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OCBC offers ringgit loan for London properties

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd now offers mortgage loan facilities in ringgit terms for the purchase of residential properties in sections of Central London in the United Kingdom.

OCBC head of consumer financial services Charles Sik said in a statement that the introduction of the overseas property financing facility was to allow customers to mitigate effects of foreign exchange fluctuations.

The facility offers a margin of financing of up to 75% and a loan tenure of up to 30 years or up to the time the person turns 65, whichever is sooner.

"Customers will now be able to invest in London properties with peace of mind, knowing that their loan facility is fixed in ringgit. London property prices are certainly on the upward trend and we think it's a really good time now to capitalise on this," he said.

OCBC currency economist Emmanuel Ng said forex fluctuations were key to determining the purchase of an overseas property and that the ringgit was expected to remain supported against the British pound "on a structural basis" on expectations of eventual monetary policy tightening by the Bank of England.

OCBC Bank also said it had teamed up with property brokers, letting agents, UK lawyers and valuers to provide relevant advisory services to customers, especially with regard to tax rules as well as other laws and regulations.

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