I'm also still not really understand about this RnR loan.
Hope OCBC agent can give a head up.

Does this RnR loan will have the same account with the home loan?

Does it need a prove of the renovation?, as I see on its brochure, the loan can directly debit into the saving account. Plan to buy some house appliance too.

Hi experts,

First time house purchaser here. Need some advice..

I currently got an offer from OCBC bank. -2.35% with 35years installment, 3 years lock in period for a property value of RM385k.

Question – after the lock in period can I appeal to OCBC to request for a lowest interest rate and deduct my years of installment to 25years instead of 35years? Or can I refinance it to another bank? If yes, do I need to pay anything to transferring fee?

---you can revised anytime as long as your income sufficient to support the loan repayment. You may move your loan to other bank, cost involved Loan Agreement Fees, Stamp Duty & Valuation Fees.---

Yet last question, my mortgage loan sales person (he is middle man), he put the lawyer fee into the bank loan. I wanted to pay separately for the lawyer fee instead of putting into the bank loan amount but he insisted to put it into the bank loan. Any reason why he did so? I said I want to have 25 years or 30 years installment but he put me for 35 years (another big sigh). Somehow very frustrated talking to him but I got no choice caused I signed SPA already. Need bank to release the amount within 3 months.

---put the lawyer fees into the loan is for higher commission, just put back the money you suppose to pay into the loan account will avoid the interest charges on the particular extra amount. He extend the tenure to 35 years is to make the application more secure. You can pay $1878 monthly for 25 yrs instead of $1587 for 35 yrs. Any how he is a good banker, appreciate the work he has done for you.

Looking forward to expert’s reply.