OCBC Home Loan
OCBC Home Loan is a housing loan provided by OCBC Bank. The loan offers a range of packages to suit different needs of different customers with a range of competitive interest rates. The plan also comes with a flexible range of repayment tenures going up to 40 years allowing for easier repayment.
Housing Loan Schemes by OCBC
The following table contains the interest rate associated with the OCBC Home Loan:
|From RM100,000 and above
Fees & Charges
|Late payment charges
||1% of the amount of overdue instalment calculated on a daily basis.
|Request for redemption statement by customers/lawyers on behalf of customers
||RM53 per request.
|Request for redraw of loan facility
||RM10.60 per request.
|Processing fee on loan statement request
||RM10.60 per request.
|Processing fee on request of letters to EPF for withdrawals
||RM21.20 per request.
The indicative effective lending rate for a standard home loan for a tenure of 30 years and a financing amount of RM350,000 is 5.05% p.a.
The following are the eligibility criteria for OCBC Home Loan:
||Minimum age: 18 years Maximum age: 65 years (70 years for for Standard Housing Loan package)
||As per the bank’s discretion
The applicants must present the following documents at the time of OCBC Home Loan application:
- A copy of NRIC.
- Copies of payslips for the last 3 months.
- Latest EA form or latest EPF statement.
Types Of OCBC Home Loan
- Standard Housing Loan: Available with both fixed as well as variable interest rates, the Standard Housing Loan by OCBC comes with no restrictions on the maximum loan amount.
- My First Home Scheme: My First Home Scheme by OCBC is a housing loan designed specifically for the first-time home buyers. The loan scheme provides loan for under-construction and completed residential properties.
- Special Housing Loan Scheme: The Special Housing Loan Scheme by OCBC covers the low-cost residential properties and offers financing to its customers for the purchase of the same.
- Overseas Property Financing: This scheme provides financing to the customers who plan to buy completed or under-construction residential properties in Australia and United Kingdom.
- Renovation & Refurbishment Loan: Coming with a competitive rate of interest, the facility provides funds to the customers for home refurbishment, renovation, and personal contingencies.
Features & Benefits
- The OCBC Home Loan provides customers with financing for completed as well as under-construction residential properties.
- The facility provides customers with financing up to 90% of the valuation of the property.
- The facility lets customers choose from a range of loan plans available according to their need and convenience of repayment.
- The interest rate calculation with this facility is done on a daily basis.
- The tenure of the loan facility can be extended to 40 years.
- The customers do not need to provide the bank with a notice of extra repayments made.
- With this facility, the financing is available for MRTA (Mortgage Reducing Term Assurance) premiums.
- The customers can redraw the paid-for capital in cases where they need funds.
- The repayment for the OCBC Home Loan can be made via easy and convenient payment modes like standing instructions, ATM, CDMs (Cash Deposit Machines), cheque deposit machines, internet banking, mobile banking, IBG from other banks, and over the counter at any OCBC branch nationwide.
How To Apply
- Offline Application: A customer can put in the application for OCBC Home Loan at the nearest OCBC branch or reach out to the bank telephonically via its customer service numbers.
- Online Application: The OCBC Home Loan application can also be approached through the official web portal of OCBC.
The customers can reach out to the bank via its hotline number 03-8317-5000 in order to get further details on OCBC Home Loan.
Q. What is the maximum limit of loan one can apply for via OCBC Home Loan?
A. The maximum limit of a loan may vary from package to package. The Standard Housing Loan package under OCBC Home Loan allows a customer to apply for a maximum of 90% of the property’s valuation with no upper limit on the loan amount.
Q. I want to own a property in Peninsular Malaysia. Which plan is the best for me?
A. The Special Housing Loan Scheme is the best fit for your housing need.
Q. What is the maximum loan amount I can get through My First Home Scheme?
A. You can get financing from RM100,000 to RM500,000 with My First Home Scheme.
Q. Can two people apply for the OCBC Home Loan?
A. Yes, joint application is allowed with OCBC Home Loan.
Q. I’m a 54 years old permanent citizen of Malaysia. What is the maximum tenure I can get with OCBC Home Loan?
A. You can get a maximum of 16 years of tenure with OCBC Home Loan.
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