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Reno145

Ocbc Sor - I Cannot Find The Floor In My Contract

By Reno145, in Finance and Insurance

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Reno145    0

Reno145
Posted

Much has been mentioned about banks have a floor term in their SOR mortgage packages.

This means even if SOR fall to -0.5%, it is still considered as 0.

So if you loan is 0.8% + SOR, it will not be 0.8 minus 0.5 = 0.3% but still stay at 0.8%.

But I cannot find the floor term in my contract.

Mine is OCBC Bank.

Any one using OCBC SOR?

 

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