LANDED PROPERTIES
OCBC Bank will arrange the fire insurance coverage on your behalf with an insurer in our panel, Overseas Assurance Corporation (Malaysia) Bhd (OAC) or Syarikat Takaful Malaysia Bhd (STM), for all landed property(ies) upon first release of the loan (for completed property) or upon your taking vacant possession of the property (for property under construction). The policy will be forwarded to you by OAC or STM after the premium has been debited from your overdraft/loan account.
COMMERCIAL & INDUSTRIAL PROPERTIES
If the property is occupied for commercial or industrial purpose, it is important that you notify OAC or STM on the current occupation of your premises. This is to ensure that your property is insured against risks that may arise from the occupation of your property with commercial or industrial activities.
NON LANDED PROPERTIES (UNDER STRATA TITLE)
OCBC Bank will not require additional insurance coverage on the above-mentioned subdivided building unit that has been assigned/charged to us to secure your credit facilities.
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