SIBOR comes in 1-, 3-, 6- , or 12-month tenure. At the end of the tenure, the borrowing bank returns the borrowed fund to the lending bank. The 3-month SIBOR is the most popular rate that loans are pegged to and has been hovering below around 1% in the past few years.
Many floating rate mortgages in the country are pegged to SIBOR due to its transparency. Alternatives to SIBOR include SOR, Fixed-rate mortgages, Combos (Combination of SIBOR and SOR). Although they may be higher or lower than SIBOR at any point of time, they usually move in tandem with the direction of SIBOR and are used by banks to help price loans.