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.
Atleast 21 years
Above 21 years
Salaried / Self-employed
with regular income
Earn more than the minimum
EMI limited to about 50%
of monthly income
Loan capped @80% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 yrs
Alternatively add your parents
|Margin of Finance||Up to 80%|
|Loan Tenure||Maximum of 30 yrs|
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.
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
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.
Under this scheme, the bank provides financing for purchase of new home and also refinances existing home.
A loan exclusively designed to meet the financial needs of renovating an existing home.
For all your overseas housing needs, OCBC offers financing for property purchases in major countries and cities across the world.
A loan dedicated for construction of a home on a vacant plot or towards redevelopment of an existing property.
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.
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 noticed that its potential leads were not reading the informative questions and answers at their FAQ page, which hampered lead generation in the home loan market. Moreover, home loans can be confusing, leaving customers with several doubts. OCBC has addressed this problem with its new chatbot Emma.
Emma helped OCBC reduce several hours for the loan staff, who had to previously answer an array of customer queries. Moreover, it helped the bank in upping the lead quality.
OCBC collaborated with Open Vault and CogniCor in building the chatbot. Besides concentrating on defining specific goals, the chatbot was built to ensure right workflow came in the right context. Also, the developers ensured that Emma is fun to chat with. The main objective for the bank was to identify challenges in order to train Emma to solve them.
Within a tenure of six months, the chatbot has helped generate SG$33 million in home loans, besides improving lead conversion rates. Emma will soon be incorporating content or intent-based personalisation.
22nd September 2017
Top banks in Singapore are staging a fierce battle in the home loan arena, with top local banks going the extra mile to offer better interest rates and capture a larger portion of the available market share.
A recent addition in the home loan battle is OCBC – the affair was mostly between DBS and UOB until very recently. OCBC released its home loan package pegged to its variable internal rate, an uncharacteristic trend with most banks pegging their interest rates to public benchmarks like the Singapore Interbank Offered Rate.
In its latest offering, OCBC offers rates of 0.7% in the first year, 0.65% in the second year, 0.6% in the third year and 0.55% in the fourth year. The bank offers a rate of 1.55% in the years subsequent to the fourth.
These rates are in close competition with the rates offered by DBS and UOB. Both DBs and UOB recently announced launch of their zero spread FD-Home Loan rate with interest rates of 0.6% and 0.65% recently.
This interest war between banks has promised to benefit home buyers in Singapore, as buyers can get preferential interest rates for their home loans.
16th August 2017
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 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 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