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| April 11, 2008 |
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Interest on mortgages stays the same even though savings interest falls
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I REFER to Monday's article, 'Bank savings earn less interest as key rate plunges'. Banks are often very quick to inform customers that their deposit interest rates have fallen yet again, citing the low Sibor rate. However, this does not apply to mortgage rates. This is so even if the customer has chosen to take loans with floating rates.
The banks keep silent unless the customers protest, in which case the bank officer will advise them to re-finance.
Cherie Chong Rosy (Ms)
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