Home Loan Repricing

How do I apply to reprice my loan?

Just take these steps:

Step 1: Log in to the OCBC app
Step 2: Tap the ‘Loans’ product tab
Step 3: Tap the loan account you wish to send us an application for
Step 4: Tap ‘Loan repricing’

Unable to log in to the OCBC app? Tap ‘Trouble logging in’ and follow the steps.

Not yet downloaded the OCBC app? Follow the steps in our guide. Alternatively, apply via our website using Singpass or by completing our online application form.

When can I submit an application?

You can apply to reprice your loan three months before your lock-in period ends. To find out what your lock-in period is, and if there are other conditions you need to meet to reprice your loan, please refer to your Letter of Offer (LO) or latest Supplemental Letter of Offer (SLO) (if applicable).

How can I find my loan account number?

Via the OCBC app: Log in > Tap the ‘Loans’ product tab > Navigate to the loan account you wish to send us a repricing application for

Via OCBC Internet Banking: Log in > Click on ‘View accounts’ > Overview > Scroll down to the ‘Loans’ section
If your loan is under a Fixed Rate package, you may also refer to the loan advice we mailed you when the package was effected.

Is there a processing fee?

A one-time processing fee of S$500 will apply unless your existing loan package allows for a one-time fee-free switch to another pricing package. If the processing fee applies, it will be stated in your Supplemental Letter of Offer (SLO); the fee will be deducted from your debiting account after you accept our offer. No legal/valuation fee will be charged.

Why should I pay a fee when I can refinance my loan at no cost?

Refinancing your loan with another bank comes at a cost (estimated at S$2000 for HDB flats and S$3000 for private property).

While the cost of refinancing may be subsidised, there is typically a clawback period (e.g. three years). If you redeem the loan within the clawback period, you will need to return the cost of the subsidy.

Which package should I choose?

Other than interest rates, you should consider aspects such as the lock-in period, prepayment fees and other fees and charges.

We offer two types of home loan packages. Here are the details:

Can I apply to reprice my loan and change the loan tenor at the same time?

Yes, you can. First, send us a repricing application via the OCBC app. Then, email us at ocbcrepricing@ocbc.com to have us change the loan tenor. In your email, please include the reference ID of your repricing application – this will be provided after you complete the application.

Can I apply to reprice my loan and make a partial prepayment at the same time?

Yes, you can. First, send us a repricing application via the OCBC app. Then, email us at ocbcrepricing@ocbc.com to request a partial prepayment. In your email, please include the reference ID of your repricing application – this will be provided after you complete the application.

Do note that the amount you prepay, whether using CPF funds and/or cash, must be at least S$5,000 and a multiple of S$1,000. Learn more about partial prepayments here.

I have applied to reprice my loan. What do I do next?

If there are no co-borrowers or co-owners involved, we will email to notify you that we have received your application. We will then review your application and email you the outcome within a week.

Otherwise, we will email your co-borrower(s) and/or co-owner(s) instructions to complete the application. We can only review your application after this is done.

Why do the co-borrowers/co-owners need to be involved in the application?

Co-borrowers and co-owners will need to consent to the applicable terms and conditions, and provide us with the required details/documents.

How will I be informed of the revised monthly instalment amount after my loan is repriced?

Once your application is approved, we will send you an email with the following information:

• If you are the main borrower: Instructions on how to accept the Supplemental Letter of Offer (SLO) and Residential Property Loan Fact Sheet (please save a copy of these documents before accepting the offer); or
• If you are a co-borrower: Instructions on how to view the Fact Sheet.

The SLO will state the Terms and Conditions of your chosen pricing package. The Fact Sheet will show the indicative monthly instalment amount.

You will receive a letter on the new monthly instalment within 7 days of the effective date of your repricing. The revised monthly instalment will start 2 months after the revised interest rate takes effect.

Can I accept a repricing offer via the OCBC app?

While this feature is currently not available via the OCBC app, we are working to bring it to you as soon as possible. In the meantime, please accept our offer via our website.

After I accept the repricing offer, will I receive any acknowledgement in hard copy?

We will not send you hardcopy versions of the Supplemental Letter of Offer or Fact Sheet. Please save a copy of these documents before you accept the repricing offer.

Chose a fixed rate package? Within 7 working days of the date that your new fixed interest rate takes effect, you will receive – at your address in our records – a letter that states your new monthly instalment amount.

For SORA-based packages, we will notify you of the interest rate change via email if you have chosen to receive electronic Letters via email.

You will also be able to view the notification via the OCBC app: Log in > More > Documents > Statements  Letters > View Documents > Letters.

When will my monthly instalment amount be revised?

Because monthly instalments for home loans are paid in arrears, your instalment amount will be revised two months after your new interest rate takes effect. This will allow you sufficient time to adjust the amount of CPF funds used for payments (if required).

How can I adjust the amount of CPF funds used for payments?

Here are the steps:

1. Log in to the CPF website using Singpass
2. Scroll down and select Tools and Services
3. Select Forms and E-applications and click View forms
4. Under Home Ownership, click Manage CPF usage for your home and click Apply online
5. Select the relevant property under Property Details and click Next
6. Select Revise monthly instalment
7. Click Start and complete the following:
   Financier: OCBC Bank
   Key in your new monthly instalment amount from CPF
   
   Indicate the effective date as (2 months later from new effective date)
8. Read the Terms & Conditions, select the checkbox to provide your Declaration and click Next
9. Confirm that the information you have provided is correct and click Submit

Can I get copies of my loan statements?

A home loan account statement dated 31 December will be sent to you every year. If your property is an Australian or United Kingdom property, you will receive an additional statement dated 30 June or 30 April respectively.

You can also request loan statements by completing and submitting a copy of the Account information Update/Request form (available at the OCBC website > Personal Banking > Help and Support > Banking forms > Accounts). We do not charge for retrieving your loan statement for the current year. There will be a fee of S$50 plus Goods & Services Tax (GST) per statement for retrieving statements from previous years.

In my application, I requested to make prepayment using CPF funds. How do I instruct the CPF Board to release the funds?

Here are the steps:

1. Log in to the CPF website using Singpass
2. Scroll down and select Tools and Services
3. Select Forms and E-applications and click View forms
4. Under Home Ownership, click Manage CPF usage for your home and click Apply online
5. Select the relevant property under Property Details and click Next
6. Select Revise monthly instalment
7. Click Start and complete the following:
   Financier: OCBC Bank
   Key in your partial repayment CPF amount
   
   Indicate the deduction date as (7 days before the effective date)
8. Read the Terms & Conditions, select the checkbox to provide your Declaration and click Next
9. Confirm that the information you have provided is correct and click Submit

Will I be notified when my lock-in period ends? How can I learn what my lock-in period is?

No separate notification will be sent to you when your lock-in period ends. To find out what your lock-in period is, please refer to your Letter of Offer (LO) or latest Supplemental Letter of Offer (SLO) (if applicable).

Will my fire insurance scheme (if any) be affected?

There will be no change to your existing fire insurance scheme (if any).