Best OCBC Mortgage Plan in Hong Kong
OCBC Wing Hang, together with its subsidiaries and affiliated companies, offers a wide range of commercial banking products and services and other financial services including consumer financing, share brokerage and insurance. Its network is extensive, with over 70 branches and offices in Hong Kong SAR, Macau SAR and Mainland China, making banking much easier for its customers.
Apply for OCBC Mortgage via MoneySmart Now and earnup to 0.23% Cash Rebate!
Mortgage Plans
OCBC Mortgage offers a wide range of mortgage plans, including Residential Home Mortgage Loan Package, Sandwich Class Housing Scheme,Flat-For-Sale Scheme and Home-for-Home Loan for your varying needs.
OCBC New Buy Hibor Rate Plans
| Hibor Rate Plan | HIBOR Plan Rate | Interest Rate Cap | Applicable Property Types |
|---|---|---|---|
| OCBC Wing Hang Credit Limited 1 Month HIBOR | H+1.5% | P(5.5%)-2.0% | All property types apart from public housing and HOS Scheme |
| OCBC Wing Hang Credit Limited Prime Rate | P(5.5%)-2.0% | 5.5% | Public Housing and HOS Scheme |
OCBC Refinance Prime Rate Plan
| Prime Rate Plan | P Plan Rate | Best Lending Rate (=P) | Applicable Property Types |
|---|---|---|---|
| OCBC Wing Hang Credit Limited 1 Month HIBOR | H+1.5% | P(5.5%)-2.0% | All property types apart from public housing and HOS Scheme |
| OCBC Wing Hang Credit Limited Prime Rate | P(5.5%)-2.0% | 5.5% | Public Housing and HOS Scheme |
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OCBC Mortgage Plan: Advantages
OCBC Wing Hang Home Sweet Home Mortgage Plan is designed to help you own your dream home with an affordable mortgage package, no matter if you are a first-time home buyer, planning to upgrade or refinance your current mortgage.
- Affordable interest rate with attractive cash rebate and you can borrow up to 90% of the appraised value
- Max. repayment periods is 30 years
- Both owner-occupied and leased properties are eligible.
- Car park mortgage loan, cash-out refinancing and flexible repayment method available for varying financial needs
- Other privileges: credit card annual fee waiver during the repayment periods, special discounts on Platinum Home Plus Insurance Plan and Fire Building Structure Insurance
- Free property valuation service
OCBC Mortgage Plan: Disadvantages
Penalty Period
Paying back some or all of your mortgage within the penalty period will incur early repayment charges. For details, you can check your facility letter.
Restrictions on Property Types
You may need to submit extra documentation for certain types of property and some are not even applicable to Citic Bank mortgage plans such as mainland properties, public housing, etc.
Mortgage Term with OCBC
Property age, types of property and credit scores all affect OCBC mortgage terms.
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Property Valuation with OCBC
OCBC Wing Hang Credit does not have their own valuation department. They usually use the valuation service by a third party company like DTZ, CBRE, Savills, Centaline Property Agency and Lei Shing Hong Limited, etc. to provide valuation services. HSBC only accepts valuation service from Debenham Thouard Zadelhoff (DTZ), therefore their valuation tends to be reserved.
OCBC Mortgage Online Valuation Service
OCBC offers only free telephone enquiry service for instant valuation. MoneySmart suggests considering valuation from a number of banks or using MoneySmart Property Valuation Calculator. Property valuation is an important part of the entire mortgage application process. It does not only affect new purchase but also refinance mortgage. Numerous specific factors relating to the building will be looked at for example house prices of recent sales in the area, sales transactions, age, quality, unauthorised building works and building orders (if any). Village houses, old buildings and single private residential buildings usually have a low number of sales transactions, resulting in a low mortgage valuation.
For properties with a lower than expected valuation, MoneySmart suggests:
1
Requesting banker to get valuations from few more companies. However they may refuse your request. Alternatively, you can apply through MoneySmart. We work with all major mortgage lenders. We can help you to compare, choose and apply for the best mortgage with a higher valuation.
2
For refinance mortgage, you can directly commission a company for property valuation and submit the valuation report to the bank directly. This approach suits under valuated properties like village houses and old buildings. It may double the valuation price. However, not all banks accept reports like this. It is best to check in advance.
Can these properties get an OCBC Bank?
| Property Type | Y/N | Remarks |
|---|---|---|
| Off Plan Property | Y | Less than 6 Million: 80% LTV 6 -10 Million : 60% LTV or 5 Million (whichever is less) 10 Million or above: 50% LTV |
| First hand Property | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Second hand Private Housing | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Village Housing | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Tong Lau | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Home Ownership Scheme Housing | Y | Prime Rate Plans only. Land Premium unpaid: loan amount up to 90% of property price (white form) or 95% (green form) Land Premium paid: cases treated as 2nd hand private property Maximum loan period: 25 years |
| Public Housing | Y | Prime Rate Plans only. Loan amount: Up to 100% of property price (non inclusive of deposit paid to Housing Authority) Maximum loan period: 25 years |
Paying for OCBC Mortgage
The repayment methods are similar among different banks but it's important to check the facility letter for early repayment terms. Usually, a penalty applies if you wish to repay the mortgage earlier.
Can I apply for a mortgage only by rental income?
Yes. But not all rental income will be counted as monthly regular income. Please see below for details:
Percentage of rental income calculated as monthly regular income.
Lease with stamping: 70%
Lease without stamping: 60%
For example: If the monthly income of the applicant is HK$20,000 and his/ her monthly rental income (lease with stamping provided). His monthly income will be HK$20,000 + HK$10,000 X 70%, which is HK$27,000.
Should you pay off your mortgage early?
Early mortgage repayment
There are two types of early mortgage repayment. The first one is to pay off the debt completely and the property will become yours. The second one is to pay back the capital to save on some interests. No matter which one you choose, you may be subject to early mortgage repayment fees. In recent years, some banks have shortened the penalty period to half a year or a year. If a borrower decides to repay the debt within the penalty period, a higher early mortgage repayment fees/ interest rates will be incurred. If it is beyond the penalty period, the fees will be a lot less. In the first year of the penalty period, the penalty is 1%+cash rebate and in the second year, the penalty is all cash rebate. MoneySmart suggests negotiating the best penalty period terms before accepting the mortgage plan.
How to apply for your OCBC Home Loan
Apply for OCBC Mortgage via MoneySmart
Step 1Compare OCBC mortgage plans
Applicants can contact our professional mortgage team though our website WhatsApp +852 9665 5218
Step 2Compare OCBC mortgage plans
MoneySmart will follow up on your inquiry and provide different mortgage plans
Step 3Apply online with required documents
Fill in a consolidated application form with MoneySmart to apply for a mortgage with different banks. 👍🏻
Step 4Check the application form and sign it
The bank that you have applied for will contact you directly 📞to collect the necessary documents. Applicants can get in touch with the mortgage department directly for future inquiries.
Step 5Draw down your mortgage
We will remind ⏰ you upon successful application and provide you with suggestions and assistance you may need until you have successfully got the mortgage.
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OCBC Mortgage Plans FAQ
Does OCBC impose any restriction on mortgage applications of properties with building order?
- OCBC will not provide mortgages for properties with building order.
Can I apply for a mortgage without a fixed income? Can I apply with my asset instead?
- Self-employed applicants are required to provide 6-month of bank statement as income proof. Applicants can also apply through Asset Based Lending.
Why Get a OCBC Mortgage through MoneySmart?
- Best Mortgage Offers: Get SPECIAL interest rate offer from 2.5% and cash rebate up to 1.5%.
- Speed Up the Mortgage Application: Get multiple banks’ offers in 9 working days by filling our Fast Form at the comfort of your home.
