OCBC Home Loan

About OCBC Bank

OCBC Bank is a Singaporean bank founded in 1932 through the merger of three local banks. It is now the second-largest financial services group in Southeast Asia by assets and one of its most highly-rated banks. Furthermore, because OCBC is active in offering Islamic products, on 1 December 2008, OCBC Bank launched its wholly-owned Islamic banking subsidiary known as OCBC Al-Amin Bank Berhad. Besides that, OCBC Bank also provides a variety of innovative financial solutions, including consumer banking, business banking, international banking, global treasury, and investment management, to meet the needs of today’s customers.

What is a home loan?

A home loan is a sum of money that you apply for or borrow from a bank to assist you in purchasing your dream home. Each loan will be charged an interest rate determined by the loan amount and the repayment period. So, keep in mind that each bank will have a different interest rate, and you should do some research before applying for a home loan.

What type of home loan does OCBC Bank offer?

OCBC Bank provides 4 types of home loans:

• Home Loan
• My First Home Scheme
• Special Housing Loan Scheme
• Al-Amin Manarat Home-i (Idaman-i, Impian-i, Warisan-i)

What should I know before applying for a home loan?

• Interest rates

  You must be aware of the interest rates that the bank will charge you, either fixed interest rates or variable rates.

• Type of loan

  In Malaysia, there are 3 types of loans offered: term loan, semi loan, or flexi loan.

• Lock-in period

  Knowing the lock-in period is crucial because it often occurs when there is a sudden need for full settlement, refinancing, or selling your property.

• Margin of finance

  You must understand your margin of finance, which is the amount of money that a bank will allow you to borrow for your loan and how much cash/ upfront you must pay for the property.

• Fees

  The fees include legal fees, stamp duty charges, late payment fees, early settlement fees, and others.

• Type of bank

  The bank you have chosen to apply for a home loan with, as different banks offer different loan amounts, terms, etc. Choose a bank where you are comfortable applying for a home loan.

Who is eligible to apply for OCBC Bank home loans?

• Home Loan
• 18 years old and above
• Completed and under-construction property
• Refinancing is available

• My First Home Scheme
• Malaysian citizen
• 40 years and below
• First-time homebuyer with an occupant
• Maximum monthly gross household income:
• Individual: RM5,000
• Joint: RM10,000
• Permanent staff at the current company for at least 6 months

• Special Housing Loan Scheme
• Individual application
• First-time homebuyer for self-occupancy
• Maximum property price:
• Peninsular Malaysia: RM60,000
• Sabah and Sarawak: RM72,000
• Maximum monthly income of RM3,000 (also applicable to joint application)

• Al-Amin Manarat Home-i (Idaman-i, Impian-i and Warisan-i)
• Between 21 to 70 years old
• Minimum annual income of RM24,000

Why should I choose OCBC Bank home loans?

• It provides a variety of home loan financing options to suit your needs
• OCBC also offered Shariah Compliant loan based on Ijarah Muntahiah bi Al-Tamlik (leasing ending with ownership)
• Enjoy repayment tenure period up to 35 years, or upon age 65, whichever is earlier*
• Competitive rate pegged to Base Rate (BR)*
• Financing for Mortgage Reducing Term Assurance (MRTA) premiums*

*Depending on the selected home loan.

Who should I contact for further information about OCBC Bank home loans?

For more information or assistance with OCBC Bank home loans, you should

• contact OCBC Hotline at +60383175000
• walk to the nearest OCBC Bank branch

What are the documents required for OCBC Bank home loans?

• Home Loan
• Application form
• Copy of NRIC
• Copy of Sales and Purchase Agreement/ booking receipt/ Letter of Offer from the developer
• Copy of Individual Title Deed
• Property Valuation Report (for completed properties)
• Latest 3-month salary slip, and/ or
• Latest 6-month commission statement
• Latest 3-month EPF statement
• Latest EA Form
• Latest 6-month bank statement
• Letter of confirmation from the employer

• Al-Amin Manarat Home-i (Idaman-i, Impian-i, Warisan-i)
• Salaried employee
• Copy of NRIC
• Copy of passport and Visa/ Work Permit/ employment letter (for non-Malaysian)
• Latest 3-month salary slip
• Latest EA Form with tax payment receipt/ e-BE Form acknowledged by LHDN
• Latest 6-month bank statement
• Self-employed
• Copy of NRIC
• Copy of passport and Visa/ Work Permit/ employment letter (for non-Malaysian)
• Business Registration Certificate: Forms 24 and 49
• Latest 6-month bank statement
• Latest 2-year BE Form with tax payment receipt

What are the fees included in OCBC Bank home loans?

• Late payment fee

  1% of the amount in arrears

• Processing fee

  Waived

• Withdrawal fee

  RM10 per request

• Request for redemption statement

  RM50 per request

• Letter of confirmation for EPF withdrawal

  RM20 per request

• Loan statement request

  RM10 per request

What are the common terms of home loan?

• Lock-in period

  A period during which you will be penalised if you pay off your home loan earlier than agreed. The fine ranges from 2% to 5% of the total amount.

• Margin of Finance (MOF)

  The amount of money that a bank will lend you for your loan determines how much cash you must pay upfront for the property.

• Interest rates

  It is the amount of money you paid to the bank in addition to the principal amount.

• Valuation

  An estimate of the property’s worth and the stamp duty is calculated based on its value.

• Base rate

  The base rate is the interest rate charged by Bank Negara Malaysia to commercial banks for loans.

• Base Lending Rates (BLR)

  A rate set by each bank based on the cost of borrowing the money to be lent to borrowers.

• Refinancing

  Repaying an existing loan and replacing it with a new one with new terms and conditions.