 |
|
|
|
Investor Relations
>
News Room
>
News Release Index
>
News Release - 04 Nov 2004
News Release - 04 Nov 2004
 |
|
Keep abreast with the latest at UOB
|
United Overseas Bank Offers New Home Loan Product
That Pays Interest
New floating-rate home loan offers competitive interest rates
04 November 2004, Singapore
United Overseas Bank Limited ("UOB") is pleased to announce the launch of UOB HomePlus, a new home loan product applicable for new purchase and refinancing of private residential properties, on 5 November 2004.
UOB HomePlus gives customers a total value package that maximises their savings with the following features:
- It offers competitive home loan interest rate
- It allows customers to earn the same rates on their deposits of up to 75% of the outstanding loan amount
- It provides cash rebate of 0.3% of the approved loan amount
Customers need only maintain a deposit balance in UOB i-Account, an interest-earning chequeing account, to enjoy the competitive interest rates.
Said Ms Sim Puay Suang, Executive Vice President, "The launch of UOB HomePlus is in line with our commitment to provide our customers with the best value for all their financial needs which will, in turn, help them to grow their savings and wealth. UOB HomePlus offers customers the flexibility to manage their cashflow and the opportunity to earn competitive interest rates on their deposits placed in their UOB i-Account. With UOB HomePlus, we hope to reach out to customers who are looking to maximise their savings while maintaining a comfortable level of liquidity."
The details of the new home loan product are set out in the table below:
|
UOB HomePlus
|
|
Interest Rates (p.a.)
|
|
1st Year
|
1.25% (BR – 4.75%)
|
|
2nd Year
|
2.25% (BR – 3.75%)
|
|
3rd Year
|
2.80% (BR – 3.20%)
|
|
Thereafter
|
3.00% (BR – 3.00%)
|
|
Applicable Board Rate
|
UOB HomePlus Board Rate (BR) at 6.00%p.a.
|
|
Features
|
|
Property Type
|
Private residential property
|
|
Minimum Loan Amount
|
S$500,000
|
|
Legal Subsidy
|
0.4% of loan amount (capped at S$3,000)
|
|
Cash Rebate
|
0.3% of approved loan amount
|
|
Applicable Rates On Deposits Placed in UOB i-Account*
|
Deposit amount ≤75% of outstanding loan amount:
UOB HomePlus rates.
Deposit amount >75% of outstanding loan amount:
Normal UOB i-Account rates.
|
|
* Service charge on UOB i-Account will be waived. Minimum balance fee applies if the average daily balance for the month falls below S$1,000.
|
Significant Savings With UOB HomePlus
Assume that a customer has:
- a home loan of S$500,000; and
- a deposit amount of S$375,000 placed in an interest-earning chequeing account such as UOB i-Account
that are maintained over 25 years.
The benefits of UOB HomePlus are illustrated as follows:
|
|
UOB HomePlus
|
|
Total Interest Payable
|
S$192,921
|
|
Total Deposit Interest Earned
|
S$159,235
|
|
Net interest Paid on Home Loan
|
S$33,686
|
With more savings earned on the UOB i-Account, customers can choose to offset their loan interest to own their dream homes faster or use these savings to enhance their homes. Customers will also have the flexibility to keep their funds in the UOB i-Account to maximise their savings and access them whenever they need.
Exclusive Benefits For A Total Home Solution
Apart from the competitive interest rates, customers also enjoy the following additional benefits:
- Free home fire insurance for the first year
- Free processing
- Free valuation
- Preferential rates for UOB Bridging Loans and UOB Renovation Loans
- UOB 1.2.1 Banking privileges including annual fee waiver for the UOB Gold Credit Card and priority queues at UOB Group branches
- Under UOB Rewards Plus, the Bank's customer loyalty programme, UOB Home Loan customers will earn UNI$1 for every S$10,000 outstanding on their home loans. Customers will be able to accumulate and redeem their UNI$ for a wide range of exclusive rewards, including shopping and dining for free
For more information, customers can call 1800 22 22 121 (24-hour), visit www.uobgroup.com or drop by any UOB Group branch to speak to our Personal Bankers.
For media enquiries, please contact:
|
|
|
|
 |
