OCBC renovation loan at 2.86% p.a.

OCBC renovation loan

For many years, I only knew RHB and Maybank as the major players with the lowest interest rate in the renovation loan sector. You can see a lot of their advertisements in major interior magazines and websites. Even most of the Interior Designers or contractors recommend these 2 banks because of their low interest rate.

However, local banks are beginning to be active in the renovation loan sector. They have changed my perception that RHB or Maybank are your only 2 choices.

In this post, I will be mainly talking about OCBC renovation loan, their key features and how they can help you in renovating your dream home.

Key features of OCBC renovation loan

1) Low loan interest rate at 2.86% flat
2) First 3 cashiers order free
3) The only bank in Singapore to allow 3rd party borrowing. This is a very important feature which I will explain further.

What does it mean to you?

1) OCBC has one of the lowest and most competitive renovation loan interest rate in the industry. Therefore you can be assured that you will not be paying high interest rate for your loan.

2) Providing free 3 cashiers order for applicants is a pretty standard practice in the industry. If you have to pay additional charges for 2nd and 3rd cashiers order from your renovation loan, you are not getting a good deal.

3) 3rd party borrowing scheme is a very useful feature for many homeowners. Since the start of Vincent Interior Blog, I have received many emails regarding renovation loan. there are many homeowners who have problem getting a renovation loan due to several reasons like low income, bad credit rating, excessive borrowing, current or ex bankrupt. Most of the time, I can only advise them on how to minimize their renovation budget or borrow from relatives. However, OCBC’s 3rd party borrowing scheme is really giving everyone the chance to have their loan approved. The 3rd party involved need not be the owner of the home (renovation job site). This means that anyone can be the 3rd party. Your friends or relatives can take up the loan for you. If the 3rd party (which is your friend or relative) is worried that the owner (which is you) does not pay the loan, both can open a joint account for which the loan can be deducted from.

Special promotion from Vincent Interior Blog

If applied for OCBC renovation loan thru Vincent Interior Blog, you will be entitled to a $50 free gift*** after satisfying a few simple conditions:

1) Loan amount must be $15,000 and above

2) The $50 free gift will be given to you only after the full loan amount has been dispensed to your renovation contractor or Interior Designer.

***Please note that the $50 free gift has nothing to do with OCBC and this promotion is fulfilled by Vincent Interior Blog.

Excellent customer service

I am very particular about customer service and I am sure you would love to enjoy good services. You can be assured that the banker that handle your renovation loan will provide you with the best customer service that you deserved with excellent attitude. If you faced any issues with the banker during the application process, do feel free to email me.

Things to take note of

1) The processing fee is $200 plus 1% admin fee which will be deducted from the approved amount.

2) Do ensure you already have a quotation from the Interior Design firm or renovation contractor whom you will be engaging.

How to apply for OCBC loan?

All you need to do is fill in and submit the form below and a OCBC banker will contact you. By filling in and submitting the form below, you (the applicant) consent and authorise us to provide your information below to OCBC Bank and for OCBC Bank to contact you (whether via email or your mobile) in relation to your renovation loan request.

 


Blog about Interior Design, renovation and home improvement.

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