With the Covid-19, many may face difficulty when it comes to paying their mortgage loans. To counter the slow down in the economy, fiscal policies have resulted in lower interest rate. Banks have come up with refinancing packages in this historically low interest rate environment. Have you looked at the pricing of your property finance? If not, it is time to speak to your banker or you can give us a call at 62232801 so that we can assist in introducing you to a mortgage banker. Below are examples of loan packages offered by UOB and OCBC for your info.
(Rates are latest and subject to changes by banks at short notice)
UOB
| Applicable to New Purchases / Refinancing of Completed Properties |
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| Remarks | T&C's apply, subjected to min loan size. For a limited period only. | ||
| Package | 3Y FIXED FLEX | 2Y FIXED | FLOAT |
| Lock-in | 3 Years | 2 Years | 2 Years |
| Rates Y1 Y2 Y3 Y4 Y5 Thereafter |
1.68% (Fixed) 1.68% (Fixed) 1.68% (Fixed) 1.98%^ 1.98%^ 1.98%^ ^MLCR + 1.13% |
1.55% (Fixed) 1.55% (Fixed) 1.75%* 1.95%~ 1.95%~ 1.95%~ *MLCR + 0.90% ~MLCR + 1.10% |
1.60%* 1.60%* 1.60%* 1.60%* 1.60%* 1.60%* 1.60%* *MLCR + 0.75% |
| Additional Benefits | |||
| Free conversion | 1X After 24 Months |
1X After 24 Months |
1X If MCLR increases within 24 Months |
| Partial prepayment during lock-in |
Allow 1-time prepayment of up to 10% on original loan amount per year, else 1.5% on Prepaid amount |
1.5% on Prepaid amount | Allowed T&Cs apply |
| Full redemption fee | 1.5% on Redeemed amount | ||
| Full penalty waiver due to sale | Yes | T&Cs apply | T&Cs apply |
OCBC
| Mortgage Board Rate (MBR) Currently at 1.00% Standard Interbank Offered Rate (SIBOR) Most transparent package in Singapore; not manipulated by any bank |
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| COMPLETED | 2Y FIXED | FLOATING RATE | 3M SIBOR Only for private properties |
| YEAR 1 YEAR 2 YEAR 3 YEAR 4 THEREAFTER |
1.55% 1.55% 1.75% (MBR + 0.75%) 1.95% (MBR + 0.95%) 1.95% (MBR + 0.95%) |
1.45% (MBR + 0.45%) 1.55% (MBR + 0.55%) 1.75% (MBR + 0.75%) 1.95% (MBR + 0.95%) 1.95% (MBR + 0.95%) |
3M SIBOR + 0.80% 3M SIBOR + 0.85% 3M SIBOR + 1.00% 3M SIBOR + 1.00% 3M SIBOR + 1.00% |
| FEATURES | |||
| LOCK IN | 2 YEARS | 1 YEAR | 2 YEARS |
| PARTIAL REPAYMENT | Partial repayment is allowed after lock in period. |
Able to partial repay up to 50% of original loan amount without penalty during lock in period. |
Able to partial repay up to 50% of original loan amount without penalty during lock in period. |
| FREE CONVERSION | One time after lock in period. | One time during lock in period if MBR increases or one time after lock in period. |
One time after lock in period. |
| WAIVER OF ADDITIONAL FIRE INSURANCE IF PROPERTY IS STRATA TITLED WITH MCST |
Yes; enjoy estimate $200 to $500 SAVINGS per year. |
Yes; enjoy estimate $200 to $500 SAVINGS per year. |
Yes; enjoy estimate $200 to $500 SAVINGS per year. |