Loans

Home Loan

Cancel the fire insurance policy

You can contact the insurance company directly or mail us at:

Loan Operations (Secured Loan)
Bras Basah Post Office
Locked Bag Service No. 8
Singapore 911886

The fire insurance will be cancelled automatically upon full redemption of the housing loan if:


  • An early full redemption is performed, and a lawyer was engaged to complete the redemption and discharge title deed or;
  • Fire insurance is arranged by the bank (e.g. OAC)

The fire insurance will not be cancelled automatically upon redemption of the housing loan if:


  • Housing loan is fully paid off by monthly instalments. Bank will need to be informed in writing to engage a lawyer to discharge title deed and cancel fire insurance policy.
  • A 3rd party insurer (not OCBC Bank) has been engaged.

Receive insurance premium refund after cancellation

There is no premium refund for fire insurance tagged to HDB property home loan. For fire insurance tagged to Private property home loan, it will take about 4-6 weeks for the premium to be credited to your Direct Debit Authorization (DDA) Account, depending on when the endorsement is done by OAC.

In the event that your DDA Account is closed, we will send you a cashier's order.

Upon cancellation of policy, you will receive:


  • A letter, to inform you if funds have been credited to your account or sent to you as a cashier’s order
  • Endorsement Note states the effective date of cancellation
  • Tax Invoice shows the policy period and gives a breakdown of the charges

Renewal policy for home loan

You will receive the renewal policy and a notification letter 1 month before the deduction due date.

Make a partial prepayment

You can make a payment via cash, CPF, or a combination of both. You will need to provide a written notice or interest-in-lieu of notice one month in advance. Prepayment penalty (if any) will be indicated in the Letter of Offer (LO).

We will send a notification letter to you confirming:

  • The receipt of notice
  • Amount of prepayment
  • Effective date of prepayment


You can then advise CPF on when to remit funds, or arrange for cash to be credited to your OCBC Direct Debit Authorisation (DDA) account for deduction on the effective date.

HDB

 

  • Payment by cash
    • Minimum payment amount is S$5,000 and in multiples of S$1,000
    • Submit a HDB partial capital repayment form at a branch or by mail to:


      Secured Loan HDB Unit
      Bras Basah Post Office
      Locked Bag Service No. 8
      Singapore 911886
       

  • Payment by CPF, or both cash and CPF
    • Submit a HDB partial capital repayment form at a branch or by mail to:


      Secured Loan HDB Unit
      Bras Basah Post Office
      Locked Bag Service No. 8
      Singapore 911886
       

    • Once you receive a notification letter from us, you must inform CPF Board using either of the following methods:
      • Online submission at www.cpf.gov.sg (log in with your SingPass)
      • Submission of a hardcopy application form
        • Download the CPF Board’s Form HBL4 from www.cpf.gov.sg
        • Complete the form, and submit it to CPF Board.

Note: You will need to inform CPF Board to revise the monthly amount payable from your CPF account to us assuming your loan is fully serviced by CPF.


Private Home Loan (PHL)

 

  • Payment by cash
    • Minimum payment amount is S$5,000 and in multiples of S$1,000
    • Submit a Housing Loan partial capital repayment form at a branch or by mail to:


      Secured Loan Mortgage Unit
      Bras Basah Post Office
      Locked Bag Service No. 8
      Singapore 911886
       

  • Payment by CPF, or both cash and CPF
    • Submit a Housing Loan partial capital repayment form at a branch or by mail to:


      Secured Loan Mortgage Unit
      Bras Basah Post Office
      Locked Bag Service No. 8
      Singapore 911886
       

    • Once you receive a notification letter from us, you must inform CPF Board using either of the following methods
      • Online submission at www.cpf.gov.sg (log in with your SingPass)
      • Submission of a hardcopy application form
        • Download the CPF Board’s Form 4B from www.cpf.gov.sg
        • Complete the form, and submit it to CPF Board.

Instalment amount after partial prepayment

You will receive a system-generated advice informing you on the effective date and amount of the revised instalments after partial prepayment has been made.

Cancel partial payment instructions

You can notify us by mail at least 1 week before the proposed date. Please include:


  • Date of letter by the bank to confirm your partial repayment instruction
  • Loan account number and mortgage property details
  • Instruction to cancel the repayment amount
  • Sign off the letter

Mail the letter to:
Loan Operations (Secured Loan)
Bras Basah Post Office
Locked Bag Service No. 8
Singapore 911886

Increase / decrease loan term

Contact us at 1800 363 3333 or visit a branch to submit your request and latest income documents.

Your request is subject to review. Please note that a processing fee is applicable for such requests.

Change your home loan interest rate package

Complete our online enquiry form and we will reach out to you.

Alternatively, you may contact us at 1800 363 3333 or visit a branch to submit your request.

Your request is subject to review. We will need the following documents to process your request:



Please note that a processing fee is applicable for such requests.

Retrieve title deed after loan repayment

You need to engage a lawyer to write in to us and request for the discharge of your title deed. Please have your lawyer mail the written request to:

Secured Loan Mortgage Unit
Bras Basah Post Office
Locked Bag Service No. 8
Singapore 911886

If you do not write in, we will appoint a lawyer who will contact you within 2 months.

You may also appoint our lawyer to act for you.

Have OCBC Bank keep your title deed after loan repayment

Send a written request to:

Secured Loan Mortgage Unit
Bras Basah Post Office
Locked Bag Service No. 8
Singapore 911886

If your request is approved, there will be a custody fee of $500 a year.

Make a full redemption

A prepayment penalty fee of 1.5% of the loan amount redeemed is payable if you redeem your loan within the lock-in period.


You will need to give us at least 3 months’ written notice, otherwise interest will be charged for the shortfall in notice period. You must engage a lawyer at this point to assist you with the redemption of your loan.


If you are on a SOR- or SIBOR-pegged package, you will need to ensure that your redemption takes place on your Rate Review Date, otherwise the same prepayment penalty above will apply. Your lawyer can help to arrange this.


You should refer to your Letter of Offer to find out the exact prepayment terms that apply to your loan.


If you would like to find out more about fully redeeming your loan, whether your loan is still within the lock-in period, or to find out when your Rate Review Date is, please contact us at 1800 363 3333.


If you would like us to review your existing loan package or propose what’s best for you, please get us to call you by completing our online enquiry form.