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Thread: OCBC Bank having multiple Board rates for Housing loans

  1. #1
    Join Date
    Apr 2016
    Posts
    6

    Angry OCBC Bank having multiple Board rates for Housing loans

    Hi, I was recently sent 1% increase on my housing loan, stating board rate has increased from 4.5% to 5.5%.. When I had taken loan 1 year back was told this rate hasn't changed for 7 years, was expecting some risk and potential of increase but felt 1% is very steep increase.. When I check on internet I see OCBC still offering loans linked to board rate where they post Board rate as 5.1%... When I checked with the Bank they told me they have multiple Board rates.. This was never disclosed to me when loan was taken.. This makes me upset and posting this so that all who are taking housing loan are aware about such catch. Please share your experience if you have phased similar challenge.

  2. #2
    Join Date
    May 2012
    Posts
    4,035

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    Quote Originally Posted by keyur View Post
    Hi, I was recently sent 1% increase on my housing loan, stating board rate has increased from 4.5% to 5.5%.. When I had taken loan 1 year back was told this rate hasn't changed for 7 years, was expecting some risk and potential of increase but felt 1% is very steep increase.. When I check on internet I see OCBC still offering loans linked to board rate where they post Board rate as 5.1%... When I checked with the Bank they told me they have multiple Board rates.. This was never disclosed to me when loan was taken.. This makes me upset and posting this so that all who are taking housing loan are aware about such catch. Please share your experience if you have phased similar challenge.
    Time to change to FDMR or Sibor-linked rates. OCBC does this stunt all the time.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  3. #3
    Join Date
    Jun 2009
    Posts
    2,511

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    What is FDMR? Any one can enlighten me on definition?
    Also, why stick to sibor-linked rates when Sibor is set to be increase?

    I am facing stress from the loan now servicing my house. Looking to options financing my mortgage loan.

  4. #4
    Join Date
    May 2012
    Posts
    4,035

    Default

    Quote Originally Posted by yowetan View Post
    What is FDMR? Any one can enlighten me on definition?
    Also, why stick to sibor-linked rates when Sibor is set to be increase?

    I am facing stress from the loan now servicing my house. Looking to options financing my mortgage loan.
    FDMR - Fixed deposit linked mortgage rates.

    Sibor has been "set" to increase since 2011 or 2012. 4 years so far only increased 0.25% how fast will it actually increase???

    The actual Sibor now is still very friendly.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  5. #5
    Join Date
    Nov 2011
    Posts
    789

    Default

    Quote Originally Posted by keyur View Post
    Hi, I was recently sent 1% increase on my housing loan, stating board rate has increased from 4.5% to 5.5%.. When I had taken loan 1 year back was told this rate hasn't changed for 7 years, was expecting some risk and potential of increase but felt 1% is very steep increase.. When I check on internet I see OCBC still offering loans linked to board rate where they post Board rate as 5.1%... When I checked with the Bank they told me they have multiple Board rates.. This was never disclosed to me when loan was taken.. This makes me upset and posting this so that all who are taking housing loan are aware about such catch. Please share your experience if you have phased similar challenge.
    I said before nver take board rate, ....is not transparent at all, we are at the bank mercy! If sibor rate goes up, u think the board rate won't go up meh.! At least sibor is transparent

  6. #6
    Join Date
    May 2014
    Posts
    113

    Default

    hate board rate...is like cartel mafia rate....but sibor also like rigged....US interest rate up a bit only they shoot up so quickly....

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