OCBC (Oversea-Chinese Banking Corporation Limited) is regarded the best in its game of financial products for personal use and has always kept up to their name in regard to loan products. They not only have home loans but, they have loans that are bespoked to cater to the various needs of people pertaining to real-estate or home from a home loans that can buy you your dream home in Malaysia to the construction of your new home at a already bought plot is just the tip of the iceberg when it comes to housing finance from this bank in Malaysia. They have short-term loans with fixed interest rates, as well as variable interest rates for long-term loans where major amount has been borrowed. But the benefits do not end there. You have 5 major types of available to you from OCBC Bank including Renovation Loan, New Purchase, Refinancing, Construction Loan as well as Overseas Property Loan, when you want to buy a new home outside Malaysia but would still need financing help. Loan amount margin is up to 80% of the costs which means that you have a lot covered, when you borrow through these home loans. However, the loan amount brackets vary based on the company’s policies for the different types of loans, since a renovation loan generally costs lesser than a basic housing finance option to buy a new home. The interest rates are also based on the type of loan chosen.
Read on to more about the great housing finance option.
You’re probably eligible for an OCBC Bank Home Loan if you are
At least 18 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your OCBC Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90% + 5% MRTA
Instalments of other loans lower
Increase your eligible OCBC Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
Documentation needed to apply for an OCBC Bank Home Loan
- 1. Identity Card.
- 2. Copy of Individual Title Deed.
- 3. Documentation for salaried applicants:
- Copy of MyKad (front and back) or latest valid passport and Visa / Work Permit / Employment letter
- Last 3 consecutive month's salary slips
- Latest EA From with tax receipt duly acknowledged by LHDN, or e-BE Form acknowledged by LHDN
- Last 6 month's Bank Statement
- 4. Documentation for self-employed applicants:
- Business Registration Certificate – Form 24 and Form 49
- Last 8 month's bank statements
- 2 year's BE form with tax receipt acknowledged by LHDN
OCBC Bank Home Loan Interest RatesUpdated on 19 Jan 2017
|Rate Of Interest||4.80%|
|Guarantor Requirement||No Guarantee Required|
Why opt for OCBC Home Loans
OCBC home loan offers several benefits such as financing up to 80%, the option to choose from three different pricing packages, namely, short-term fixed interest rates, variable interest rates and SIBOR-dependent rates sans switching fees. OCBC home loans entail flexible repayment options in addition to the mortgage specialists for the benefit of customers.
Types of OCBC Home Loans
OCBC offers different types of home loans as listed below.
- Renovation Loan
- New Purchase
- Construction Loan
- Overseas Property Loan
- Offers loan up to six times the monthly income of customers (or up to RM30,000). The minimum loan amount is RM5,000.
- A wide range of interior designers and contractors are available.
- Offers a flexible repayment period ranging from 1 to 5 years.
- One-step application process
- Offers an interest rate of 2.63 p.a.(flat rate). The interest rates range from 5.53% to 7.08% for a loan of RM30,000 based on the repayment period opted by customers.
New Purchase OCBC Home Loans
- Offers Base Rate of 3.72% and effective lending rate of 4.80% for a housing loan of RM350,000.
- Offers a combination of three pricing packages without any switching fees.
- Offers competitive interest rates
- Offers flexible repayment options
- The amount which can be borrowed for HDB (Housing Development Board) is RM100,000 to 80% of valuation and for private property it is RM200,000 to 80% of valuation.
Refinancing OCBC Home Loans
- Offers lower monthly instalments and customised solutions.
- Offers up to 100% refinancing.
- For HDB (Housing Development Board), the covered amount is RM100,000 while for private property it is RM200,000.
Construction OCBC Home Loans
- Offers financing up to 80% of the construction cost
- This loan can be converted to home loan package after completion of a house.
- Offers finance for either constructions on a vacant land or for redevelopment on an existing property.
- Offers finance to foreigners as well, subject to approval by relevant authority.
Overseas Property Loans
- Customers can borrow up to 70% of the property price as loan.
- Offers a repayment period of up to 30 years.
- Offers finance for overseas purchases in top cities such as London (RM300,000), Australia (RM300,000), Malaysia (RM200,000), Tokyo (RM300,000) and New York (RM300,000).
OCBC Home Loans Interest Rates
Interest rates for different categories for new purchase home loans are listed below:
|Short-term fixed interest rates||1.88% for the first year(Rates are guaranteed for either the first year or the first two years).|
|Variable interest rates||
1.68% to 1.88% for the first year
(Rates can change with the OCBC board rate)
|SIBOR-dependent rates||3m +0.90% for the first year (Rates are reviewed every 3 months)|
Interest rates for different categories for refinancing are listed below:
|Short-term fixed interest rates||1.78% for the first year(Rates are guaranteed for either the first year or the first two years).|
|Variable interest rates||
1.58% to 1.88% for the first year
(Rates can change with the OCBC board rate)
|SIBOR-dependent rates||3m +0.85% for the first three years (Rates are reviewed every 3 months)|
How to Calculate Loan Installment for OCBC Home Loan
The OCBC home loan calculator hosted on bbazaar.my is an amazing tool to just eliminate all the effort required in manual loan installment calculation. This online tool takes in certain loan parameters like the loan amount, rate of interest, preferred loan tenure and the applicable processing fee and processes this raw data to yield the Housing Loan EMI Calculator monthly loan installment for your housing loan. These input variables can be adjusted to reach your most suitable loan installment option. Also, varying the rate of interest and processing fee means that you can easily choose between different lending banks also.
How to apply OCBC Housing Loan in Malaysia?
Customers have to contact mortgage specialists or bank staff, submit the necessary documents following which their loan will get approved. Customers can also call the hotline. The documents required have been listed below:
- Passport of applicants
- Payslips (salaried)
- Latest CPF Statement (salaried)
- Income Tax Assessment (self-employed)
- Sale & Purchase Agreement
- Tenancy Agreements
FAQs on OCBC Home Loan
What is the maximum amount that I can borrow under the Home loan scheme for new purchase?
For HDB, customers can borrow up to RM100,000 to 80% of valuation and for private property it is RM200,000 to 80% of valuation.
What are the different types of home financing provided by OCBC?
Home loans provided by OCBC are renovation loan, new purchase, refinancing, construction loan and overseas property loan.
What are the documents required for availing of the overseas property loan?
The documents required include the following:
- Employment permit (foreigners)
- Pay slips of the last six months
- CPF contribution history
- Income tax statement
- Booking form / sale contract
Are there any fees charged for late payment under renovation loan scheme?
OCBC charges RM50 as late payment fees.
Other Products offered by OCBC:
Apart from offering Home Loan,OCBC offers other products and services which include: