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UOB and DBS ceasing fixed-rate residence loans for now, rates of interest underneath overview


SINGAPORE – Native lenders UOB and DBS Financial institution are briefly ceasing their fixed-rate residence loans whereas they overview the rates of interest on these packages, after one more massive hike from the USA Federal Reserve.

A UOB spokesman informed The Straits Instances that the financial institution will likely be ceasing the prevailing two-year and three-year constant price packages for now.

The spokesman added that UOB is constantly monitoring market circumstances and can overview residence loan packages to make sure they continue to be aggressive and may meet the wants of residence house owners.

Mr Wayne Quek, director of mortgage consultancy Dwelling Mortgage Whiz, stated he has obtained a discover that the UOB packages won’t be obtainable after Oct 5.

Nearly two months in the past, UOB had upped the charges for its two- and three-year constant price packages.

The speed was raised to 2.98 per cent every year for its two-year constant bundle, and three.08 per cent every year for its three-year constant bundle.

The financial institution confirmed that it’ll not fully take away its constant price loans.

In the meantime, DBS can also be reviewing the charges for its constant price packages.

In keeping with ST checks final Tuesday evening, DBS’s constant price packages have been faraway from the financial institution’s web site.

Again in June, the financial institution had raised charges on its two-year and three-year constant price packages to 2.75 per cent and eliminated its five-year fixed-rate bundle for Housing Board flat patrons, which used to supply loans at 2.05 per cent.

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On the time, the financial institution launched a hybrid two-in-one residence loan bundle which allowed residence house owners to decide on a mixture of constant and floating price offers in numerous proportions, comparable to 30 per cent constant and 70 per cent floating.

The financial institution stated this hybrid residence loan bundle continues to be obtainable to residence house owners.

The third native financial institution, OCBC, stated it critiques the charges of its residence loans packages often to make sure they continue to be aggressive.

At present, OCBC has a two-year constant price bundle at 2.98 per cent listed on its web site.

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