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.
OCBC Renovation Loan Minimum Age - 21 years
OCBC Renovation Loan Maximum Age - 59 years
Salaried / Self-employed with regular income
S$24,000 for single and/or joint applicants
OCBC Bank Renovation Loan Min Salary - S$24,000
Existing Loan EMI - EMIs of other loans lower your eligibility
Make your immediate family member a co-applicant, and his income will add to your eligibility
|Min Loan Amount||S$5,000|
|Max Loan Amount||S$30,000|
|Max Loan Tenure||up to 5 years|
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.
|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.
Income documents required:
Other Products offered by OCBC