While the Hybrid Rate Home Loan marries both the floating and fixed rates, it differs from the traditional home loan structure in which interest rates are fixed for the first year and float thereafter.
Pegged in the first year to the three-month Singapore Interbank Offered Rate, customers can take advantage of the current low interbank rates now, and thereafter enjoy the certainty of fixed rates in the subsequent second or second and third years.
"This is a radical move from what the market now offers," said Helen Neo, the bank's head of consumer banking, at the launch here.
By Bernama
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