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OCBC Graduated Home Loan
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| OCBC Graduated Home Loan is designed to meet the
financing needs of borrowers by servicing lower monthly installments which will
gradually increase over the first 5 years in tandem with the borrower's income
stream. The installment from 6th year onwards will remain until the rest of the
financing tenure.
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| Product
Features |
OCBC Graduated Home Loan is a daily rest interest calculation term loan that
comes with the flexibility which allow the borrowers to make prepayment and
redrawal of the excess payment made. Redraw is only available upon full release
of the loan. This scheme is applicable to graduates who hold a Diploma or
Degree with a minimum age of 21 and maximum entry age of 35 years. The
applicants must either be with the same employer for 1 year or have been
working for at least 2 years. For joint applications, at least one of the
applicants must be a graduate in order to qualify for the OCBC Graduated Home
Loan.
OCBC Graduated Home Loan provides 90% margin of finance for all landed
properties and 80% margin of finance for non-landed properties except for the
following locations - Wilayah Persekutuan, Petaling Jaya and Penang Island,
which is at 90% margin of finance. It also offers different packages; giving
the borrowers the choice of variable and fixed rates packages. The package
comes with the option of Non-Zero Cost (NZEC) package and Zero Cost (ZEC)
package that covers legal fees, stamp duties, disbursements and valuation fees
in connection with the loan. The minimum loan amount for the OCBC Graduated
Home Loan, ZEC package is RM100,000.
| OCBC
- Interest Rates Option - NZEC (As at 30.04.2008) |
| Fixed Rates |
3 Years Fixed Rate
4.88% (Yr 1 - 3), BLR - 1.55% (Thereafter)
5 Years Fixed Rate
5.68% (Yr 1 - 5), BLR - 1.55% (Thereafter) |
| Variable Rates |
BLR - 2.00% (Yr 1 - 3), BLR - 1.75% (Thereafter) |
| OCBC
- Interest Rates Option - ZEC (As at 30.04.2008) |
| Fixed Rates |
3 Years Fixed Rate
5.88% (Yr 1 - 3), BLR - 1.55% (Thereafter)
5 Years Fixed Rate
6.18% (Yr 1 - 5), BLR - 1.55% (Thereafter) |
| Variable Rates |
BLR - 1.50% (Yr 1 - 3), BLR - 1.65% (Thereafter) |
For completed properties, the minimum loan tenure is 5 years and maximum loan
tenure is 40 years or up to age 70, whichever is earlier. For under
construction properties, the minimum loan tenure is 5 years and maximum
loan tenure is 36 years or up to age 70, whichever is earlier. OCBC uses the
debt-to-service ratio (DSR) whereby Employees Provident Fund (EPF) and taxes
are deducted from the borrower’s gross salary. The housing loan must not exceed
40% of the borrower's nett income.
For the NZEC package - If the facilities are redeemed within the first 5 years
of the loan, there prepayment charge is 3% of the amount prepaid
(including capital repayments) and the outstanding amount redeemed or RM 5,000,
whichever is higher.
For the ZEC package – If the facilities are redeemed within the first 5 years
from the loan, the prepayment charge is 3% of the amount prepaid (including
capital repayments), and the outstanding amount redeemed or RM 5,000, whichever
higher + Administration Fees (as listed below).
| Admin Fees |
Loan Amount |
| RM 5,000 |
Up to RM 500,000 |
| RM 10,000 |
> RM 500,000 & up to RM 1,500,000 |
| RM 15,000 |
> RM 1,500,000 |
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| What's good
about it? |
OCBC Graduated Home Loan is a term loan that
commensurates with the borrower's earning capacity. It provides a graduated
monthly repayment scheme with lower monthly installments for the first
5 years and longer loan tenure (up to 40 years or when the applicant turns
70, whichever is earlier).
The affordable start-up repayments is useful for applicants who are earning
lower income in their initial years of their career as they will service lower
monthly installments, hence making it more affordable. The repayment structure
frees up cash for home-buyers in the first 5 years of buying their property.
With low monthly installments, borrowers can use the extra funds to
renovate their new home, or buy new furniture.
With the built-in flexible repayment feature, borrower can make capital
repayments even during the low initial monthly installment of the first 5
years. No notice is required and no penalty charged. |
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| Limitation |
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To qualify for the OCBC Graduated Home Loan, applicants must have at least a
recognized diploma. Also, applicants' age must be 35 years and below.
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Disclaimer All home loans, features, charges, benefits and
other information listed here represent the most recent information
available at the time of writing. Every effort is made to keep the site
accurate, however we cannot guarantee that a lender has not increased or
decreased one or more of the home loan rates or fees/charges
associated with a loan deal or changed its features, obligations or benefits. |
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