They are the first bank in July 2020 to launch Singapore residential mortgage linked to SORA. SORA is scheduled to replace SOR.
They had innovative mortgage products in the past. Mortgage Choice, allowed a reduction in monthly instalments for the first 1 or 2 years. This scheme applied to both private and HDB properties in Singapore. This was 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. However, it was canned after a few years.
An unique benefit of OCBC is they do not require homeowners to purchase additional fire insurance for properties with MCST (i.e. condominiums) in Singapore. They remain the only bank to offer this benefit. It translates to about $100-$300 savings annually for the borrowers.
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