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1) The Swap Offer Rate (SOR), or
2) The Singapore Interbank Offered Rate (SIBOR)
However, a banker might sometimes offer you a third option: an Internal Board Rate (IBR), often just called a "board rate". Using the IBR means your home loan interest rate will be determined by the bank.
And they can change it as they like, without you getting so much as a sympathetic nod and a "sorry".
SINGAPORE: Mortgage rates have risen since the start of the year, and analysts have said home owners should brace themselves for further increases.
At the beginning of 2015, home buyers in Singapore could get loans that start at 1.6 per cent in the first year. That rate has been creeping up, and the figure is now around 2 per cent, for rates pegged to three-month Singapore Interbank Offered Rate (SIBOR), said CEO of financial advisory firm SingCapital, Alfred Chia.
SINGAPORE's key lending rates jumped on Wednesday as the Singapore dollar fell sharply to a five-year low on two days of yuan devaluation.
The three-month Sibor or Singapore interbank offered rate, which is used to price home loans, jumped to 0.93450, up 0.05542 from Tuesday's 0.87908. The gain was 6.3 per cent and took the key interest rate nearer to the year-high of 1.02705 on April 9.
Two key interest rates affecting business loans and mortgages have fallen from their 2015 peaks.
But experts say this is likely temporary relief as positive United States jobs data on Friday and a stronger greenback have reinforced expectations of an interest rate hike this year.
The three-month swap offer rate (SOR), commonly used to price commercial loans, fell 25 per cent to 0.84886 per cent on Friday from a year-high of 1.13207 per cent on March 24, while the six-month SOR fell nearly 22 per cent to 1.01130 per cent from a year-high of 1.29498 per cent on March 23.
Fearing that interest rates will soon start to rise, more Singapore borrowers are turning to fixed rate home loans.
The prospect of higher repayments has become far more pressing in recent weeks with the United States Federal Reserve's decision to begin cutting back its stimulus spending.
That paves the way for US interest rates to eventually rise, which will inevitably mean they will rise here too, as Singapore's interest rates closely follow those in the US.
A rise in short-term interest rates would hurt home loan borrowers as many are on floating rate packages that are linked to these rates.
