OCBC Bank Bhd launched the new home loan package called Ideal Mortgage for quite sometimes already. The idea is good but the response seems not so good.
What is your opinion to this package? Is it really "ideal" for the house owner looks for property loan?

Extract part of the information from my sites, for sharing here and start the discussion. This is solely my personal opinion.

MLR is currently set at 4.70%, while BLR is currently 5.55%.

Benefits of Ideal Mortgage:

- 2.5% fixed rate for first year, there after MLR -1.30 = 3.4%
- Short lock-in period – 3 years
- Low exit cost – Early settlement penalty is 2% of the approved loan amount or minimum RM 5K, whichever is higher
- Suitable for investor who aimed to sell the property earlier and maximum profit.


Drawback:

- Higher interest rate compare to others loan package. OCBC have a package which can offer up to BLR – 2.4 whole tenure, which is equivalent to 3.15 % (Loan amount > 300k, 5 years lock in, 3% early settlement penalty)
- The benchmark rate MLR still very new in market and it solely controlled by OCBC bank. No history records to proof the volatility of MLR against BLR. Major concern for most people.
- More suitable to investor and not for house owner as it cost higher.
- NZEC package (Non Zero Entry Cost)

This post has been edited by MoneySoSpecial: Aug 26 2009, 12:43 AM

Please post here. http://forum.lowyat.net/topic/701749/+720

Thank you.