Originally Posted by
keyur
Hi, I was recently sent 1% increase on my housing loan, stating board rate has increased from 4.5% to 5.5%.. When I had taken loan 1 year back was told this rate hasn't changed for 7 years, was expecting some risk and potential of increase but felt 1% is very steep increase.. When I check on internet I see OCBC still offering loans linked to board rate where they post Board rate as 5.1%... When I checked with the Bank they told me they have multiple Board rates.. This was never disclosed to me when loan was taken.. This makes me upset and posting this so that all who are taking housing loan are aware about such catch. Please share your experience if you have phased similar challenge.
Time to change to FDMR or Sibor-linked rates. OCBC does this stunt all the time.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.