.OCBCBank launches first SORA-based home loan
To help customers better plan their finances, the bank will notify them in advance – at the start of every interest period – of the SORA-based interest rate to be paid for the coming month. This allows them to know upfront the exact interest rate to be charged for the coming month, as well as the instalment to be paid.
This process is repeated every month, whereby the SORA-based interest rate is calculated again using the simple average of the past 90 days’ SORA rates from the first day of the next interest period. OCBC’s SORA loan package has a one-year lock-in period, which means customers can switch to another home loan package after a year at no cost.
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