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 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
