• OCBC Home Renovation Loan


    OCBC Home Renovation Loan

    The Oversea-Chinese Banking Corporation Limited, more popular by the abbreviation OCBC Bank, is a public scheduled financial and investment services organization that is headquartered in Singapore. Even though it is a listed as a public bank, it is noted that the bank’s biggest stakeholder by a humungous margin is the esteemed Lee Group of Companies. Established by Lee Kong Chian in 1919, the Lee clan still has a tremendous influence in the functioning of the OCBC Bank. And two of the major board seats are currently held by Lee Tih Shih and Lee Seng Tee.

    You’re probably eligible for a OCBC Home Renovation Loan if you are

    OCBC Renovation Loan Minimum Age

    OCBC Renovation Loan Minimum Age - 21 years

     OCBC Renovation Loan Maximum Age

    OCBC Renovation Loan Maximum Age - 59 years

    OCBC Renovation Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    OCBC Renovation Loan Minimum Income

    S$24,000 for single and/or joint applicants

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

    OCBC Renovation Loan Minimum Salary

    OCBC Bank Renovation Loan Min Salary - S$24,000

    OCBC Renovation Loan EMI

    Existing Loan EMI - EMIs of other loans lower your eligibility

    Increase your eligible OCBC Home Renovation Loan amount by these steps

    OCBC Renovation Loan Add Spouse as Co-applicant

    Make your immediate family member a co-applicant, and his income will add to your eligibility

    OCBC Home Renovation Loan Basic Details Updated on 18 Oct 2017

    OCBC Home Renovation Loan Basic Details
    Min Loan Amount S$5,000
    Max Loan Amount S$30,000
    Max Loan Tenure up to 5 years
    Interest Rates 5.38%
    Monthly EMI S$379

    Overview of OCBC Bank

    OCBC Bank has resources that are worth over 224 billion SGD. Centered on Bloomberg in the year 2011, OCBC ranks first among the top ten strongest 100 billion dollar banks in the world. The bank's international network has progressed at a great pace to include affiliates, area offices, and representative branches in around 15 nations. It has commercial banking sub offices and associates in Asian countries such as China, Hong Kong, Malaysia, Japan, and Indonesia as well as the US, Australia and the UK.

    OCBC Bank Renovation Loan Interest Rates:

    Loan Period Annual Interest Rate Effective Interest Rate (EIR) Estimated Monthly Repayment
    If the loan sum is SGD 30000 at the rate of 4.98 percent
    12 months 2.63 percent 7.08 percent SGD 2567.95
    24 months 2.63 percent 6.13 percent SGD 1315.87
    36 months 2.63 percent 5.80 percent SGD 898.86
    48 months 2.63 percent 5.63 percent SGD 690.61
    60 months 2.63 percent 5.53 percent SGD 565.86

    2.63 percent per annum is a flat rate and corresponds to a once-a-month rest rate of 4.98 percent per annum. The effective interest rates starts from 5.53 percent to 7.08 percent for a loan sum of SGD 30000 based on the scheduled repayment period) for house loan buyers.

    For a non-OCBC housing loan user, a monthly rest rate of 5.38 percent per annum that corresponds to a flat rate of 2.86 per year is applicable. This is with effective interest rates varying from 6.25 percent to 8.88 percent for a maximum loan sum of SGD 30000 based on the repayment schedule.

    OCBC Renovation Loan Eligibility Criteria:

    • The applicant should be of a minimum age 21 and no older than 59 at the time of application.
    • The applicant should be a citizen of Singapore or have the relevant resident or employment visa.
    • If the application is submitted in a single person’s name, the expected minimum annual income of that person is at least SGD 24,000.
    • If it is a joint application, at least one applicant should have a minimum earning of SGD 24,000 per annum.

    Income documents required:

    • If you are salaried employee, collect pay slips from the past 6 months.
    • For entrepreneurs and freelancers, CPF contribution history of the past year will do.
    • The most recent income tax declaration for the last two years.
    • Documents proving the ownership of the property.
    • Official quote from the concerned contractor with signatures from both the parties.
    • HDB Sales Order or advocate’s letter in case you are residing in a rented place.
    • For shared applications, papers showing the relationships should be submitted. For instance, marriage certificate (for partners), birth certificates for (children or siblings) or duly signed government documents (for friends or business partners).

    Application Procedure:

    • Download the application form from the OCBC website or collect one directly from the nearest branch in your area.
    • Submit your duly filled application form along with the required documents at any OCBC office or you can also send them by email.
    • If all the prerequisites are met, your loan will be approved quickly and you will get the banker’s order by email or post.
    • Soon a bank representative will get in touch with you to take it forward.

    Benefits of an OCBC Renovation Loan:

    • Your initial three cashier orders are absolutely complimentary.
    • The loan tenure is as flexible as it can be ranging from one to five years.
    • You can get a loan up to six times your monthly salary or income (not more than SGD 30,000). The minimum loan size allowed is SGD 5000.
    • OCBC itself will arrange for a wide range of trustworthy renovation contractors and reputed interior designers at reasonable price.

    OCBC Renovation Loan Fees & other charges:

    • Processing fee - SGD 200 (rebated up-front upon payment)
    • Governmental charges – One percent of sanctioned loan sum (reduced upon payment)
    • Part advance payment fee – Two percent of sum paid in advance
    • Complete redemption charges – Two percent of due amount
    • Banker’s orders – First three cashier orders are absolutely for free. Afterwards you will be levied SGD 20 for each order, which will be issued in the renovation contractor's firm name.
    • Late instalment fine – SGD 50

    Explore Other Banks Offering Renovation Loan:

    Other Products offered by OCBC

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