POSB Extends Its 1.75% p.a. Promotional First Year HDB Home Rate

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21 POSB Branches To Open This Sunday For Customers' Convenience

SINGAPORE, January 10, 2003 - POSB has extended its 1.75 per cent p.a. promotional first year HDB Home Loan rate, effectively lowering its first-year fixed rate to all its customers who have earlier signed up for the POSB HDB Home Loan. The second-year fixed rate remains unchanged at 2.5 per cent p.a. and the POSB HDB Special Rate, applicable to the third and subsequent years, is 2.55 per cent p.a. (floating rate). These rates are applicable for loans of S$100,000 and above.

Mrs Lam Siok Loon, POSB's Managing Director, said: "We are very pleased with the overwhelming response to our promotion last Sunday. Our customers clearly see the value of our POSB HDB Home Loan package, which is based on a daily-reducing principal balance. Since last Sunday, we have received many calls from our customers who were very keen to take up our HDB home loans based on the promotional first-year rate. As our commitment to provide the best-value deal to our customers, we have decided to lower the first-year fixed rate to 1.75 per cent p.a."

"To further reward customers who accept our offer this Sunday (January 12, 2003), we will be offering those who do not have Cashline with another special deal. These customers can sign-up for Cashline and enjoy the personal unsecured credit line at 6.5 per cent p.a. for the first six months. Simply put, our HDB homeowners who have taken up a housing loan with us this Sunday will also get to apply for a new Cashline account, and both offers are priced at very competitive interest rates," said Mrs Lam.

Customers who have earlier signed up for the POSB HDB Home Loan will be able to revise their loans based on the lower rates without any penalty.

For the customers' convenience, POSB has added another 3 branches, to a total of 21 branches, that will be opened this Sunday where POSB home loan specialists will be on-hand to grant on-the-spot in-principle approval to their applications and attend to any enquiries. In addition, independent property valuers will also be at most POSB branches this Sunday to provide indicative valuations on the HDB properties.

The POSB branches, which will open from 8.00am to 1.30pm on Sunday (January 12, 2003), are:

• Ang Mo Kio Central branch
• Bedok Central branch
• Bukit Merah Central branch
• Bukit Panjang branch
• Clementi Central branch
• Hougang Central branch
• Kaki Bukit branch
• Marine Parade branch
• Nanyang Estate branch
• Pasir Ris East branch
• Tanjong Pagar branch
• Toa Payoh Central branch
• Woodlands West branch
• Yew Tee branch
• Yishun West branch

These six POSB branches will be opened from 11.00am - 4.00pm on Sunday:

• Bishan Central branch
• Bras Basah branch
• Centrepoint branch
• Jurong Point branch
• Tampines Central branch
• POSB Home Loan Centre at Toa Payoh HDB Hub

The first 1,000 customers to accept loans offered this Sunday will receive a free gift. POSB is also offering customers legal subsidy, discount vouchers, a renovation package with a special rate for the first two years and a waiver of annual fees for the first three years when they apply for the POSB MasterCard. Customers who wish to enquire about POSB HDB Loan offers can contact our home loan specialists at 1800-222-6333.