OCBC Singapore provides mortgages for Singapore residential, commercial properties, as well as residential homes in UK (London), Toyko (Japan), USA, Malaysia and Australia.
They have an unique home loan product for Singapore homes, Mortgage Choice , which reduce monthly instalment for the first 1 or 2 years. This scheme applies to both private and HDB properties in Singapore. This is useful for customers who are leasing the property and wish to achieve improved cashflow and yield. The mortgages are pegged to board rates, fixed rates, 3M SIBOR rates and Cost of Funds for overseas properties. They recently launched a hybrid mortgage product in 2015, with the flexibility to switch to SIBOR after lock-in period & before the end of Year 5. You can stay on Board rate if SIBOR increases significantly or switch to SIBOR if SIBOR remains favorable or if there is a better deal than your current Board Rate package’s thereafter rates.
They do not impose Partial Redemption Penalty as long as outstanding loan remains at least 50% of original loan amount within lock-in period. A benefit is no fire insurance premium charged for the entire loan tenor for Condominiums with MCST.