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OCBC Home Solution Package
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OCBC Home Solution Package
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| 1: | What is the OCBC Home Solutions Package? |
| | | Ans: The OCBC Home Solutions Package is a renovation loan packaged with IKEA friends VISA Card, BEST-OCBC MasterCard and OCBC EasiCredit.
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| 2: | What is the maximum loan amount to be granted? |
| | | Ans: For renovation, we will grant you up to 6 times of your monthly income, subject to a maximum of S$30,000.
Upon renovation loan approval, we will further grant you 2 times of your monthly income for the credit cards and OCBC EasiCredit respectively. The maximum credit limit for OCBC EasiCredit is S$200,000.
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| 3: | What are the benefits of applying for the OCBC Home Solutions Package? |
| | | Ans: We provide you a one-stop solution for your renovation and furnishing needs through our credit card and OCBC EasiCredit offers.
You will be entitled to a variety of member's offers and interest free instalments at the respective outlets and some extra cash to meet your home decoration needs.
More importantly, you can enjoy a seamless application process that saves you time and does not involve the filling in and submission of separate sets of application forms and income documents for credit cards and OCBC EasiCredit applications.
With the OCBC Home Solutions Package, you will enjoy:
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Complimentary group term life insurance - to cover your entire loan outstanding during your loan repayment period
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2-year fee waiver worth S$50 for IKEA friends VISA Card
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2-year annual fee waiver worth S$60 for BEST-OCBC MasterCard while enjoying 2% annual rebate even on 0% interest instalment plan purchases
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First year annual fee waiver for OCBC EasiCredit while enjoying extra cash for whatever you need and whenever you need it.
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| 4: | How can I qualify for the OCBC Home Solutions Package? |
| | | Ans: To qualify for the OCBC Home Solutions Package, you need to be:
- A Singapore or Permanent Resident
- Aged between 21 and 55 years of age; and
- Earn at least S$30,000 per annum. (Self employed - must be in the same business for 2 years)
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| 5: | Can I apply for the OCBC Renovation Loan only? |
| | | Ans: Certainly, you just need to fill out the form and tick the options to "opt-out" from the bundle of solutions. We will not process your credit cards or OCBC EasiCredit application if any of the relevant "opt-out" boxes are selected.
To apply for the OCBC Renovation Loan only, you must earn a minimum income of S$24,000 per annum.
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| 6: | What are the required documents to be submitted? |
| | | Ans: You have to submit the following documents together with your completed application form:
- Your NRIC (front and back); and
- Your latest computerised payslip or income tax notice of assessment (2 years' returns if you are self-employed).
Income Documents are not required if your salary is credited via GIRO to you own singly operated OCBC Account for at least the last 3 consecutive months; and
- Your renovation contractor's quotation duly signed by your contractor. The renovation contractor is subject to the Bank's approval.
- For joint applications, your applicant must be your spouse, parent, child or sibling. Please also attach a copy of the following for relationship proof:
- Marriage certificate (if applicants are spouses) or
- Birth certificate of both applicants (if applicants are siblings) or
- Birth certificate of child (if applicants are parent and child)
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| 7: | What if I am an existing IKEA friends VISA Card/an existing BEST-OCBC MasterCard/have an existing EasiCredit account? |
| | | Ans: You may still proceed to apply for the OCBC Home Solutions Package, and select the options to be exlcuded from the credit cards or EasiCredit approval. We will then process your application for the renovation loan and any other products which you have not selected for exclusion.
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| 8: | Can I apply for the Home Solutions Package with another person? |
| | | Ans: Yes, you can apply with your spouse, parent, child and sibling.
If both you and your joint applicant meet the minimum income requirement of S$30,000 per annum, each of you will enjoy the credit cards and OCBC EasiCredit benefits as the Principal account holder of the credit lines.
You will each receive the IKEA friends VISA Card, BEST-OCBC MasterCard and EasiCredit cheque books printed in your respective names.
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| 9: | Can my joint renovation loan applicant be the supplementary cardholder of the credit cards? |
| | | Ans: Under this promotion, the Principal Account holder of the credit card and EasiCredit will be the main applicant of the Renovation Loan. You may want to apply for a supplementary card separately when your card is approved.
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| | | Ans: For the renovation loan, there is a one-time processing fee of S$200 and an administrative fee of 1% of the approved loan amount. These fees will be deducted at loan disbursement.
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| 11: | What are the privileges of OCBC Home Solutions Package? |
| | | Ans: With the OCBC Home Solutions Package, you will enjoy:
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Complimentary group term life insurance - to cover your loan outstanding in event of total permanent disability or death during the laon repayment period
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2-year fee waiver for IKEA friends VISA Card while enjoying the in-house benefits of shopping at IKEA
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2-year annual fee waiver for BEST-OCBC MasterCard while enjoying 2% annual rebate even on 0% interest instalment plan purchases
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First year annual fee waiver for EasiCredit while enjoying the additional funds to be available whenever you need more cash
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| 12: | How will I receive the renovation loan proceeds? |
| | | Ans: Once your Renovation Loan has been approved, you will be given a Disbursement Authorisation Form for you to inform us of the amount to pay to your contractor(s). The loan proceeds for your renovation will be paid via Cashier's Orders made out to your contractors. You will be entitled up to a fee waiver for the first three of such Cashier's Orders. Thereafter, each Cashier's Order will be subject to a charge of S$20 each.
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| 13: | How long can I take to repay my Renovation Loan? |
| | | Ans: You can choose to repay your Renovation Loan from one to five years. The monthly instalments will be debited directly from your OCBC account on the first of every month.
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| 14: | Will my credit cards and OCBC EasiCredit be cancelled upon renovation loan full redemption? |
| | | Ans: Don't worry, your credit cards and OCBC EasiCredit are independent from the renovation loan. Therefore, you will not be asked to cancel your credit cards or OCBC EasiCredit when you cancel the renovation loan.
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| 15: | How is the interest calculated? |
| | | Ans: The interest on your renovation loan is calculated on a monthly-rest basis. |
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| 16: | Can I make an early redemption on my renovation loan? |
| | | Ans: Yes, you can fully or partially redeem your loan by giving us one month's prior written notice. However, if the loan is fully or partially redeemed within the 1st 12 months from the date of loan disbursement, you will need to pay an early redemption charge of 1% of the prepaid amount.
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| 17: | Can I refinance my renovation loan with another bank to OCBC? |
| | | Ans: If you have an existing renovation loan with another bank, you can refinance your renovation loan with us. Click here for details.
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