In addition, the bank is offering affected customers either a two-year fixed-rate package of 0.9 per cent or a three-year fixed-loan package of 1.10 per cent to “mitigate the fluctuations of the current volatile interest-rate environment”.first reported on April 25 that CIMB would raise its floor rate for certain floating rate mortgages from an initial 0.1 per cent to 0.9 per cent from May 18.
After incurring the wrath of customers, CIMB said it will delay the start date to Jan 1, 2021 to give customers the option of switching to another package without incurring any fees. With a floating-rate mortgage, customers are charged based on the benchmark rate, as well as the accompanying spread. If the floor rate for the Sibor is set at 0.10 per cent, then even if Sibor drops below that, the interest charged on the borrower would still be 0.10 per cent plus the spread.
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