Apply Online For OCBC Home Loan Rates

Fixed Rates
2.38% 2 Yr Lock-In >
Floating Rates
Board Rate 1.95% (MBR + 0.40%) 2 Yr Lock-In >
Board Rate 2.00% (MBR + 0.45%) No Lock-In >
Sibor 3 Months + 0.30% = 2.06% 2 Yr Lock-In >
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Find the Right Home Loan

About OCBC Home Loans

OCBC home loans belong to one of the top players in Singapore, OCBC Bank. OCBC offers a variety of consumer banking products such as bancassurance, home loans, personal credit as well as unit trust distribution.

In Singapore, OCBC is among the top 3 banks in consumer banking, and it has the largest Sunday banking services. OCBC has been ranked among the world's top 50 safest banks by Global Finance in 2014 and is also named Asia's leader in digital banking at the IDC Financial Insights Innovation Awards last year.

OCBC offers different types of home loans: new purchase home loans, refinancing home loans, renovation loans, overseas property loans and construction loans.

Apart from that it offers OCBC credit cards among its range of financial products.

OCBC New Purchase Home Loans

To cater to customers with diverse needs, it offers 4 different OCBC home loan packages for new purchases:

36-Month Fixed Deposit-Linked Mortgage Rates

A fixed deposit-linked rate is a type of board rate, only 2 banks in Singapore offer fixed deposit-linked mortgage rates, OCBC and DBS. What stands out about OCBC's 36-month fixed deposit rate is the rate stability, it has remained unchanged since November 2011. This means that this type of home loan is good for people who want to have a clear idea of how much they need to pay each month. A big benefit that OCBC offers is free conversion to a different type of home loan package if the fixed deposit rate were to increase.

Short-Term Fixed Interest Rates

Having a mortgage loan based on fixed rates allows the borrower to plan and budget ahead with fixed monthly repayments. Fixing the rates for a short term protects against rate fluctuation during the lock-in period. The downside is that rates are usually higher than other packages.

Variable Interest Rates

The variable rates loan package has lower rates compared to the fixed rates package and it allows the borrower to choose between different lock-in periods. Do note that if you decide to refinance during the lock-in period a penalty will be incurred.

3-Month SIBOR-Pegged Rates

This type of home loan is pegged to the SIBOR rate so payments will fluctuate depending on the SIBOR. As the SIBOR changes daily, the bank uses the SIBOR on a specific date (also known as the Rate Review Date) and adds on a fixed percentage for the interest rate of the housing loan.

OCBC Home Loan Eligibility

Eligibility depends on whether you are taking a HDB home loan or a private property loan. For the former, please ensure you meet HDB's eligibility conditions. You can borrow from $100,000 to 80% of valuation for your HDB home loan.

A private property home loan is open to everyone, including Singapore PRs and foreigners and you can borrow from $200,000 to 80% of valuation.

OCBC Refinancing Home Loans

There are 4 different OCBC refinancing home loan packages to choose from and you can get a refinancing loan of up to 100%. Here are the 4 different packages:

36-Month Fixed Deposit-Linked Mortgage Rates

A fixed deposit-linked home loan rate is a type of board rate. The main benefit of this type of mortgage rate is that it's very stable and the rates do not fluctuate very often (the rate has remained unchanged since 2011). However, since they are pegged OCBC's 36-month fixed deposit rate, it will change if that rate changes. With this plan OCBC offers you the possibility of changing to another home loan package if the fixed deposit rate increases - which is a very big benefit, in my opinion.

Short-Term Fixed Interest Rates

The advantage of taking a home loan with fixed rates is that you can budget and plan your monthly spending in advance since you will have fixed monthly payments for
the first 1-2 years. After the fixed rate period, the rates will be board rates, which means that they are based on OCBC's internal rates. The downside of fixed rates is that they are usually higher than variable rates.

Variable Interest Rates

With the variable interest rates, your rates will vary with OCBC's internal rates (board rates), but they are lower than fixed rates. You can choose between different lock-in periods.

3-Month SIBOR-Pegged Rates

These rates are pegged to SIBOR rates which means that your payments will go up or down depending on SIBOR rates.

OCBC Overseas Home Loans

The bank also provides financing for overseas properties, including those in London, Australia, Malaysia, Tokyo and New York. A minimum loan amount of $200,000 is required. You can borrow up to 70% of the property price: up to 60% of the property valuation for properties in London, Australia and Malaysia and up to 70% for those in Tokyo and New York.

Documents Required For Overseas Property Loan

  • Copy of NRIC / passport
  • Copy of employment pass / work permit (for foreigners)
  • Income documents (pay slips from the past 6 months, if you're self employed you need to present a 2 years' income tax statement, latest 12 months CPF contribution history)
  • Reservation form / booking form / lease agreement / contract for sale

OCBC Home Loan Fees And Charges

  • Default fee: A minimum fee of $50 for each late repayment
  • Loan statement: $30 for each page
  • OCBC does not impose Partial Redemption Penalty as long as outstanding loan remains at least 50% of original loan amount within the lock-in period.

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Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.