OCBC FDMR is a mortgage rate that is pegged to the Fixed Deposit interest rate that the bank offers. While SIBOR rates are fully transparent and are not internally determined by a bank, and board rates can be adjusted solely at the discretion of a bank, fixed deposit mortgage rates lie somewhere in the middle. Highest was 0.925% from 8 Nov 2005 to 8 Mar 2009. It is 0.65% since 1 Nov 2011. 1-time free repricing if FDMR increases. Partial payment is allowed at 50% of original loan within first 3 years.
OCBC offers both fixed rate and a variety of floating rate packages to cater people with different needs. There are two internal board rate packages whereby the package without lock-in period is mainly suitable for short term investors. Whereas, the Internal board rate package with lock-in period is much suitable for those who would want to benefit from a lower interest rate but looking forward to sell after 3 years.
OCBC also offers two floating rate packages pegged to 3Months Sibor. There is an advantage of choosing any of these two packages as there is an option to fix the monthly payment for the first two years. This is to cater those with a fixed lower income/budget. The 3months Sibor, Package 2 offers 0.05% lower premium rates compared to package 1. Buyers have to consider the 2 year lock in period tie before purchasing. Package 1 is to favor those who would be looking to benefit from the future low Sibor rates and looking forward to sell within a few years of purchase.
Fees and Charges
OCBC Bank ATMs Transfer funds from your OCBC Bank Savings or Current accounts to make your payment at OCBC Bank branches.
Express Payment machine Make a check or cash deposit at OCBC Bank branches.
Phone Banking Issue instructions to have your bank account deducted to pay for your home loan with your T-PIN.
• Singaporean citizens and permanent residents. • Foreigners who are residing and working in Singapore.
Use the iMoney’s home loan calculator and be sure on your decision. If OCBC home loan is your choice, Click the apply button and fill in a simple application form and you will be attended by experienced mortgage consultants.