View Full Version : SIBOR, SOR, CHR ? Can someone tell me what these terms stand for?

21st November 2007, 04:06 PM
Hi all,

my husband and I are comparing the different housing loan packages and happen to come across all these terms. SIBOR, SOR and CHR. :confused: Read somewhere that they are classified under board rates and published rates? Am i right? Can someone please explain to us what are board rates and published rates? In layman terms please! :)

Thanks so much

21st November 2007, 05:40 PM
Basically SIBOR, SOR and CHR are publically available rates. You can refer to http://www.myhousingloan.com.sg/housing-loan-glossary.php for what SIBOR and SOR means. CHR stands for CPF Home rate and is pegged to the interest rate of our CPF Ordinary account. The value of these 3 rates are public information and are published (SIBOR and SOR are available on the Business Times, Bloomberg etc); hence the term published rates. Board rates are rates which are set internally by individual banks or financial institutions.

22nd November 2007, 10:06 AM
Thanks for explanation! That's great help in understanding all these alien terms.

Actually, we are thinking of refinancing our current housing loan. Do you think that now is the right time? With the better economy, wouldn't the interest rates go up?

And there is so many packages out there! To go to each bank personally is so 'mah-fan' and time-consuming, and sometimes they can be pushy too (which I hate!) But my husband keep on nagging that we should make comparison so that we get the best deals! Heard from my friend that she got her loans thru recommendation of some mortgage broker. Can you tell me are these services trustworthy? Do we need to pay them a fees? If so, isn't it back to square one? We wanted to save but in the end pay them fees so no saving at all rite?

Pls help!

RB :confused: :confused: :confused:

22nd November 2007, 02:26 PM
You're welcome mewx! Whether it makes sense to refinance really depends on the money you can save. It sounds like you are currently taking a floating rate package and want to fix it before rates go up further. Speaking to a reliable mortgage broker on this will be helpful, but do be careful the broker you go to as some brokers are more qualified, experienced and service oriented than others. You may want to consult my housing loan (www.myhousingloan.com.sg) on this.

Most mortgage brokers do not charge fees for consultation so there will be no additional costs. In fact, you may be able to get better deals through brokers due to their strong relationships with the mortgage lenders.

5th December 2007, 11:37 AM
Hi Hal,

Thanks for your great advice! We consulted this guy from myhousingloan on our case and he gave us very good advice ! Very friendly, sincere and he seems to know the product very well. We got a package that saves us more in the long run. Must treat you kopi really ! :D

But, I realise not many people are aware of such service existed..... wonder why?