• OCBC Home Loan

    Home Loan BYTES FROM OUR KITCHEN

    OCBC Home Loan

    Housing is one of the most critical needs in our life. Investing in a home or a plot gives us so much of content as it secures the future of our loved ones. A home loan is an ideal partner which helps in achieving your housing goals. Most of us may not be able to fulfil the financial demand of a housing project. In such situations, a home loan provides financial stimulus and lets you manage the payback in easy monthly instalments. These days, housing loans are no longer restricted to buying the house alone. Banks and financial institutions offer finance solutions for a wide range of needs such as construction, renovation, refinancing etc.  


    You’re probably eligible for an OCBC Bank Home Loan if you are

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    OCBC Bank Home Loan Minimum Age

    Atleast 21 years

     OCBC Bank Home Loan Maximum Age

    Above 21 years

    OCBC Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    OCBC Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your OCBC Bank Home Loan amount eligibility is based on these factors

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    OCBC Bank Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    OCBC Bank Home Loan Maximum Loan to property value

    Loan capped @80% of property value

    OCBC Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible OCBC Bank Home Loan amount by these steps

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    OCBC Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    OCBC Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 yrs

    OCBC Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an OCBC Bank Home Loan

    • 1. Copy of NRIC/Passport of all Applicants & Owners
    • 2. Latest Computerised Payslip (salaried)
    • 3. CPF Statement – Latest 12 Months Contribution History (salaried)
    • 4. 2 Years Income Tax Assessment (self-employed)
    • 5. Option to Purchase or Sale & Purchase Agreement (for new purchase)
    • 6. Tenancy Agreements (if any)
    • 7. Evidence of sale of existing property (if applicable)

    OCBC Bank Home Loan DetailsUpdated on 28 Jul 2017

    OCBC Bank Home Loan Details
    Interest Rate 1.38%
    Margin of Finance Up to 80%
    Loan Tenure Maximum of 30 yrs

    OCBC Home Loan Singapore

    OCBC(Oversea-Chinese Banking Corporation Limited) is a Singapore headquartered multinational banking and financial services institution founded in 1932.  Listed on the Singapore exchange, OCBC has branches and subsidiaries in over 15 countries across the globe. It is one of the richest banks with assets of over 224 billion SGD. In Southeast Asia, OCBC operates in major countries such as Indonesia, Malaysia, China, Hong Kong. It also has branches in Australia, New Zealand, USA & U.K.

    The bank offers a full range of banking and related services in Retail banking, Corporate banking, Investment banking, Wealth & Asset management and insurance products. OCBC is one of the top three banks in the consumer banking sector with a wide range of financing solutions such as personal loans, car loans & home loans from its retail lending segment.

    Types of OCBC Home Loan

    OCBC Home Loan

    OCBC Bank, Singapore’s leading banking and financial services institution provides a massive range of financial solutions for all type of housing and property needs such as

    • Home Loan( New & Refinancing)
    • Construction Loan
    • Renovation Loan
    • Overseas Property Loan

    The bank extends financing for all your housing and property needs. Let us take a look at the salient features of each of the loan schemes offered by OCBC.

    1. Home Loan (New Purchase & Refinancing)

      Under this scheme, the bank provides financing for purchase of new home and also refinances existing home.

      • Financing of up to 80% of the home value for new purchases and up to 100% financing on existing homes.
      • Attractive interest rates in three slabs as below.
        • Short term fixed rate starting at 1.88% for the first year
        • Variable rate between 1.18% - 1.38%
        • SIBOR(Singapore Interbank Offered Rate) linked interest rates at  SIBOR + 0.85%.     
      • Flexible repayment tenor to help you manage monthly budget.
      • For HDB(Housing Development Board) homes, borrow up to 80% of valuation starting at S$100,000.
      • For private property purchases, borrow from S$200,000 to 80% of valuation.
    2. Renovation Loan

      A loan exclusively designed to meet the financial needs of renovating an existing home.

      • Get a loan of up to 6 times your monthly income under this scheme.
      • Fast turnaround time on loan processing.
      • Enjoy a flexible repayment period ranging from 1 to 5 years.
      • Loan size can vary between S$5,000 to S$30,000.
      • Interest rates as low as 2.63%(Flat rate)
    3. Overseas Property Loan

      For all your overseas housing needs, OCBC offers financing for property purchases in major countries and cities across the world.

      • Loans are available for property investments in London, Tokyo, New York, Australia and Malaysia.
      • Finance up to 70% of the property price under this scheme.
      • Lengthy repayment tenor of up to 30 years.
      • Maximum financing of up to S$300,000.
      • Simplified application process.
    4. Construction Loan

      A loan dedicated for construction of a home on a vacant plot or towards redevelopment of an existing property.

      • Get finance of up to 80% of the construction cost.
      • Appealing interest rates.
      • Simple eligibility criteria. Singaporeans, Singapore PRs and foreigners are welcome to apply.

    OCBC bank has dedicated customer service officers and mortgage specialists for all your queries relating to pre and post loan servicing. 

    Attractive interest rates in three slabs as below are available for new home loans.

    • Short term fixed rate starting at 2.38% for the first year
    • Variable rate between 1.18% - 1.75%
    • SIBOR (Singapore Interbank Offered Rate) linked interest rates at 3M SIBOR + 0.90% for first 3 years.

    OCBC Bank allows you to enjoy several promotional offers which are extremely beneficial and lucrative. Keep an eye out for upcoming promotions or contact the bank for more information about it.

    For all private properties, Singaporean residents, citizens and foreigners are eligible. For HDB Loans there are a few specific criteria to be met. Please, contact the bank for more information on this.

    OCBC Home Loan – Frequently Asked Questions

    Yes, it does. The bank provides financing of up to 100% of the outstanding amount.
    For HDB purchase, you can borrow from S$100,000 to 80% of valuation and S$200,000 to 80% of valuation for private properties.
    • Lease agreement/Sale Contract/Reservation or Booking form.
    • NRIC/Passport copy
    • Work Permit or Employment Pass Copy(Foreigners)
    • Income proof such as payslips of last 6 months, CPF contribution of last 12 months and income statement of last 2 years for self employed applicants.

    News About OCBC Home Loan

    • OCBC launches new low-interest home loan package

      OCBC Bank has introduced a new home loan interest rate package in a bid to boost its mortgage loan numbers. The OCBC package is based on the bank’s internal board rate. The interest rate comes up to 0.7% for the first year, 0.65% for the second year, 0.60% for the third year, 0.55% for the fourth year and 1.55% thereafter.

      DBS and UOB also launched similar low-interest home loan packages earlier in the month. Both banks are now offering FD-rate based mortgage loan rates that start as low as 0.6% p.a.

      These are short-term promotional rates offered by the bank to woo customers as new housing projects are coming up across the island. 

      19th July 2017

       
    • Many Singaporeans May Opt for Home Loans Linked to Fixed Deposits

      Many Singaporeans may soon opt for home loans that are linked to fixed deposits as these home loans are more likely to have stable interest rates. After the interest rate hike by the United States Federal Reserve, the interest rates for many mortgage customers in Singapore have increased. The decision of the Federal Reserve affected the SIBOR and SOR rates because of which the mortgage rates of most customers in the country have increased as the rates are linked to SIBOR or SOR. This is why most customers will now be attracted to the home loans for which the interest rates are linked to fixed deposit rates. Currently, only OCBC Bank and DBS Bank in Singapore offer mortgages with interest rates linked to fixed deposits.

      23rd December 2015

    • Looking at Beating Market Volatility? Guaranteed Security with these Products

      Looking for stability in the current volatile market scenario? Below are a range of products to provide you security in the form of insurance plans and a new option if you’re considering a home loan.

      Axa SmartFamily by Axa Insurance Singapore

      This is a personal accident insurance plan that comes with added benefits for family members.

      Under the Axa SmartFamily plan, the policy holder can avail of finance cover along with eight additional services for family members, which consist of doctor’s home visits, home nursing, housekeeping, consultations with a psychologist, therapy services, transportation for medical appointments, arrangement and payment for children’s transport to and from school and home modification.

      Axa has included the above services as it believes that they are essential for recovery. Research has shown that lingering effects such as post-traumatic stress disorder and persistent anxiety affect one third of those involved in accidents even a year after the incident. Axa has included recuperative services as part of its accident plan to ensure complete cover for its policy holders.

      Families can choose from 3 plans- the insured sums are $250,000, $500,000 and 1 million. Policyholders can choose which of the eight services they wish to claim, as long as the chosen services fall within the total coverage purchased.

      Max Single Premium Yield by OCBC Bank

      OCBC Bank offers a three-year single-premium endowment insurance plan that comes with guaranteed annual benefits at the end of the first and second policy years. This plan would be a good option for customers looking at getting good returns and security from endowments in a short span of time.

      The guaranteed benefit is 1.7% annually for the first two policy years, with the maturity yield at the end of the third year projected at 1.7%.

      The plan pays out a guaranteed benefit upon maturity of 100% of the single premium. You also receive a non-guaranteed bonus on maturity.

      The minimum premium amount is set at $10,000, which is funded by both cash and money in the Supplementary Retirement Scheme. If you are 68 and older, the minimum premium rises to $20,000.

      Customers who avail of this plan will be provided with basic protection against death, total and permanent disability.

      Fixed Deposit-Linked Home Loan by OCBC Bank

      This is a home loan that’s pegged to OCBC’s 36-month Singapore dollar fixed-deposit rate, applicable for amounts between $5,000 and $20,000. This loan has been offered since last year. The current rate is 0.65%. Customer who avail of this loan are charged an additional 1.03%, which works out to 1.68% per year, over the three year term.

      The interest rate works out to the 36-month fixed deposit rate and an added 1.5%.

      The loan has a 2 year lock-in period with a 1.5% penalty. This penalty would be charged on the amount redeemed in case of full repayment of the loan.

      The bank allows partial repayment up to half of the loan amount during this period. In the event the fixed deposit rate rises, the bank offers a one-time conversion to another loan package for free.

      06th December 2015

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