• HSBC Home Loan Refinancing

    Home Loan BYTES FROM OUR KITCHEN

    HSBC Home Loan Refinancing

    Overview of Hong Kong and Shanghai Bank Corporation

    HSBC is one of the leading banks in the world that offers great financial services and products. The headquarters of the bank is established in London. Hong Kong and Shanghai Bank commenced operation in Singapore in the year 1877. The bank has more than six thousand offices all across the globe. The branches are present in Asia, Oceania, Africa, Europe, South America and North America.

    Hong Kong and Shanghai Bank has different business groups. They are Global Private Banking, Wealth Management and Retail Banking, Investment Banking (Global Banking & Markets) and Commercial Banking. Hong Kong and Shanghai Bank offers financial products and are attractive and lucrative for the customers. The Home Loan refinancing scheme offered by this particular bank is unique and comes with different benefits. Purchasing a house is a matter of great pride and honour. It is an asset for you and your family. It is probably the biggest financial commitment of your life. It is probable that you have taken a home loan to buy your house or property. You can easily choose to think of refinancing your existing home loan by choosing the Hong Kong and Shanghai Bank Home Loan Refinancing scheme.

    Why choose Hong Kong and Shanghai Bank Corporation Home Loan Refinancing?

    Hong Kong and Shanghai Bank Corporation has earned a lot of reputation and goodwill by serving their customers well. Their products and services are flexible and come with an immense amount of customisation. The Home Loan Refinancing Scheme allows you to choose from a plan of your choice as per our needs and convenience. Choosing this product can definitely prove to be a wise decision for you.

    Types of Packages

    • SIBOR pegged loan
    • Smart Mortgage
    • Variable Rate Loan
    • Fixed Rate Loan

    SIBOR pegged loan

    With this particular loan scheme, you can avail a lot of flexibility. There is no lock in period with the lucrative SIBOR pegged packages

    SIBOR-pegged package
    Bank Mass Advance Premier
    Year 1 SIBOR + 1.50 percent per annum SIBOR + 1.20 percent per annum SIBOR + 1.15 percent per annum
    Year 2 SIBOR + 1.50 percent per annum SIBOR + 1.20 percent per annum SIBOR + 1.15 percent per annum
    Year 3 SIBOR + 1.50 percent per annum SIBOR + 1.20 percent per annum SIBOR + 1.15 percent per annum
    Thereafter SIBOR + 1.50 percent per annum SIBOR + 1.35 percent per annum SIBOR + 1.35 percent per annum

    In order to avail a SIBOR pegged package, the amount of the loan must be at least SGD 200,000.

    Smart Mortgage

    With the Smart Mortgage scheme you can easily decrease the interest amount that is payable by you on the mortgage amount. The interest that you will earn on the current account will be offsetting the amount of interest that is payable for the home loan. With this particular scheme you can easily manage your finances as per your convenience. Since the current account that you have and the Smart Mortgage are linked, you get a huge amount of flexibility to control and maximise your savings.

    Smart Mortgage
    Bank SMR-Advance SMR Premier
    Year 1 1M/3M SIBOR + 1.35 percent per annum 1M/3M SIBOR + 1.30 percent per annum
    Year 2 1M/3M SIBOR + 1.35 percent per annum 1M/3M SIBOR + 1.30 percent per annum
    Year 3 1M/3M SIBOR + 1.35 percent per annum 1M/3M SIBOR + 1.30 percent per annum
    Year 4 1M/3M SIBOR + 1.35 percent per annum 1M/3M SIBOR + 1.30 percent per annum
    Thereafter rates 1M/3M SIBOR + 1.35 percent per annum 1M/3M SIBOR + 1.30 percent per annum

    Variable Rate Loan

    As the name suggests, this particular loan scheme offers you variable rates. With this, you can avail discount against bank’s SHR (Special Housing Rate). The amount of the loan must be at least SGD 200,000.

    Variable rate package
    Interest rate (per annum)
    No lock-in Two-year lock-in Three-year lock-in
    Year 1 3.50 percent (SHR less 2.30 percent) 1.90 percent (SHR less 3.90 percent) 1.80 percent (SHR less 4.00 percent)
    Year 2 3.50 percent (SHR less 2.30 percent) 2.70 percent (SHR less 3.10 percent) 2.60 percent (SHR less 3.20 percent)
    Year 3 3.70 percent (SHR less 2.10 percent) 3.40 percent (SHR less 2.40 percent) 3.20 percent (SHR less 2.60 percent)
    Thereafter 3.80 percent (SHR less 2.00 percent) 3.80 percent (SHR less 2.00 percent) 3.80 percent (SHR less 2.00 percent)

    Fixed Rate Loan

    The Fixed Rate Loan scheme comes with rates of interest that are fixed throughout the entire tenure of the loan. The rates are competitive and attractive too.

    Benefits of HSBC Home Loan Refinancing

    The needs of individuals are changing on a constant basis. The innovative and flexible home loan refinancing scheme is also keeping up with the change. It meets all the requirements and demands of the consumers.

    There are several benefits of this home loan refinancing scheme offered by Hong Kong and Shanghai Bank Corporation in Singapore. These benefits are listed below.

    • There is no lock in period at all. You may also choose to sell the property that you have whenever you wish. You will not have to pay any sort of penalty for taking such a decision. However, you may choose to go for a lock in period too. By going for the lock in period, for the first couple of years, you will be able to enjoy rates of interest that are pretty much lower
    • With the smart mortgage plan, you can save more on the interest that you pay. Thus, you will be able to pay your loan amount faster. This means you will also own your house faster. Your home loan is linked to the current account that you hold by the Smart Mortgage plan. Hence, with the interest on the current loan, you can easily choose to offset the home loan interest rates.
    • The variable rates of interest are attractive and competitive. These can definitely prove to be a beneficial choice for you
    • You may choose to peg the rate of interest with SIBOR (Singapore Interbank Offered Rate) and enjoy lucrative benefits
    • The fixed rate of interest scheme might prove to be the right choice for you if you intend to avail fixed rate for the initial period of the tenure
    • You get to choose from a wide range of dates for the repayment every month. If the loan that you take is not being serviced through the CPF then you may choose to make the repayments on any of the following dates – 1st, 10th, 15th, 20th, 25th. This particular feature enables you to plan out your repayments as per your convenience. You can easily wait for your salary to come in and then make the repayments
    • You can avail some complimentary services that come with your home loan. You can access the emergency home assistance department of Hong Kong and Shanghai Bank Corporation anytime you want. You can avail support for any emergency related to air conditioning, electrical issues, plumbing, pest control or locksmith. The bills will also be taken care of up to an amount of SGD 150 for each visit. In a year, such visits are limited to maximum of five times

    Explore Other Loans Offered By HSBC:

    Frequently Asked Questions

    1. For how long can an individual borrow the money?

      An individual can borrow for period of 35 years. This is applicable for all the private properties. For the HDB (Housing Development Board) flats, an individual can take a loan for a period of 30 years.

    2. What documents are required for the home loan refinancing application process?

      The documents that are required in order to complete the Hong Kong and Shanghai Bank Corporation Home Loan Refinancing scheme application are as follows.

      • Photocopies of valid passport and NRIC are required
      • In case of foreigners, employment pass in needed
      • Latest Income tax assessment notice is required
      • For all the salaried employees, computerised payslips are required
      • History of CPF contribution is required for both Singaporean citizens and permanent residents of Singapore
      • Proof of any other asset or income
      • Statements from banks for any kind of unsecured or secured credit facilities that are still held with those banks
      • Statement for the loan account for past twelve months
    3. If I want to pay the loan amount in advance, can I do that?

      Absolutely. You may choose to make partial payment or full payment in advance for the loan amount that you took. Please, do take a look at Facility Letter and also the Standard terms applicable to the early repayments before you make payments in advance.

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