reporter2
14-08-14, 20:17
http://www.straitstimes.com/archive/thursday/premium/money/story/ocbc-launches-national-day-home-loan-offer-20140807
OCBC launches National Day home loan offer
Published on Aug 7, 2014 1:11 AM
OCBC BANK has launched a home loan promotion to celebrate Singapore's 49th birthday. The bank is offering property buyers a variable rate package that starts at 0.49 per cent in the first year.
According to indicative rates set out by the bank, this increases to 1.49 per cent in the second year, 1.69 per cent in the third, 2.65 per cent in the fourth and 3.75 per cent for the following years.
Effectively, if these rates do not change, the customer would be paying an average rate of 2 per cent a year for the first five years. This is lower than many other home loans on the market, but United Overseas Bank says its most popular floating package also offers an effective average rate of 2 per cent a year for the first five years, with a two-year lock-in period. DBS has a fixed-rate five-year package with an annual rate of 2.18 per cent.
OCBC's promotion also includes a package pegged to the Singapore Interbank Offered Rate (Sibor) that starts at the three-month Sibor rate plus 0.49 per cent. This increases gradually every year and from the fourth year onwards the customer will pay the three-month Sibor rate plus 1.25 per cent.
The catch, however, is that customers keen on taking up OCBC's promotional offer will first have to submit a video on what "home" means to them at www.ocbc.com/homeis by Aug 24. The public will be invited to vote on their favourite videos.
The participants who submit the five best videos among the 49 most popular ones will be selected to enjoy an interest-free rate for the first year, or receive $1,000 worth of grocery vouchers if they are not eligible for a home loan.
The promotion is available only for homebuyers with completed properties in Singapore and for home loans that are new to OCBC, regardless of whether it is to part-finance the purchase of a completed property or refinancing of a home loan from another financial institution or the HDB.
The minimum loan size is $200,000 for private properties and $100,000 for HDB homes.
YASMINE YAHYA
OCBC launches National Day home loan offer
Published on Aug 7, 2014 1:11 AM
OCBC BANK has launched a home loan promotion to celebrate Singapore's 49th birthday. The bank is offering property buyers a variable rate package that starts at 0.49 per cent in the first year.
According to indicative rates set out by the bank, this increases to 1.49 per cent in the second year, 1.69 per cent in the third, 2.65 per cent in the fourth and 3.75 per cent for the following years.
Effectively, if these rates do not change, the customer would be paying an average rate of 2 per cent a year for the first five years. This is lower than many other home loans on the market, but United Overseas Bank says its most popular floating package also offers an effective average rate of 2 per cent a year for the first five years, with a two-year lock-in period. DBS has a fixed-rate five-year package with an annual rate of 2.18 per cent.
OCBC's promotion also includes a package pegged to the Singapore Interbank Offered Rate (Sibor) that starts at the three-month Sibor rate plus 0.49 per cent. This increases gradually every year and from the fourth year onwards the customer will pay the three-month Sibor rate plus 1.25 per cent.
The catch, however, is that customers keen on taking up OCBC's promotional offer will first have to submit a video on what "home" means to them at www.ocbc.com/homeis by Aug 24. The public will be invited to vote on their favourite videos.
The participants who submit the five best videos among the 49 most popular ones will be selected to enjoy an interest-free rate for the first year, or receive $1,000 worth of grocery vouchers if they are not eligible for a home loan.
The promotion is available only for homebuyers with completed properties in Singapore and for home loans that are new to OCBC, regardless of whether it is to part-finance the purchase of a completed property or refinancing of a home loan from another financial institution or the HDB.
The minimum loan size is $200,000 for private properties and $100,000 for HDB homes.
YASMINE YAHYA