Maybank Singapore offers new packages for home loans market

Maybank Singapore has raised the bar in the home loans market with its slew of latest offerings that include mortgage rates lower than one per cent in the first year.

For instance, its fixed rate packages with either a three or five-year term offers the lowest rate in town at 0.88 per cent a year in the first year.

As for its home loans that are pegged to interbank lending rates, Maybank is offering interest rate of 0.5 percentage points above the three-month Singapore Interbank Offer Rate or SIBOR for the first year.

SIBOR is the rate at which Singapore banks lend to each other and is about 0.55 per cent today.

Meanwhile, for its variable rate package, Maybank is offering interest rates that will start at 0.80 per cent a year.

This is 2.95 percentage points lower than the Singapore Residential Financing Rate (SRFR) for the first year.

SRFR is Maybank’s board rate and it has been at 3.75 per cent since 2007.

In another variable rate package, the bank is offering a S$5000 cashback with an interest rate of 1.3 per cent a year for the first year.

Head of Consumer Banking, Maybank Singapore, Ms Helen Neo, says the fixed rate packages are very popular with customers as it gives certainty in financing their mortgage.

Maybank adds that the new packages are in celebration of the Bank’s 50th anniversary.

As part of the ongoing celebration, it has launched a Privilege Plus Savings Account, a savings product for those aged 50 years and above.

In addition, it has also launched Pocket Me GIRO, a cash incentive given to customers when they pay their credit card bills using GIRO through their Maybank current account or savings account.

Source : Channel NewsAsia – 27 Aug 2010

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