17 Mar '11, 2pm

Foreign banks offering more attractive home loans

Foreign banks offering more attractive home loans

SINGAPORE : Foreign banks are turning up the heat in the mortgage loan war among banks. They are now offering more attractive mortgage loan packages compared to their local counterparts. Analysts said the foreign banks are leveraging on the low interest rate environment to increase their market share here. However, they added that a rise in interest rates will likely cause these banks to quickly reverse their expansion efforts. Home buyers are spoilt for choice when it comes to home loan rates. Maybank, HSBC, ANZ and CIMB Bank are just some of the foreign banks offering the most attractive interest rates. Most home loans here are pegged to the Singapore Interbank Offered Rate (SIBOR), which currently stands at 0.44 per cent. Maybank, for instance, offers a SIBOR-pegged loan package with an additional 0.5 per cent interest for the first year of the loan. This translates to ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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