OCBC Bank: A glimpse of history
OCBC (Oversea Chinese Banking Corporation) is known to be one of the worldβs highly-rated lender banks β an Aa1 rating from Moody’s and an AA- rating from both Fitch and S&P.
Headquartered in Singapore, OCBC Bank is a multinational banking and financial services corporation that has been consistently ranked amongst the top 50 βsafest banks in the worldβ by Global Finance magazine.
OCBC offers a broad selection of housing loan packages for all property types β be it HDB or private, completed or under construction β with competitive introductory fixed, floating and board rates.
Today, when you ask about βwhich bank is best for housing loans in Singapore?β, it is easy to find OCBC in the list of top 3 banks in Singapore.
Did you know? OCBC was the first bank to launch a home loan package pegged to Singapore Overnight Rate Average (SORA) in July 2020. Since then, it has launched more than $1 billion of SORA-pegged home loans.
Overview of OCBC home loan Rates in Singapore
With an overwhelming number of home loans available in the market, it is easy to get confused as a homebuyer. OCBC offers fixed and floating home loans for completed HDB and private properties. However, if you are purchasing an under-construction property β be it HDB BTO or BUC β you can only choose from one of OCBCβs floating rate home loan packages.
OCBC Floating Rate Home Loan Rates
OCBC Fixed Rate Home Loan Rates
OCBC BUC Home Loan Rates
OCBC Refinance Home Loan Rates
Benefits of OCBC Home Loans
How To Apply For A OCBC Home Loan
Other Home Loan Rates
OCBC Floating Rate Home Loans
OCBC offers the following floating rates:
Floating rate home loans: Pegged to a 1-month or 3-month SORA interest rate benchmark, which can go up and/or down.
Floating (MBR) home loans: Pegged to OCBC’s mortgage board rate, which is determined solely by OCBC.
When choosing between SORA and mortgage board rates, consider a SORA rate which is a bit easier to monitor and manage your cash flow.Β Β
*There are lower rates available which we are unable to display below, do contact our mortgage consultants for further details*
| BANK | LOAN TYPE | Year 1 | Year 2 |
| OCBC | MBR | NA | NA |
| OCBC | 1M SORA | +0.35% | +0.35% |
| OCBC | 3M SORA | +0.35% | +0.35% |
OCBC Fixed Rate Home Loans
For fixed-rate home loans, OCBC is currently offering 1 year, 2 year and 3 year fixed rate home loans. While it keeps you away from the volatility of floating rates, a fixed rate might not give you the best interest savings in a declining interest rate environment.
*There are lower rates available which we are unable to display below, do contact our mortgage consultants for further details*
| BANK | LOAN TYPE | Year 1 | Year 2 |
| OCBC | 2 Yr Fixed | 1.75% | 1.75% |
| OCBC | 3 Yr Fixed | 1.75% | 1.75% |
| OCBC | 3 Yr Fixed | 1.70% | 1.70% |
OCBC BUC (Building Under Construction) Home Loans
For buildings still under construction (BUC), including uncompleted BTOs and condominiums, floating rates are the only option.
OCBC Bank offers only two options for BUCs: a floating package pegged to either the SORA rate or mortgage board rates (MBR).
*There are lower rates available which we are unable to display below, do contact our mortgage consultants for further details*
| BANK | LOAN TYPE | Year 1 | Year 2 |
| OCBC | 3M SORA (Green Loan) | +0.35% | +0.35% |
| OCBC | 1M SORA | +0.40% | +0.40% |
| OCBC | 3M SORAΒ | +0.45% | +0.45% |
OCBC Refinance Home Loan Rates
OCBC Bank offers a comprehensive range of home loan refinancing packages with attractive fixed and floating interest rates. By switching your current loan to OCBCβs customised home loan refinancing solutions, you can lower your monthly instalments. Once your lock-in period is over, you can consider refinancing or repricing your home loan without incurring penalties.Β
When refinancing over to OCBC from another bank, if you have not repaid at least 25% of the propertyβs price, you will have to add-on additional cash or CPF to keep it aligned with the LTV limit. In this case, you can only take a loan of up to 75% from OCBC Bank. But if you have already repaid 25% or more of your propertyβs price, then you can move your outstanding amount (up to 75%) to your new OCBC housing loan and refinance it.
*There are lower rates available which we are unable to display below, do contact our mortgage consultants for further details*
| BANK | LOAN TYPE | Year 1 | Year 2 |
| OCBC | 3 Yr Fixed | 1.75% | 1.75% |
| OCBC | 3 Yr Fixed | 1.70% | 1.70% |
| OCBC | 2 Yr Fixed | 1.65% | 1.65% |
| OCBC | 2 Yr Fixed | 1.60% | 1.60% |
| OCBC | 1 Yr Fixed | 1.55% | 1,55% |
| OCBC | 3M SORA | +0.35% | +0.35% |
| OCBC | 1M SORA | +0.35% | +0.35% |
| OCBC | MBR | NA | NA |
Benefits of OCBC home loans
Apart from attractive interest rates for all kinds of home loan packages, there are other factors than make OCBC home loans stand out when compared to other banks.
Simple application; fast approval
OCBC offers a quick and hassle-free one-page online loan application process with βinstant approvalβ for borrowers with a verifiable income and good credit scores. As long as your documents are complete, you can sometimes get approval within the same working day.
Prepay up to 50% of the loan amount without penalty
For some home loans (floating rate packages), OCBC allows borrowers to prepay up to half of the total loan amount within the lock-in period β without any prepayment penalty. It can benefit homeowners or investors looking to sell their properties within the lock-in period to take advantage of low interest rates.
Waiver of fire insurance for strata developments (condos, townhouses)
If you are buying a private condo, EC or any strata development, OCBC waives the need to buy a mandatory fire insurance policy. This translates into more savings as you save the annual premium of $150-$200 for most condo sizes.
Loyalty program
Using OCBCβs new digital loyalty platform STACK, you can track and manage your loyalty (reward) points for shopping, dining, and travel deals such as cash gift cards, cash vouchers and more, all in one platform.
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How To Apply For A OCBC Home Loan With Us
DollarBack Mortgage makes applying for a OCBC Home Loan when buying a new property or refinancing your home loan smooth and efficient. Here's an outline of the process:
Consultation and Assessment
Speak with our mortgage experts to understand your financial standing and eligibility. This step ensures that the loan aligns with your financing needs.
Get Your Application Documents Ready
Depending on your LTV limit, our team will help you choose the most suitable OCBC housing loan package. Get the necessary documents prepared as discussed above for application.
Sign Your Letter of Offer After Approval
After reviewing your documents, the assigned OCBC banker will further process your OCBC home loan application. The bank will then issue a Letter of Offer with conditions attached and a call will be arranged with the banker to go through the offer letter details at a convenient time.
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