In a bid to encourage consumers to take up a mortgage insurance plan, OCBC Bank has launched a scheme that gives back collected premiums at the end of the policy term, provided no claims have been made.
While clients have taken out larger loans due to rising home prices, the percentage of those who don’t buy mortgage insurance has remained flat over the last few years, according to OCBC and reported by The Business Times.
A study by the bank which polled 300 private property owners in 2011 revealed that 59 percent have no mortgage insurance.
OCBC introduced the Mortgage Protector Advantage, underwritten by The Overseas Assurance Corporation, to tackle this market.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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