SOR transition to SORA – FAQs for Retail Clients with SOR-based property loans

On 19 March 2020, the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS) outlined its key priorities and updated transition roadmap to achieve a smooth transition to the Singapore Overnight Rate Average (SORA) as the new interest rate benchmark for the SGD cash and derivatives markets. The transition will affect retail clients who hold products which reference the Singapore Dollar Swap Offer Rate (SOR), as SOR will be discontinued after 30 June 2023.

If you have a SOR-based property loan, the Bank would have sent you a letter in October 2021 and March 2022 to inform you that you must switch to another reference rate before SOR is discontinued. You may contact us at SG.MRU@sc.com to find out more about switching to a SORA Conversion Package, or any prevailing packages offered by the Bank. Please contact us as early as possible, preferably before 31 August 2022.

You may refer to the FAQs below or the ABS website here for more information.