OCBC Home loan

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OCBC is probably one of the only banks out there that offers various funding plans to help the people live a good life without actually spending their lives savings. In Malaysia, OCBC Home Loans are said to be the best compared to those of other banks. They offer semi-flexible funding packages with profitable rates and lowest lock in period. For all those of you who are looking to buy your first home, OCBC Bank will be a good choice.

Do you qualify for an OCBC home loan?

To apply and qualify for an OCBC Bank loan, you will at least have to be 18 years of age. This is considered a plus point as some banks have a minimum age limit of 21 years old. You also cannot be more than 70 years of age if you are looking to apply for an OCBC loan. You have to make sure that you are also employed and that you have the minimum take home salary of RM24000.

Just how much can you really borrow?

OCBC Bank gives you a maximum instalment limit of up to 50% of your income to service the loan. The loan is provided could also reach up to a 90 and a 5% Mortgage Reducing Term Assurance (MRTA) of the property. Try not to have too many existing loans as this will also reduce your chance of getting a loan.

How do I improve my chances on getting a loan for that dream house I have always wanted?

It is always a bonus if you are married because you will be able to make your spouse a co-applicant and her income will be added to your eligibility when applying for the loan. Instead of taking a 30 year tenure loan, try going with a longer tenure loan which is up to 35 years as this will lower your monthly payments to the bank, giving you a higher chance of qualifying based on your repayment ability. If you aren’t married, you then have the option of adding your parents as co-applicants and the same privileges apply.

4 types of loans available

OCBC Standard Housing Loan: This is a basic housing loan which offers a margin of finance of up to 90% for financing up to RM500,000. Customers can also pay more to service the loan if they have access cash in their hands.

OCBC Special Housing Loan: You will be offered financing of up to RM 120,000 and RM 100,000 to buy home in East Malaysia and Peninsular Malaysia, respectively. The loan tenure available is up to 35 years or when the applicant reaches the age of 65; whichever is earlier. This plan is only applicable for all those with who only have one house.

OCBC My First Home Scheme:  Every Malaysian who has been dreaming about buying their first home can now apply for this scheme which provides a financing of up to RM 400,000 and the terms of the finance margin available is up to 100%. The loan tenure is up to 35 years or when you reach age 65, depending on whichever comes first.

OCBC Overseas Property Financing: You are now free to invest in properties overseas such as in the UK and also Australia by being a part of the OCBC programme. Now buying a property in Australia and UK for investment and business purposes have become easy with this OCBC program. Properties which are completed and under construction are eligible to be funded under Overseas Property Financing.

Being a fellow Malaysian, you would know that OCBC has done as much as they could to help all of us out by offering different loan packages to suit our needs. The 4 loan plans mentioned earlier come with a very attractive and competitive interest rate. You decide now, which one suits you best.

 

CIMB E-Fixed Deposit Promotion

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Good news, CIMB has finally started it’s eFixed Deposit (eFD) promotion perhaps one of the first such for Internet based fixed deposit in Malaysia. Depositors can enjoy a 4% p.a. interest rates for 3 months when enrolling for the promotion. The current board rate CIMB is offering for eFD is 3.2% p.a.

eFD

For a start, this is a fully eFixed deposit where you can directly make a fixed deposit on CIMB website. There is no needs to walk into counter for upliftment or placement which is very convenient. At the moment of writing only 2 banks are offering full eFD services in Malaysia All transactions are done on Cimbclicks the ebanking portal for CIMB.  Another benefit of this particular promotion is where no fresh funds are needed. This means that you can directly deposit any money you have on CIMB or CIMB islamic account into the promotion. It can save you hassle without need to withdraw funds from other banks.

The money deposited must not be uplifted in 3 months when you have deposited with onto the promo or the interest will be forfeited. There is also a minimum of RM 10,000.00 needed.

Only CIMB individual consumers who are over 18 is eligible for the promotion. This means that the promo is not open for companies such as sole prop /societies and NGOs. The promotion ends on 31st of October. You will of course need existing access to cimbclicks.com.my first. To enroll for the promotion, you will need to click on the special promotion link instead of using the normal placement method. The website will clearly shows the interest you can enjoy for 3 months.

cimb efd promo

Pros

  • 100% Convenience with full eFD
  • No fresh funds required
  • 4% p.a. is not bad rate for eFD

Cons

  • 4% p.a. is not the highest you can get out there but those will require you to do some work
  • Can’t think of any
 

Standard Chartered Personal Loan

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Standard Chartered CashOne , Pinjaman Peribadi Standard Chartered
No guarantor and collateral needed
Full disbursement , You the the exact amount loan
Quick approval
RM 1,000 to RM 150,000 of financing available
Maximum 5 years repayment
Lowest 0.583% monthly interest rate , around 6.996% p.a.
Linked with Standard Chartered Platinum Visa Credit Card

CashOne

CashOne is unsecured where it does not require any any collateral or guarantor. This loan is not Shariah compliant and is not Islamic based loan. CashOne gives finance up to 4 times the customer’s monthly salary. Repayment period of the installment is from 12 months (1 year) to 60 months (5 years) and the interest rates are as low as 0.583% per month. This would amount to 9% p.a. flat rate. 

Applicant will also have the choice to link their CashOne to their credit card limit. For any repayment that is repaid will be converted into credit card limit. Successful applicants will also get to enjoy up to 5 years free annual fees for their Platinum Credit Card.

Fees

There are no processing fees required while late repayment are charge 1% p.a. on a daily basis. Applicant can fully settle the loan before the end of loan tenure based on certain terms and conditions. There are also no fees if you want to settle your loan earlier.

Eligibility

An applicant can be a Malaysian citizen or foreigners aged 21 to 65 years old with a minimum monthly salary of at least RM2,000 per month.

Repayment

An applicant must open account with the bank before they could done their repayment. Monthly repayment is via a standing instruction.

Document

Employed

  1. A copy of MyKad (front and back)
  2. Most recent salary statement
  3. Most recent bank statement
  4. Most recent EPF statement
  5. Most recent BE form (income tax)

Self-employed

  1. A copy of MyKad (front and back)
  2. Company registration form
  3. Most recent 6 months bank statements
  4. Most recent BE form (income tax) with receipt to IRB

Repayment Table

SC Personal Loan repayment table

Pros

Among the privileges that a customer could get from this loan package includes

  • Customers don’t have to pay their Platinum credit card annual fee.
  • No lock in period (can overlap) but customers have to send a notice prior a month for the bank to release a settlement letter.
  • Every time a customer paid their monthly installments, their credit card limit will increased according to the amount that they have paid. This could help if they needed some emergency cash or they have out of money in any months albeit it may also be a double edge sword.

 

 

Quick Cash EDGE

Standard Chartered Quick Cash Edge 
No guarantor and collateral needed
Quick approval
RM 1,000 to RM 250,000 of financing available
Maximum 5 years repayment
Lowest 0.583% monthly interest rate

 

Personal loan scheme called Quick Cash is for employee working for the government or private sector as well as self-employed workers. Minimum amount for the finance for the loan is RM2,000 while the maximum amount is RM150,000 or 5 times the customer’s monthly salary. Minimum tenure for the loan is 12 month (or a minimum of 24 months if the loan amount is less than RM15,000) while the maximum tenure is 60 months (5 years). The interest rate is based on the flat rate up to 0.88% per month, according to the salary, amount and duration of the finance. Customers will be charged a late payment penalty up to 1% from the outstanding amount. This loan package doesn’t need any collateral or guarantor.

Fees

There are no processing fees and early settlement penalties for Quick Cash Edge. There is a 1% p.a. penalty fees for late repayments.

Personal Financing-i

Standard Chartered Personal Financing-i is a fully Islamic compliant loan that is based on Shariah concept. It operates on commodity trading concept. This loan is also requires no collateral and guarantor.

History

Standard Chartered is an international banking group with an extensive network of over 1700 branches and also branches in more than 70 countries in Asian Pacific, South Asia, Middle East, Africa, United Kingdom and America regions. Standard Chartered started its operation in Malaysia in 1875 when its first branch is opened for business in Beach Street, Pulau Pinang. The bank has been incorporated locally as Standard Chartered Bank Malaysia Berhad on 29 February 1984. As the first and oldest bank in this country with over 140 years of history, Standard Chartered up to this day has over 40 branches with 7,000 workers throughout the country.

Today, customers are seeking the personal loan offered by the bank as a deposit for new home, chances, business investment, pursuing studies, settling credit card debt or home renovation. No matter the reasons, the personal financing gives the customers additional finance and freedom to do more than they could think with the loan.