Monday, September 11, 2006

Home Loan Scheme For Graduates - OCBC's Contribution.

This is really good news for the young graduate who upon starting work, is responsible enough to think of owning a house. Prior to this scheme by OCBC it was pretty difficult to convince financial institutions to lend these young chaps the money. Now OCBC has eased that problem for them.

OCBC Bank (Malaysia) Bhd Monday rolled out a graduated home loan scheme aimed at making home-ownership easier for graduates who have just entered the workforce. The OCBC Graduated Home Loan offers young graduates, typically aged between 21 and 35, the opportunity to own a home during their early career years by allowing them to begin repayments at attractively affordable levels, "graduating" to the final payment level only after five years.

The tenure of the loan is also flexible, between five and 40 years or until the person reaches the age of 70, whichever is earlier, OCBC said in a statement. The few similar products in the market offer either shorter graduated periods, or begin at repayment levels that are higher, the bank said.

To qualify to be considered for the OCBC Graduated Home Loan, applicants need to possess at least a diploma qualification and should already have been in employment for a minimum of two years. The loan applies only for residential properties, both landed and non-landed, OCBC said.

"What makes our scheme particularly attractive is that we have recognised the first five years of the loan repayment period as the make-or-break period for young graduates," said the bank's director and chief executive officer Datuk Albert Yeoh.

He said the bank recognised that a growing number of young people would like to buy a home soon after their university years and have the capacity to do so over the long term but required a little more support with cash-flow during the earlier years.

OCBC's head of secured lending, Thoo Mee Ling, said the rates for the first five years of the loan tenure would be predetermined based on the income level of the customer, before taking on a more regular structure.

This is what I call a truly caring solution and a win-win formula. All the best young graduates.

3 Comments:

Anonymous Used Car Loan Insurance Guide said...

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11:31 AM GMT+8  
Anonymous Malaysia Home Loan said...

Yeah, this is a very good news for those new graduates and a good start especially for those that wants to start investing using their income as a starting professional.

11:22 AM GMT+8  
Blogger betaholdingsbhd said...

hye there..is there any home loan scheme in OCBC or whichever financial institutions for students who are graduated not more than 1 year but already have an employment..and, they are pursuing professional study such as ACCA, CFA and et cetera in their part time..
but they are eagerly to own their own houses.

6:31 PM GMT+8  

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