CIMB to delay raising mortgage floor rate to Jan 1, 2021 after customer furore

CIMB Singapore will delay the effective date of its minimum rate of its Singapore inter-bank offered rate (Sibor) and Swap offer rate (SOR) to Jan 1, 2021, in an announcement posted on its website seen on Wednesday.

The bank wrote that this is based on customer feedback and also "in light of the Covid-19 circuit breaker" in Singapore.

"For customers who wish to refinance, the bank will facilitate by waiving our penalty and administrative fees, where applicable," said CIMB on the website. "This extension will give our customers sufficient time to consider all alternatives available to them."