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Partial Prepayment Notice Form and Notes

This document is a partial prepayment instruction form for a housing loan. It allows the customer to provide one month's notice for a partial prepayment and select options for processing the prepayment. The customer can choose to debit funds for the prepayment from their OCBC bank account or use CPF funds, providing the necessary CPF board forms. They can also choose to revise their monthly installment amount after prepayment or keep it unchanged. The form provides explanatory notes on payment deadlines, required CPF forms, and terms and conditions for partial prepayments, including a one month notice period and liability disclaimers related to CPF fund handling.

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785 views

Partial Prepayment Notice Form and Notes

This document is a partial prepayment instruction form for a housing loan. It allows the customer to provide one month's notice for a partial prepayment and select options for processing the prepayment. The customer can choose to debit funds for the prepayment from their OCBC bank account or use CPF funds, providing the necessary CPF board forms. They can also choose to revise their monthly installment amount after prepayment or keep it unchanged. The form provides explanatory notes on payment deadlines, required CPF forms, and terms and conditions for partial prepayments, including a one month notice period and liability disclaimers related to CPF fund handling.

Uploaded by

kei00
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PARTIAL PREPAYMENT INSTRUCTION

Please submit the completed form to any OCBC branch. To: Attn: Oversea-Chinese Banking Corporation Limited Secured Loan, Loan Operations Department Private Home Loan

(Please where applicable)

HDB Home Loan

Date :_____________________

I/We would like to make partial prepayment of the housing loan/term loan stated below and hereby give one (1) months notice. Loan Account No: __________________________________________________________________ Property Address: __________________________________________________________________ (1) Mode of payment (minimum S$5,000 and multiples of S$1,000) (Please where applicable) (a) OCBC Account S$ _________________ Please debit this amount from the OCBC account which I/we have designated for my/our housing loan/term loan monthly instalment repayments. (OCBC Account) S$ _________________ I/We will at the same time submit RPS/NRPS CPF Form 4B (for Private Home Loan) / HBL/4 Form (for HDB Home Loan) to CPF Board to instruct CPF to remit the CPF monies on the scheduled prepayment date.

(b) CPF

(2) To be completed for SOR-pegged packages only (Please where applicable) (a) Please effect the partial prepayment on the Next Rate Review Date, provided it is at least 1 month from the date of this notice. (b) Please effect the partial prepayment one month from date of notice. I understand that I may be charged prepayment/commitment fee if the partial prepayment does not fall on a Rate Review Date. (3) After the partial prepayment has been effected, the following arrangement shall apply (Please where applicable) (a) Revise the monthly instalment amount accordingly (This option shall be deemed to be selected by default unless otherwise instructed.)

(b) Keep the monthly instalment amount unchanged as at Notice Date


(notwithstanding any interest rate change, if any, from Notice Date to partial prepayment date). (This option is NOT available if you are on Progressive Payment Scheme.) (4) Please also debit the OCBC Account for the payment of any administration fee, prepayment/commitment fee and/or interest-in-lieu of notice for partial prepayment (if applicable). (5) I hereby acknowledge receipt of the Explanatory notes and Terms & Conditions for partial prepayment and agree to be bound by the terms and conditions set out therein.
(In accordance with the OCBC Account specimen signature(s) with the Bank. Note: (a) If the debiting account is a 3 party account or a joint account, where such joint account is operated with joint signing authority, please ensure that all the relevant account holder(s) will sign on this form as per specimen signature(s) for the relevant account; and (b) by all relevant account holder(s) signing on this form, OCBC Bank is authorised to debit such relevant fees, expenses or costs incurred in connection with or ancillary to this notice from such relevant account(s).)

Signature(s)

rd

For branch use only Notice Receipt Date: ________________ Signature(s) Verified Against SignPlus by _______________________ Name: NRIC No: Contact No: _______________________ Name: NRIC No: Contact No: ____________________ Name/ Date: (Please affix Branch stamp) From: Secured Loan _____________________ Name/ Date: _____________________ Name/ Date: Ver. Sep 2010

For Banks Use Only To: Loan Admin Notice Date: __________________ Effective Date: _________________ Total amount: S$_______________ 1. Prepayment/Commitment fee: No Yes, ______________________ 2. Cashback/Clawback: No Yes, ______________________ 3. Administrative fee No Yes, ______________________ 4. Interest in lieu No Yes, ______________________ Remarks:__________________________________________________________

EXPLANATORY NOTES TO PARTIAL PREPAYMENT INSTRUCTION


Payment by 1. Cash Upon submission of Partial Prepayment form Before the Scheduled Prepayment Date
Ensure sufficient funds in the OCBC Account * at least 1 day before the scheduled prepayment date. 1 month from OCBC receipt of this original form will be the scheduled prepayment date. If less than 1 month notice is given to OCBC, interest in-lieu of notice will be charged. A partial prepayment notification letter (the Notification) will be sent to you within 10 working days from the date of receipt of this form. The Notification will confirm the prepayment date, prepayment amount, fees & charges (if any). You may select any of the following options below: * OCBC Account is used for housing loan/term loan monthly instalment repayments. (1) Revise Monthly Instalment amount accordingly The Monthly Instalment amount will be revised after prepayment. The tenor for housing loan/term loan remains unchanged. This is a default arrangement if no selection on the Monthly Instalment arrangement is made. A partial prepayment letter (the Letter) will be sent to you within 3 working days after the prepayment is effected.

Monthly Instalment Options available after Prepayment

Confirmation after Prepayment is effected

2. CPF

CPF Forms to be completed if CPF funds will be used for Partial Prepayment
Ensure the following CPF form is filled up & submitted to CPF Board so that CPF Board can remit your CPF monies to OCBC for prepayment on the scheduled prepayment date. OR For Private property: CPF RPS/NRPS Form 4B For HDB Property CPF HBL/4 Form

(1) Revise Monthly Instalment amount accordingly The Letter will confirm the prepayment effected date, amount prepaid, revised Monthly Instalment amount & its effective date.

Example: Notice Date: 30 September 2010 Expected Date for Payment to Reach Bank (Form 4B) / Expected Payment Due Date (HBL/4 Form) : 30 October 2010 (DDMMYYYY) If you are giving online instructions to CPF Board, the expected date for payment to reach financier: October-2010 (MM-YYYY) The above CPF forms can be obtained from CPF Board directly or via CPF website www.cpf.gov.sg, Note: If you are using CPF monies for the 1st time, you will need to appoint a lawyer to write in for both OCBC & CPF Boards approval prior to submission of this partial prepayment instruction form. Processing fee of S$200 is chargeable by OCBC for Private Home Loan.

OR (2) Keep Monthly Instalment amount unchanged as that on Notice Date (notwithstanding any interest rate change, if any, from Notice Date to prepayment date) The tenor for housing loan/term loan will be revised accordingly, subject to a minimum tenor of 5 years.

OR (2) Keep Monthly Instalment amount unchanged A separate notice will be sent to you within 3 working days from the above Letter to confirm the loan maturity date, Monthly Instalment amount and its effective date.

TERMS & CONDITIONS FOR PARTIAL PREPAYMENT INSTRUCTION


1. The 1 month notice period begins from the date of OCBC Banks receipt of the original form (Notice Receipt Date). A fresh notice will have to be submitted if the prepayment amount does not reach the Bank by the prepayment due date or for any changes to this instruction. Any subsequent changes to this request date will be treated as a New Notice and partial prepayment may be made 1 month from OCBC Banks receipt of the New Notice. Incomplete form(s) may cause a delay in processing. 2. If prepayment due date falls on Saturday, Sunday or public holiday, the partial prepayment will be made on the next working day, with the exception of SOR-pegged packages where the partial prepayment will be made on the preceding working day. 3. OCBC Bank will not be liable in any way in respect of the loss of any amount whatsoever incurred or suffered by you (including, without limitation, the loss of any interest amount(s) to which you may be entitled to receive from CPF Board) arising from or in connection with: (1) the refund of any CPF monies made by OCBC Bank to CPF Board for any reason whatsoever; and (2) the receipt and/or holding by OCBC Bank of any CPF monies received from CPF Board at any time before and until the date of (a) utilization of such monies for the capital repayment requested hereunder or (b) the refund of such monies by OCBC Bank to CPF Board, as the case may be.

CUSTOMER COPY
Ver. Sep 2010

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