2. In these Rules, unless the context otherwise requires —“3-month compounded SORA”, in relation to a period, means —| (a) | if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3-month period immediately before 1 March of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public; or | | (b) | if the period or a part of the period falls within the 6‑month period beginning on 1 October of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3-month period immediately before 1 September of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public; |
[S 701/2023 wef 01/11/2023] |
“grace period”, in relation to any improvement contribution or instalment in arrears, means the period —| (a) | starting on the date the improvement contribution or the instalment (as the case may be) first falls in arrears; and | | (b) | ending on the last day of the month in which that date falls; |
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| “HDB concessionary interest rate” means the interest rate of 0.1% per annum above the rate of interest declared from time to time under section 6(4) of the Central Provident Fund Act (Cap. 36) for the amount standing to the credit of a member of the Fund in his ordinary account; |
| “HDB market interest rate” means the interest rate (other than the HDB concessionary interest rate) applicable from time to time to mortgages granted by the Board before 1st January 2003 to its lessees to purchase a flat under Part IV of the Act; |
| “instalment” means any amount payable by a lessee or owner to the Board at monthly intervals under an instalment plan; |
| “instalment plan” means any agreement between the Board and a lessee or owner for the payment of any improvement contribution due from the lessee or owner in such monthly instalments and at such times as are specified in the instalment plan; |
| “lessee or owner” means the person who is the owner of the flat at the time the improvement contribution is determined by the Board under section 65D(3) of the Act and includes an equitable owner, an administrator and executor of a deceased owner, a person who has purchased a leasehold interest in the flat and a purchaser under an agreement for a lease; |
| “member of the Fund” and “ordinary account” have the same meanings as in section 2(1) of the Central Provident Fund Act; [S 701/2023 wef 01/11/2023] |
| “Singapore Overnight Rate Average” or “SORA” means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public. [S 701/2023 wef 01/11/2023] |
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