lockin but given unlimited conversion feature.
The rest of features more or less the same ie Legal subsidy or valuation etc...
This is a home loan for BUC(building under construction)..
advise would be greatly appreciated...
propertyguru
12-06-11, 04:40
please can someone advise which bank loan offer i shall go with. I'm not sure with the current interest rate situation where many people anticipated of up trend, will the unlimited conversation does make sense at all...
1. HSBC - 1mnth SIBOR+0.75% throughout, no lockin, 5years Fire Insurance but only 1 time conversion withn 6mnths after TOP.
2. Citibank - 1mnth SIBOR+0.75% throughout, 2 years lockin but given unlimited conversion feature.
The rest of features more or less the same ie Legal subsidy or valuation etc...
This is a home loan for BUC(building under construction)..
advise would be greatly appreciated...
Based on the information given, I would think the HSBC offer is better. Fire insurance over five years would be around $1k for a $1m property, and it's no lock-in at all. Citibank on the other hand offers you only unlimited conversion, but how many times are you likely to convert in the space of two years? Maybe once, and probably no more than twice over five years. You should however speak to Citibank about a better rate; I am not a priority customer (not Citigold), but I gave the mortgage broker the rates I had from other banks and asked him to match, and he was able to reduce the interest rate slightly and also offered shopping vouchers.
Ultimately, I went with Citibank because they have the best customer service.
Based on the information given, I would think the HSBC offer is better. Fire insurance over five years would be around $1k for a $1m property, and it's no lock-in at all. Citibank on the other hand offers you only unlimited conversion, but how many times are you likely to convert in the space of two years? Maybe once, and probably no more than twice over five years. You should however speak to Citibank about a better rate; I am not a priority customer (not Citigold), but I gave the mortgage broker the rates I had from other banks and asked him to match, and he was able to reduce the interest rate slightly and also offered shopping vouchers.
Ultimately, I went with Citibank because they have the best customer service.
i m with citibank for 2yrs liao, not once did i convert the sibor months, stayed with 1mth sibor since it is cheapest.
propertyguru
12-06-11, 12:11
i m with citibank for 2yrs liao, not once did i convert the sibor months, stayed with 1mth sibor since it is cheapest.
Yeah, the 1mth SIBOR is the best rate, and one should probably never switch since it's always lower than the 3mth, 6mth and 12mth SIBOR. It would only be worthwhile if the SIBOR rates jump very suddenly and you want to stay locked-in.
My current spread is 0.65% so I am paying 1% since that's the lowest effective interest rate at Citibank.
propertyguru
12-06-11, 12:12
i m with citibank for 2yrs liao, not once did i convert the sibor months, stayed with 1mth sibor since it is cheapest.
By the way, I don't think Citibank is referring to the switching of SIBOR months. As far as I know, that's free; you just need to give them a month's notice.
By the way, I don't think Citibank is referring to the switching of SIBOR months. As far as I know, that's free; you just need to give them a month's notice.
:ashamed1: ok paisei
Since yours is a BUC, and most bank can match 1% for at least the first year or even the first two years then can change plan upon TOP, you might also want to explore local banks. Some are offering very competitive rates too. Any particular reason why you're sticking to these two banks only?
CondoSearch
12-06-11, 15:44
Based on the information given, I would think the HSBC offer is better. Fire insurance over five years would be around $1k for a $1m property, and it's no lock-in at all. Citibank on the other hand offers you only unlimited conversion, but how many times are you likely to convert in the space of two years? Maybe once, and probably no more than twice over five years. You should however speak to Citibank about a better rate; I am not a priority customer (not Citigold), but I gave the mortgage broker the rates I had from other banks and asked him to match, and he was able to reduce the interest rate slightly and also offered shopping vouchers.
Ultimately, I went with Citibank because they have the best customer service.
propertyguru, thank you for the advise. The package I mentioned is the best they can give for BUC ( and with many rounds of discussion), hence if nothing citibank can do better then HSBC seems to be a better choice to go with.
Thanks a lot for all the advise and the rest to.,
CondoSearch
12-06-11, 15:52
Since yours is a BUC, and most bank can match 1% for at least the first year or even the first two years then can change plan upon TOP, you might also want to explore local banks. Some are offering very competitive rates too. Any particular reason why you're sticking to these two banks only?
ysyap, thanks for your input. After few searchs for bank loan, most of other banks offer either SOR, 3mnth SIBOR or fixed with low spread for 1st 2years and high rate after 3rd year which most of my loan disbursement will be after 3rd year thus decided to go with the 2banks I mentioned.
ysyap, thanks for your input. After few searchs for bank loan, most of other banks offer either SOR, 3mnth SIBOR or fixed with low spread for 1st 2years and high rate after 3rd year which most of my loan disbursement will be after 3rd year thus decided to go with the 2banks I mentioned.That means your BUC will only TOP after 3 or more years and not within next 2 years? If TOP is early, can just grab any deal that offers super low interest now and fix for 1 year then change upon TOP... absolutely no risk with current super low interest rate which will likely persist for next one year at the bare minimum. That was what I did since my BUC will TOP is less than 1 year's time!!! :D Got a really good deal... much lower than 1% for 1st year! Then I'll change when TOP! :spliff:
CondoSearch
12-06-11, 19:17
That means your BUC will only TOP after 3 or more years and not within next 2 years? If TOP is early, can just grab any deal that offers super low interest now and fix for 1 year then change upon TOP... absolutely no risk with current super low interest rate which will likely persist for next one year at the bare minimum. That was what I did since my BUC will TOP is less than 1 year's time!!! :D Got a really good deal... much lower than 1% for 1st year! Then I'll change when TOP! :spliff:
Yes, you indeed got a very good deal and good buy for your property too I believe. For me, HSBC rate is the best I can get so far..anyway, with all your guys advise, it help me to make a better inform decision after ponder about it for awhile especially on Citibank unlimited conversion as I not sure if this make sense...seems like not really matter from the advise so far... Thanks man.
Yeah, the 1mth SIBOR is the best rate, and one should probably never switch since it's always lower than the 3mth, 6mth and 12mth SIBOR. It would only be worthwhile if the SIBOR rates jump very suddenly and you want to stay locked-in.
My current spread is 0.65% so I am paying 1% since that's the lowest effective interest rate at Citibank.
your citibank minimum rate is 1%? my relative's recent mortage minimum is 0.85%.
propertyguru
12-06-11, 22:24
your citibank minimum rate is 1%? my relative's recent mortage minimum is 0.85%.
Well, that was the minimum I got. Good for your relative. Maybe I am not a priority customer.
CondoSearch
12-06-11, 22:58
Well, that was the minimum I got. Good for your relative. Maybe I am not a priority customer.
Propertyguru, is your loan is for TOP or BUC(when will it TOP?)?
Citibank said they can give 1mnth SIBOR+0.65 only for buc property that not > 6mths to TOP...as for HSBC seems to have no offer for this rate so far ...would you mind to share?
Propertyguru, is your loan is for TOP or BUC(when will it TOP?)?
Citibank said they can give 1mnth SIBOR+0.65 only for buc property that not > 6mths to TOP...as for HSBC seems to have no offer for this rate so far ...would you mind to share?
What do you mean about hsbc? They cannot offer you those rates? What is citibank's rate for buc property?
propertyguru
13-06-11, 01:00
Propertyguru, is your loan is for TOP or BUC(when will it TOP?)?
Citibank said they can give 1mnth SIBOR+0.65 only for buc property that not > 6mths to TOP...as for HSBC seems to have no offer for this rate so far ...would you mind to share?
My loan is for TOP. I already had a Citibank loan (1% + 1mth SIBOR, no lock-in), but I found out earlier this year that Citibank was offering 0.65% + 1mth SIBOR, so I called up the mortgage department and asked to refinance. At first they offered me 0.75%, but after more negotiations, they reduced it to 0.65%. However, I am now locked-in for a couple of years if I recall correctly, which I accepted because I figure I won't sell in the next couple of years and I expect interest rates to remain low until the end of next year.
What you should do is bring the HSBC offer to them and ask if they can match it; a lot depends on the mortgage broker you deal with. Some will fight harder for you (they need to persuade their boss), while others may just tell you to take it or leave it.
propertyguru
13-06-11, 01:05
Anyway, the rates change from time to time, so you can't hold them in June to a rate offered in January. 0.75% vs 0.65% isn't the consideration; the issue is whether other banks can offer a similar rate and if they can't, then Citibank/HSBC is your best shot. The original advice was to take the HSBC offer over the Citibank one, based on similar spreads. Obviously, if you can get a lower spread, then you should go with that bank provided there's no unreasonable term like 5-years lock-in.
CondoSearch
13-06-11, 08:21
What do you mean about hsbc? They cannot offer you those rates? What is citibank's rate for buc property?
I mean HSBC seems has no offer for 1mnth+0.65 but they have 1mnth+0.75 for buc.
CondoSearch
13-06-11, 08:23
Anyway, the rates change from time to time, so you can't hold them in June to a rate offered in January. 0.75% vs 0.65% isn't the consideration; the issue is whether other banks can offer a similar rate and if they can't, then Citibank/HSBC is your best shot. The original advice was to take the HSBC offer over the Citibank one, based on similar spreads. Obviously, if you can get a lower spread, then you should go with that bank provided there's no unreasonable term like 5-years lock-in.
got it and thanks for all your advise...will have a final discuss with the bankers and take from what is best as of todate offer i got...thanks again.
got it and thanks for all your advise...will have a final discuss with the bankers and take from what is best as of todate offer i got...thanks again.All the best to your search for that best bank interest rate! :)
CondoSearch
13-06-11, 16:38
All the best to your search for that best bank interest rate! :)
Thanks...HSBC is the one i go with...the person i spoke with from Citibank doesn't seem to be keen in a business and quite proude with their offer and thought it is the best or might be because am not a priority customer :doh:
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