OCBC Home Loan Review: A Mortgage Worth Considering?
OCBC Home Loan Review: A Mortgage Worth Considering?
ValueChampion Rating 
Pros
- Individuals seeking competitive home loan interest rates
- Borrowers seeking to get or refinance their home loan of at least S$300,000 for Private Properties and S$200,000 for HDB
Cons
- Borrowers seeking to refinance home loan of less than S$300,000 for Private Properties or S$200,000 for HDB Flats
OCBC is worth considering when looking for a home loan due to its strong track record and competitive interest rates. As the longest established bank in Singapore, OCBC is a major lender in the country. Additionally, the bank generally offers competitive fixed rate for home loans in Singapore.
| Summary of OCBC's Home Loans |
|---|
| Competitive fixed rate loans |
| Minimum loan principal: S$200,000 |
| Loan approval as soon as within 1 hour |
Table of Contents
What Makes OCBC Stand Out to Borrowers
OCBC's status as a long-time major bank in Singapore and its competitive interest rates make it worth considering as a source of home loans for prospective homeowners. In earlier months, OCBC generally offered very competitive introductory fixed rates and slightly less competitive long-term floating rates. That being said, its introductory fixed rates can be quite attractive for consumers who are willing to refinance their loans regularly to keep their costs low. Ultimately, the total cost of an OCBC home loan is often among the cheapest available and worth considering for individuals seeking home loans. At any rate, housing lenders frequently change their rates, so it is imperative for borrowers to compare the newest interest rates regularly.
OCBC HDB Home Loans Interest Rates as of September 28, 2023
In earlier years, the bank has offered some of the lowest introductory fixed interest rates for HDB flats, though its floating rates have been slightly less competitive. The table below details the current interest rates for HDB home loans from OCBC.
| Bank | 1st Year Interest | Lock-in Period |
|---|---|---|
| OCBC 3M SORA | 2.53% | 1 year |
| OCBC 1M SORA | 2.88% | 1 year |
| OCBC Fixed | 2.55% | 2 years |
| OCBC Fixed | 2.60% | 1 year |
OCBC has offered competitive introductory floating rates for its housing loans for BTO units. However, these rates increased incrementally starting in second year of the loan making the total cost of these loans slightly less competitive than its other fixed rate loan products. With that said, lenders do update their rates often, so it is still worth checking OCBC's BTO loan rates before choosing a home loan. The table below displays OCBC's current BTO loan rates.
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| No offerings at this time |
OCBC Private Home Loans Interest Rates as of September 28, 2023
OCBC is also among the best lenders for private home loans. In particular, the bank offered some of the best fixed rates for private home loans in previous years. Below, we show OCBC's current rates for private housing loans.
| Bank | 1st Year Interest | Lock-in Period |
|---|---|---|
| OCBC 3M SORA | 2.53% | 1 year |
| OCBC 1M SORA | 2.88% | 1 years |
| OCBC Fixed | 2.55% | 2 years |
| OCBC Fixed | 2.60% | 1 year |
OCBC's private home loan rates for properties under construction have been slightly less competitive than its other loans. Again, it is important to note that banks change their home loan rates frequently. Therefore, given OCBC's track record as a major lender in Singapore, it is worth considering their loans for private homes under construction when searching for home loans. With that in mind, we've posted their current rates below.
| Bank | 1st Year Interest | Lock-in Period |
|---|---|---|
| OCBC 3M SORA | 2.53% | 0 |
| OCBC 1M SORA | 2.88% | 0 |
OCBC Refinancing Home Loan Interest Rates as of September 28, 2023
OCBC is a great option for home loan refinancing. So far, the bank has offered some of the best fixed rates for home loan refinancing. OCBC's offerings for floating rate loans are also among the best available to borrowers in Singapore. Still, we advise prospective home buyers to compare real-time interest rates when choosing a home loan in order to get the best deal, as rates tend to change frequently. The table below show OCBC's home loan refinancing rates for HDB and private residences.
| Bank | 1st Year Interest | Lock-in Period |
|---|---|---|
| OCBC 3M SORA | 2.53% | 1 year |
| OCBC 1M SORA | 2.88% | 1 year |
| OCBC Fixed | 2.60% | 1 year |
OCBC's Applicable Housing Loan Fees
OCBC charges a few standard fees, including partial repayment fee, full redemption penalty and cancellation fee. The table below details OCBC's fees based on various loan types.
| Loan Type | Partial Repayment Fee | Full Redemption Penalty | Cancellation Fee |
|---|---|---|---|
| Board Rate | No fee if outstanding balance remains above 50% of loan principal, otherwise 1.5% | 1.5% | 1.5% |
| Tracker | Partial payment allowed up to 50% of loan principal at no penalty during lock-in period | 1.5% | 1.5% |
| Fixed Rate | 1.5% | 1.5% | 1.5% |
| BUC | N/A | N/A | 1.5% |
How to Apply for an OCBC Home Loan: Application Process
Find the Cheapest Home Loans in Singapore
Applying for a mortgage is a complicated process and typically requires several steps and more than a dozen forms. We suggest that individuals interested in OCBC's home loans reach out to our home loan broker partner by clicking one of the "Check Rates" buttons on this page.
Applicants must provide personal identification, income and personal debt documentation. Individuals seeking home loans to purchase property must submit their option to purchase the property. Those seeking to refinance their home loan must submit a statement from their current lender showing details of their outstanding debt.
For proof of income, salaried employees must provide their latest payslip, CPF contribution statement for last 6 months or latest tax income statement. Self-employed and commission based individuals must submit their last 12 months' CPF contribution history.
- NRIC
- Income documentation
- Monthly credit card bills
- Loan statements
How Do OCBC's Mortgage Rates Compare to Other Bank's Home Loan Rates?
We've mentioned several times in this article that interest rates for housing loans change frequently in Singapore. Therefore, it is essential to review available rates before applying for a home loan. The table below lists interest rates for some of Singapore's top banks.
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| DBS Board | 2.60% | 3 years | {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["OCBC"," UOB"," DBS"," HSBC"," SCB"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"DBS","name":"Board","interestRateYear1":"2.60","interestRateYear2":"2.60","interestRateYear3":"2.60","interestRateYear4":"2.60","interestRateYear5":"2.60","interestRateYear6Plus":"2.60","lockInPeriod":"3 years","features":"Income Capped \r\n1 Borrower - $2,500\r\n2 Borrower - $5,000","additionalInformation":"CPF Home Rate (CHR) is based on the prevailing interest rate payable on CPF Ordinary Account (OA). Loan is priced at CHR + 0.10%","propertyType":"hdb-loan","loanType":"new,refinance","minLoanAmount":100000,"rt1":"Board","rt2":"Board","rt3":"Board","rt4":"Board","rt5":"Board","rt6":"Board","rt1r":"0.00","rt2r":"0.00","rt3r":"0.00","rt4r":"0.00","rt5r":"0.00","rt6r":"0.00","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"0.0000","rt4r_first_day":"0.0000","rt5r_first_day":"0.0000","rt6r_first_day":"0.0000","sumYear1":"2.60","sumYear2":"2.60","sumYear3":"2.60","sumYear4":"2.60","sumYear5":"2.60","sumYear6":"2.60","sum":"2.60","y2":"$2,268","y3":"$2,268","y4":"$2,268","y5":"$2,268","y6":"$2,268","y1":"$2,268","monthly_installments":"$2,268","total_interest_cost":180400,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
|
| SCB Fixed | 3.20% | 2 years | {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["OCBC"," UOB"," DBS"," HSBC"," SCB"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"SCB","name":"Fixed","interestRateYear1":"3.20","interestRateYear2":"3.20","interestRateYear3":"0.90","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Free Conversion after 2 Years\r\n\r\nValuation Subsidy for Refinancing\r\n$500k: $350\r\n$1m: $500\r\n","additionalInformation":"Priority Mortgage Plus\r\n\u003E$200k Deposit \r\nY1 - Y4: Spread lowered by 0.05%\r\nThereafter: Spread lowered by 0.10%\r\n\r\n\u003E$500k Deposit\r\nY1 - Y2: Spread lowered by 0.05%\r\nThereafter: Spread Lowered by 0.10%","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":500000,"rt1":"Fixed","rt2":"Fixed","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"0.00","rt2r":"0.00","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"3.20","sumYear2":"3.20","sumYear3":"4.61","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"3.20","y2":"$2,423","y3":"$2,782","y4":"$2,808","y5":"$2,808","y6":"$2,808","y1":"$2,423","monthly_installments":"$2,423","total_interest_cost":332848,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
|
| OCBC Fixed | 3.25% | 2 years | {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["OCBC"," UOB"," DBS"," HSBC"," SCB"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"OCBC","name":"Fixed","interestRateYear1":"3.25","interestRateYear2":"3.25","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Free Conversion after Lock In","additionalInformation":"","propertyType":"hdb-loan","loanType":"new,refinance","minLoanAmount":200000,"rt1":"Fixed","rt2":"Fixed","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"0.00","rt2r":"0.00","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"3.25","sumYear2":"3.25","sumYear3":"4.71","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"3.25","y2":"$2,437","y3":"$2,810","y4":"$2,810","y5":"$2,810","y6":"$2,810","y1":"$2,437","monthly_installments":"$2,437","total_interest_cost":334048,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
|
| OCBC Fixed | 3.28% | 2 years | {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["OCBC"," UOB"," DBS"," HSBC"," SCB"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"OCBC","name":"Fixed","interestRateYear1":"3.28","interestRateYear2":"3.28","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Free Conversion after 12months","additionalInformation":"","propertyType":"hdb-loan","loanType":"new,refinance","minLoanAmount":200000,"rt1":"Fixed","rt2":"Fixed","rt3":"3M SORA","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"0.00","rt2r":"0.00","rt3r":"3.71","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"3.6964","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"3.28","sumYear2":"3.28","sumYear3":"4.71","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"3.28","y2":"$2,445","y3":"$2,811","y4":"$2,811","y5":"$2,811","y6":"$2,811","y1":"$2,445","monthly_installments":"$2,445","total_interest_cost":334516,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
|
| DBS Fixed | 3.75% | 3 years | {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":["OCBC"," UOB"," DBS"," HSBC"," SCB"],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"hdb","sort":"total_interest_cost","construction_status":"completed","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"DBS","name":"Fixed","interestRateYear1":"3.75","interestRateYear2":"3.75","interestRateYear3":"3.75","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"3 years","features":"Free Conversion after Lock-In Period\r\n\r\nWaiver of Full Redemption Penalty due to Sale of Property During Lock-In Period","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":100000,"rt1":"Fixed","rt2":"Fixed","rt3":"Fixed","rt4":"3M SORA","rt5":"3M SORA","rt6":"3M SORA","rt1r":"0.00","rt2r":"0.00","rt3r":"0.00","rt4r":"3.71","rt5r":"3.71","rt6r":"3.71","rt1r_first_day":"0.0000","rt2r_first_day":"0.0000","rt3r_first_day":"0.0000","rt4r_first_day":"3.6964","rt5r_first_day":"3.6964","rt6r_first_day":"3.6964","sumYear1":"3.75","sumYear2":"3.75","sumYear3":"3.75","sumYear4":"4.71","sumYear5":"4.71","sumYear6":"4.71","sum":"3.75","y2":"$2,571","y3":"$2,571","y4":"$2,811","y5":"$2,811","y6":"$2,811","y1":"$2,571","monthly_installments":"$2,571","total_interest_cost":334660,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
|
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Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.