OCBC Home Loan Refinancing

Whether you’re an existing HDB, Executive Condominium (EC) or private property homeowner looking to refinance your current home loan, OCBC Home Loan Refinancing packages could offer the solution for you.

As the second-largest banking group in Singapore with over $500 billion in total assets, OCBC has a selection of mortgages for you to choose from, including its OCBC Eco-Care Home Loan which you can enjoy savings on your home loan instalments, your home electricity bills and more.

With the SOR rate and SIBOR rate being gradually replaced by the SORA rate in the next 3 or 4 years, OCBC’s competitive housing loan refinancing rates are now pegged to their board rate or the Singapore Overnight Rate Average (SORA) rate, and the rates start from 1.33% for a SORA floating-rate (with the 1M SORA rate at 0.1240% as of August 2021) package, and 1.38% to 1.80% for a fixed interest loan package (depending on your loan tenure). To find out more about SORA vs SIBOR vs SOR rates, you may visit our comparison page on these 3 different rates.

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Why Choose To Refinance With OCBC Home Loans?

OCBC is always at the forefront of providing attractive home loan packages with competitive refinancing mortgage rates including fixed rates as well as floating-rates for HDB, private property and executive condominium home loans.


As the first bank to launch over $1 billion of home loans including refinancing packages pegged to the new Singapore Overnight Rate Average (SORA) interest rate benchmark, OCBC has enabled homeowners in Singapore to obtain more a total of more than S$500 million worth of home loans since the nationwide switch to SORA-pegged mortgage loans last year.


Globally recognised credit ratings

OCBC is awarded the "AA-" and "Aa1 '' credit ratings by Fitch and S&P, which are among the highest in the world. In addition, it has been ranked consistently as the “World’s Top 50 Safest Banks” by Global Finance.


Savings with promotions

You’ll get to enjoy savings with special promotions such as the ongoing offer of 1-month Compounded SORA + 0.98% p.a. pricing package, a one-time S$80 bill rebate with SUNSEAP-100 Plans (valid for sign-ups till 31 Dec 2021), and other perks, when you refinance with OCBC’s Eco-Care home loans.


Exclusive loyalty program

Your energy savings tied to your OCBC Eco-Care Home Loan can earn you OCBC$ loyalty points which you can redeem and exchange for dining, shopping, travel and other lifestyle deals including cash vouchers, cash gift cards and more, via STACK (OCBC’s digital loyalty platform).


Competitive board interest rate

OCBC’s board interest rate is managed by OCBC itself, and validated by the Monetary Authority of Singapore (MAS). It is currently at 0.80%, and can be revised at any time (30 days’ notice will be given). This board rate and the associated spread may differ for different packages offered to different customers, depending on the fluctuation of the interest rate (every floating-rate package by OCBC has a specific mortgage board rate identified by a unique code in the letter of offer).

OCBC Private Property/Executive Condominium Refinance Loans

OCBC’s refinancing packages for executive condominiums and private properties are currently based on the 1-month Compounded SORA rate, OCBC Board rate and OCBC fixed rates. OCBC used to offer packages with no lock-in period for Buildings Under Construction (BUC), however, they’re in the process of reviewing their BUC offerings since the switch to SORA-pegged housing loans.


Let’s say you and your spouse are planning to refinance your condominium which costs $1,000,000 while taking up an OCBC SORA-pegged (1M SORA + 0.98% p.a.) Eco-Care home loan of $750,000 with a tenure of 25 years. 


While OCBC reviews your refinancing loan application, your Loan-to-Value (LTV) limit will be determined first. LTV is the amount that you are allowed to borrow from OCBC based on OCBC’s assessment on your total monthly income and other ongoing loans or financial liabilities you may have.


If you’ve not repaid at least 25% of your property’s purchase price when you decide to switch over to OCBC from another bank, you may need to top-up extra cash or CPF to bring it in line with the LTV. In the case that you’ve paid at least 25% of your property’s price or more, you’ll be able to move your entire loan balance (75% or less) to this new OCBC home loan and refinance it. If not, you’ll only be allowed to loan up to 75% from the bank, which means the outstanding amount will still have to be paid by your CPF or in cash.


In this example, we’ll just assume that you’ve only paid 15% of your downpayment (and you’re left with 5% to be paid in cash and the other 5% by CPF), so the estimated math will be as follows.


Your remaining downpayment:

$50,000 by CPF + $50,000 in Cash = $100,000

(at least 5% of the property price to be paid in cash and 5% to be paid in CPF)


Your estimated interest to pay for the first month:

OCBC’s spread = 0.98%

1-month Compounded SORA = 0.1240%

0.1240% (1M Compounded SORA) + 0.98% (bank’s spread) = approx. 1.11%

1.11% x $750,000 = $8,325

$8,325 ÷ 12 months = $694

(based on the 1M SORA rate at 0.1240% as of August 2021, which will fluctuate over time)


Your estimated monthly instalment:

$2,865   

(based on the above 1M SORA rate at 0.1240% and OCBC’s spread of 0.98%)


Estimated total payment over 25 years:

$750,000 (principal amount) + $109,214 (in interest) = $859,214


*All above calculations are estimated using MoneySmart’s Refinancing Calculator.


Here’s an overview of the refinancing rates for executive condominium and private properties.

OCBC Private Property/Executive Condominium Refinance Rates

OCBC SORA rateOCBC Board rateOCBC Fixed rate
Year 1 interest rate

1M SORA + 1.20% p.a.

(1M SORA + 0.98% p.a. for Eco-Care Home Loan option)

1.30% p.a. (Board rate* + 0.50% p.a.)

*OCBC Board rate is at 0.80% p.a. (as of August 2021).

1.38% p.a.
Year 2 interest rate

1M SORA + 1.20% p.a.

(1M SORA + 0.98% p.a. for Eco-Care Home Loan option)

1.30% p.a. (Board rate* + 0.50% p.a.)

*OCBC Board rate is at 0.80% p.a. (as of August 2021).

1.38% p.a.
Year 3 and thereafter interest rate1M SORA + 1.40% p.a.

1.60% p.a. (Board rate* + 0.80% p.a.) for Year 3

1.80% p.a. (Board rate* + 1.00% p.a.) for Year 4 and thereafter

1.60% p.a. (Board rate* + 0.80% p.a.)
Lock-in period1 year2 years2 years
Minimum loan$300,000 (1 free conversion after 12 months from the date of first disbursement, for new loans only)$300,000 (1 free conversion when the board rate increases)$300,000
Partial repayment feeNone for the above packages except for the OCBC Fixed rate package. 1.50% of the amount repaid (min. $5,000) for the OCBC Fixed rate package.None for the above packages except for the OCBC Fixed rate package. 1.50% of the amount repaid (min. $5,000) for the OCBC Fixed rate package.None for the above packages except for the OCBC Fixed rate package. 1.50% of the amount repaid (min. $5,000) for the OCBC Fixed rate package.
Cancellation fee1.50% of undisbursed loan amount1.50% of undisbursed loan amount1.50% of undisbursed loan amount

OCBC HDB Refinance Loans

If you’re considering refinancing your HDB loan, OCBC offers 3 types of packages based on various rates — OCBC mortgage board rate, OCBC fixed rates and the 1-month (1M) Compounded SORA rate, for you to choose from. 


Their floating-rate options may be more suitable for more risk-averse homeowners, as the 1-month (3M) Compounded SORA rate and the OCBC board rate tend to fluctuate over time, unlike fixed rates.


Taking up an OCBC floating-rate package also gives you the benefit of repricing your housing loan at no cost after 12 months from the date of your first disbursement, or when the board rate increases during the lock-in period.


OCBC's floating and fixed-rate housing loan rates are much lower i.e. ranging from 1.30% p.a. to 1.74% p.a., as compared to the HDB concessionary loan offered by CPF which has an interest of 2.6% p.a., but their packages require a much higher downpayment of 25% (of which at least 5% must be in cash) than the HDB loan which requires only 10% (can be fully paid with CPF).


To help you visualise things better, here’s an example. 


Assuming that you have decided to switch from the HDB concession loan to a $300,000 loan with a tenure of 20 years for your resale HDB flat, and you’ve picked the 4-year Fixed Rate package (1.38% p.a.) with OCBC instead of a floating-rate package.


Similar to the above example of refinancing a condominium, OCBC’s Loan-to-Value (LTV) limit will apply when you switch over from your HDB concessionary loan. 


Consider that you’ve paid at least 25% of your property’s price and you’re eligible to move your entire loan balance (75% or less) to this new OCBC Eco-Care Home loan and refinance it. So, the breakdown of the calculation would be something like this.


Your estimated interest to pay for the first month:

1.38% x $300,000 = $4,140

$4,140 ÷ 12 months = $345

(based on OCBC’s prevailing fixed interest rate of 1.38% for this package)


Your estimated monthly instalment multiply by 20 years:

$1431.14 x 20 x 12 months = $343,474 (so this amount should equate to the total payment over 20 years)


In the subsequent months, your interest charges are based on the outstanding balance of the loan at any given time, and the balance decreases as more principal is repaid.


Estimated total payment over 20 years:

$300,000 (principal amount) + $43,474 (in interest) = $343,474


As compared to the HDB concessionary loan with a 2.60% p.a. that results in a monthly instalment of $1,604.36, you will save about $174 per month by switching to this OCBC 4-year fixed-rate package.


Previous monthly instalment vs. OCBC monthly instalment:

2.60% p.a. vs 1.38% p.a.

$1,604.36 - $1431.14 = $174


Estimated savings in the first 2 years of refinancing with OCBC:

$174 x 12 months x 2 years = $4,176


*All above calculations are estimated using MoneySmart’s Refinancing Calculator.

OCBC HDB Refinance Rates

OCBC SORA rateOCBC Board rateOCBC Fixed rate
Year 1 interest rate

1M SORA + 1.20% p.a.

(1M SORA + 0.98% p.a. for Eco-Care Home Loan option)

1.30% p.a. (Board rate* + 0.50% p.a.)

*OCBC Board rate is at 0.80% p.a. (as of August 2021).

1.38% p.a.
Year 2 interest rate

1M SORA + 1.20% p.a.

(1M SORA + 0.98% p.a. for Eco-Care Home Loan option)

1.30% p.a. (Board rate* + 0.50% p.a.)

*OCBC Board rate is at 0.80% p.a. (as of August 2021).

1.38% p.a.
Year 3 and thereafter interest rate1M SORA + 1.40% p.a.

1.60% p.a. (Board rate* + 0.80% p.a.) for Year 3

1.80% p.a. (Board rate* + 1.00% p.a.) for Year 4 and thereafter

1.60% p.a. (Board rate* + 0.80% p.a.) for Year 3

1.80% p.a. (Board rate* + 1.00% p.a.) for Year 4 and thereafter

Lock-in period1 year2 years2 years / 3 years / 4 years
Minimum loan$200,000 (1 free conversion after 12 months from the date of first disbursement, for new loans only)$200,000 (1 free conversion when the board rate increases)$200,000
Partial repayment feeNone for the above packages except for the OCBC Fixed rate package. 1.50% of the amount repaid (min. $5,000) for the OCBC Fixed rate package.None for the above packages except for the OCBC Fixed rate package. 1.50% of the amount repaid (min. $5,000) for the OCBC Fixed rate package.None for the above packages except for the OCBC Fixed rate package. 1.50% of the amount repaid (min. $5,000) for the OCBC Fixed rate package.
Cancellation fee1.50% of undisbursed loan amount1.50% of undisbursed loan amount1.50% of undisbursed loan amount

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How To Apply For Your OCBC Home Loan Refinancing

Refinancing your housing loan can get a little overwhelming at the beginning, especially if it’s your first time doing this. Don’t worry, we’re here to make your home loan refinancing journey as smooth as possible.

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OCBC Home Loan Refinancing Application Process and Fees

Here are 5 steps to the OCBC Home Loan refinancing process

Step 1

Have your application documents ready

Firstly, check if your existing mortgage has passed the lock-in period. Next, start comparing through us to know the different options available, and make sure you’ve got all necessary documents needed for this refinancing process.

The documents required for application include:

  • Your SingPass MyInfo login
  • NRIC
  • Proof of income (CPF contribution history up to the last 12 months, latest Income Tax Notice of Assessment, latest computerised payslip
  • Latest available statement for all existing credit facilities
  • Tax portal page screenshot to show subject property address and tax rate as “owner occupier”
  • Last 6 months’ transaction record from the HDB InfoWEB portal
  • Other relevant HDB flat information and financial information value confirmed by HDB / Private property information

Step 2

Decide on the best option for you

After you’ve selected your preferred OCBC refinancing home loan, your application will be processed by our mortgage specialist team.

If you’re applying for any of the Eco-Care Home Loan packages, you’ll need to complete and pass THEEA, then provide the assessment reference number in your application. Thereafter, we’ll advise you on the next steps and liaise with OCBC on your behalf.

Step 3

Receive approval for your refinancing loan

A reminder by our mortgage specialist team will be sent to you to pay the remaining downpayment in cash or CPF if you have not done so. You’ll only be able to move your entire loan balance (75% or less) to the new OCBC home loan and refinance it once you’ve paid at least 25% of your property’s price or more.

If not, you can loan up to 75% from OCBC. Thereafter, we’ll help you process your home loan refinancing application process, and your refinancing loan approval will be done at this stage.

Step 4

Fees and charges payable by you

An OCBC-appointed lawyer and valuation company may be engaged for your refinancing process. This will incur legal and valuation fees that are payable by you.

Our mortgage specialist team will check with OCBC and arrange for either OCBC’s panel of lawyers and valuers or your preferred lawyer from an external law firm to complete this refinancing process.

Your lawyer will then give you an estimate of the stamp fees, legal fees and disbursements, property tax, income tax, etc. that will be incurred in the purchase of the property. After that, you’ll need to set an agreed time and date for you to visit the law firm to sign any necessary documents and also for the valuers to conduct a visit to your home.

Step 5

Be informed of your application completion

Once your refinancing application is done, OCBC will send you an email notification and confirmation on your new loan disbursement and monthly instalment amount.

Why Refinance Your Home Loan With OCBC Through Us?

Simple, fast, convenient

Leave your home loan research to us and we’ll break it down for you in simple terms. Our Mortgage Specialist will contact you directly so you can save time for other important things in life.

Get better deals

Feeling so spoilt for choice you can't decide? Settling for the first option is like being forced to marry the first person you come across on a dating app. Don’t feel pressured. We compare across all banks in Singapore to ensure that you get the best deals, including the most suitable OCBC mortgage loans for you.

It's free!

Our service to you is free. But, of course we’re not doing this for charity! All banks pay us a standard referral fee for our services and our awesome job done. We don’t take sides or give biased advice.

Vouchers

Get up to $640 worth of vouchers when you refinance your home loan through us.

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Receive up to $640 worth of vouchers when you refinance your home loan with us!

Learn More

OCBC Home Loan Review Singapore 2019 – Which Mortgage to Choose from OCBC

Best Home Loans in Singapore (2020) — How to Pick the Best Mortgage for Your Property

How to Refinance Your Home Loan in Singapore & Save Money on Your Mortgage

Frequently Asked Questions

What is the current OCBC board rate?

OCBC’s board rate is currently at 0.80% p.a. (as of August 2021) and can be revised at any time (30 days’ notice will be given). This board rate and the associated spread may differ for different packages offered to different customers, depending on the fluctuation of the interest rate.

Will I be able to use my CPF to pay my monthly instalments?

Yes, unless your property has a remaining lease of less than 30 years. Then you’ll need to make direct payment to the property developer/vendor to buy a residential property.

Do OCBC’s Eco-Care Home Loans provide lower interest rates?

Yes. OCBC’s Eco-Care loans reward eligible homeowners with lower interest rates, giving them the impetus and incentive to take more concrete measures to make their homes more eco-friendly. These loans use Building and Construction Authority’s (BCA) Tropical Home Energy Efficiency Assessment (THEEA) as the criteria to determine an applicant’s eligibility. To qualify, refer to OCBC’s Eco-Care for more details.

What are the other costs that I may incur when refinancing a home loan?

When you’re refinancing with a new loan, you’ll have to set aside a sum to pay for stamp duty on the sale of your share of the property, legal fees for the sale of your property and conveyancing work on the new loan for the remaining owner, valuation fee for the property, prepayment fee (if any) and other penalties on the existing loan on the property.

Will increasing my loan tenure be better when refinancing?

Yes and no, as this depends on how much you can afford to pay off every month in your instalments. Increasing your tenure helps lower the monthly repayment, which eases your cash-flow, but may lead to an increase in the total amount that you pay. If shortening your loan tenure lets you clear off your loan faster, it can be a better choice as it usually comes with lower interest rates and similar monthly instalments.