DBS has increased its FHR18 rate – fixed home rate pegged to 18-month fixed deposits – by 0.2% p.a. to 0.8% p.a.
Bankbazaar Singapore – February 5, 2018
SINGAPORE: Singapore-based DBS Bank has increased its FHR18 to 0.8% p.a. from 0.6% p.a., effective 1 February 2018, said a media report. FHR18 refers to the fixed home rate that is pegged to 18-month SGD fixed deposit.
According to the report, the bank had also informed its customers who will be affected by this rate increase by late January or early February.
In the recent months, most major Singaporean banks have increased their home loan rates amid rising interest rates. A media report suggested that rates have gone up for both fixed and floating loan packages by up to 30 basis points since the beginning of 2018.
SIBOR (Singapore Interbank Offered Rate), which is the rate at which a bank lends funds to other banks, has also increased sharply this year.