Mortgage customers up in arms over CIMB's floor rate hike
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CIMB Singapore has raised the ire of customers with its move to raise the floor of certain mortgages pegged to the one-month Singapore interbank offered rate (Sibor) - with that floor rate now higher than the prevailing market rate.
From May 18, customers on CIMB's floating-rate mortgages linked to the Sibor or Swap Offer Rate (Sor) must stomach being charged a minimum of 0.9 per cent, compared to the previous floor rate of 0.1 per cent, a notification letter seen by The Business Times showed.
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