Refinancing a home loan means that you take a new loan amount so that you can pay off the loan amount of your current mortgage. OCBC offers a unique home loan refinance scheme that proves to be extremely beneficial for the customers.
OCBC Bank cares about its customers and offers products that are useful for different types of people asper their requirements and convenience. Basically, there are three packages of Home Loan refinancing that are offered by OCBC Bank.
Fixed interest ratesAs the name suggests, this is a fixed rate of interest plan which would help you to plan your budget and control the cash flow. The package has been designed to offer you protection from the fluctuations of interest rate for the initial years. As of 15 May 2018, the OCBC Home Rate (OHR fixed) is 2.18% p.a. for the first two years.
Floating interest rateThe rate of interest offered with this particular package is lesser than the fixed rate scheme. As of 15 May 2018, the OHR (floating) is 1.65% p.a. for the first year and 1.70% p.a. for the second year.
SIBOR-Dependent RatesThis packages offers rate of interest that are pegged to SIBOR. Based on the SIBOR rates, the rate of interest offered to the customers can also change. Every three months, the rates of interest are reviewed. As of 15 May 2018, the OHR is 3M SIBOR + 0.30% for the first year, + 0.40% for the second year, and + 0.50% from the third year onwards.
Explore the Other Loan Offered OCBC Bank:
You get up to 100% with the OCBC Home Loan Refinancing scheme.
The rate of interest offered with this particular scheme is 2.18% p.a. for the first two years.
The bank will give you a 30-day notice in case the home rates are revised.
You are allowed to prepay up to 50% of your loan amount before the tenure ends.
The bank does not charge any fee when you switch between interest rate packages.