SIBOR stands for Singapore Interbank Offered Rate and it is set by the Association of Banks in Singapore (ABS). It is the rate at which banks borrow or lend fund to each other. SIBOR is important because the interest rate of many of the variable rate housing loans in Singapore are often pegged to SIBOR.

There are different kinds of SIBOR such as the 3 months and the 12 months SIBOR and the different types of SIBOR being used are often being specified in the housing loans. Moreover, SIBOR is often used by the banks as a benchmark to set the interest for their fixed deposits and savings account.

Many variable rate housing loans are based on SIBOR as it is transparent. You can get the daily SIBOR rate from financial websites and it is also published in the Business Times daily.