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Fixed or variable rates
Daily rest calculated based on 365 days to reduce interest repayments
|Loan Tenure:||Up to 35 Years|
|Margin of Finance:||90% + 5% MRTT|
|Suitable for:||Completed & under-construction properties, refinancing|
OCBC has two major home loan products, Ideal Mortgage and the Standard Housing Loan. In terms of pricing, the Standard Housing Loan are pegged to Malaysia's BR, the benchmark lending interest rate. The Ideal Mortgage is pegged to the Mortgage Lending Rate, a benchmark interest rate for mortgage lending. Currently, there is no difference between the final pricing of both packages despite the different benchmark rate. Both OCBC's flagship packages are semi-flexi home loan package with lock-in flexibility.
OCBC Home Loans have a 3 year lock in period (relatively low) for loans below RM500,000. For loans exceeding RM500,000, there is no lock-in period, which allows borrowers to refinance or sell their home/ property without incurring an early settlement penalty. For borrowers with the lock-in period, a 3% settlement penalty applies. OCBC is known for market leading customer service practices, emphasising quick customer follow-up, a highly accessible customer hotline, and special home improvement packages offered to existing OCBC customers.
Borrowers are able to borrow an additional 30% of property value to renovate or refurbish their homes during their home loan tenure, which is an interesting long term customers. The highlight of this OCBC home loan product is you can make payment on your loan principal in order for you to pay less interest. Whenever you make your payment on OCBC home loan, you must state that is for capital repayment. This kind of payment only can be made by cheque, cash deposit or over the counter at any OCBC branch. Take note that you cannot make a capital repayment through online transfer.
OCBC also offers a Graduated Home Loan programme catering to young working adults who are first time home buyers. This OCBC home loan gives you repayments that start pretty low. Borrowers are offered the flexibility of fixed or variable pricing (or a combination of both). Affordable starting repayments (interest-only repayments) enable young homebuyers to ease into the home loan repayment and financial management process.
Other OCBC packages include a special housing scheme for lower value properties and overseas property financing. OCBC home loan packages provide a margin of financing of up to 90% + 5% for loan tenures of up to 35 years (in accordance with the latest ruling by Bank Negara Malaysia) or age 70 whichever is earlier. Extra 5% financing for MRTA is possible, provided the borrower purchases a policy from Great Eastern Insurance.
|Product||Key Features||Is this a flexi package?|
|Ideal Mortgage & Standard Housing Loan||
|Graduated Housing Loan||
|Special Housing Loan Scheme||
|Overseas Property Financing||
|Ideal Mortgage & Standard Housing Loan||Graduated Housing Loan||Special Housing Loan Scheme||Overseas Property Financing|
|Is a linked bank account required?||No||No||No||No|
|Account Maintenance Fees||No||No||No||No|
If you have applied for an OCBC Home Loan, you will be asked to provide some supporting documents in order for the bank to process your application. These documents are listed below:
You can use the OCBC Bank home loan calculator to calculate your monthly repayments, based on your desired property value and loan amount. Once you are ready to apply, you can make a free enquiry through iMoney, and we will call you back. Applying for a home loan with iMoney is absolutely free of charge. If you are not sure whether this home loan by OCBC Bank is your best option, click here to compare other home loans in Malaysia.
OCBC has a national branch network, although not as large as many of the local banks. However, there are many convenient methods of payment which does not require walking into a branch. Keep in mind that OCBC only finances properties in a town or city where an OCBC branch is present.
: Transfer funds from your OCBC Savings or Checking accounts to make your payments online
: Pay your loans at any of the MEPS ATMs (over 5,000) nationwide
: Pay your loans through the Interbank GIRO fund transfer at the participating bank's branch or through online banking
Standing Instruction Facility
: Automatic deduction from your bank account every month
: Transfer funds from your OCBC Savings or Checking accounts to make your payment at all OCBC branches
Express Payment machine
: Make a check or cash deposit at OCBC branches
Payment by Mail
: Mail to OCBC with your check and statement enclosed in an envelope
Issue instructions to have your bank account deducted to pay for your home loan with your T-PIN
: Repay your loan easily from everywhere just using OCBC's mobile banking application