All You Need to Know about OCBC Bank’s Home Loan Refinancing
Home loans can be a touchy matter. It can get high and stiff as days go by. Sometimes we wonder if there are easier options out there to address the issue of adjusting home loan rates to our favor. Luckily, there is an option of refinancing in the form of bank loans through the Oversea-Chinese Banking Corporation or OCBC.
OCBC offers a lot of home loan refinancing options. In fact, there are reasons to love OCBC from the start! They will offer you lower installments when you switch your home loan to OCBC. They will even give you flexible pricing options! The real cherry on the top is that you will be assisted by an experienced mortgage specialist who can certainly pick the best home loan refinancing deal for your property!
OCBC prides itself in being a faster home loan refinancing option than its other counterparts. Furthermore, one of their company objectives is to give their clients greater savings through customized home loan refinancing solutions. Thus, you can expect that when you refinance your home loan with OCBC, you can have lower monthly installments and a complete range of holistic loan packages that are well suited for your needs.
Basically, what OCBC does is that it tries to make it fast and easy for borrowers while being a friendly lender on their own. However, do not take their friendliness for granted – they will still chase you down if you don’t pay your loans on time.
To further support what they’re saying upfront, let’s take a look at their online exclusive rates that come with refinancing in OCBC.
OCBC 2-year/3-year fixed rate
Rate fluctuations can render us helpless. Loans can suddenly spike due to the ongoing economic crisis that we have right now. Luckily, OCBC offers a fixed rate for these types of loans in a 2-year and 3-year tenor. It helps protect you from rate fluctuations and keeps you safe from any unwanted increase. However, after these 2 and 3 years are over, rates will start to change, so be ready.
OCBC Mortgage Board Rates
As mentioned, after the 2 or 3 years are done, the rates will begin to fluctuate. They have what are called board rates. They can change anytime, but you will have 30 days of notice before they implement it on your package. What’s great is that if the board rate increases, you can freely switch to another pricing package as you wish.
3M Compounded SORA
As with other banks, they also rely their rates on the SORA or Singapore Overnight Rate Average. Again, if you don’t like the current rate on this one, you can freely switch to another pricing package after the 1st year!
3-Month Singapore Interbank Offered Rates
This rate is only available for private properties. The rate of installment depends on this rate. It can increase or decrease depending on this rate.
Conclusion
OCBC also offers one of the lowest and easily payable additional rates in the market, making it a fine option for refinancing with home loans in Singapore.
Home loan refinancing is great for people who think that the current rates that they are getting are too high for their current situation. Whether they are going through financial turmoil or other things, it’s always a good idea to refinance in order to set things straight in the current economical situation.
The process is equally easy and it can be done online for convenience. Contact Home Loan Whiz for a FREE consultation about your refinancing options.
Apply with OCBC now and experience great refinancing deals for Singaporean home loans!
