With the mounting real estate costs, buying a property has become harder than ever. But, in this fast-paced world, everyone needs some private space at the end of the day. A home loan will help you buy your dream property which will give you a sense of accomplishment. Since buying a home is a huge investment, taking a loan is a wise option than spending all your savings.
Standard Chartered home loan comes loaded with features like affordable interest rates, flexible tenures and exclusively crafted schemes to suit individual needs.
Atleast 21 years
Less than 65 years
Salaried / Self-employed
with regular income
Earn more than the minimum
EMI limited to about 50%
of monthly income
Loan capped @ 80% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Margin of Finance||Up to 80%|
|Loan Tenure||5 years – 30 years|
A well-known British multinational banking and financial services company, Standard Chartered plays major role in most dynamic markets in the world. Standard Chartered has around 1700 branches in over 70 countries including South Asia, Middle East, Asia Pacific region and the Americas. The bank has been in the forefront of the Singapore financial scene for over 150 years. The first branch was opened in the year 1859 and received a Qualifying Full Bank license in 1999. Standard Chartered Singapore caters to the banking needs of its clientele by offering world-class investment and personal banking solutions.
A leader in home loan and mortgage portfolio, Standard Chartered Home Loans will duly assist you in securing your dream home without any hassles.
Standard Chartered offers different types of home loans to Singaporean citizens, Permanent Residents and Foreigners. The bank offers loans to purchase industrial properties, commercial properties, HDB flats, and private properties. Let’s take a look at features, benefits and various other aspects including interest rates and fee details of Standard Chartered Home Loans.
Standard Chartered home loans offer countless quality attributes that benefit the borrower, making the whole home loan process simple and hassle-free. All customers can apply easily through the bank’s web portal or directly by visiting the nearest Standard Chartered bank. The application requirements are minimal and up to 80% of the total property cost is financed. With a pioneer in home loan portfolio like Standard Chartered bank, customers can be assured of a peaceful property purchase experience.
With SC Home Suite, you can construct your own home along with receiving a range of exclusive benefits. Under the Home Suite, Standard Chartered finances up to 80% of the value of your property. The minimum loan size under Home Suite is S$100,000.
The HDB Home Suite
The HDB Home Suite is an HDB housing loan that allows you to purchase an HDB flat in Singapore. The features of the HDB Home Suite are similar to the Home Suite, only that the HDB Home Suite only allows you to take a loan to finance the purchase of an HDB flat. Standard Chartered will fund up to 80% of the value if your property if you opt for HDB Home Suite.
Loans for Commercial or Industrial Properties
This loan is particularly meant to fund the purchase or construction of a commercial or an industrial property. You can choose from three different SIBOR-pegged interest rate packages when you choose this type of loan.
The HDB Bridging Loan
If you are awaiting payments from your existing property and wish to make a down payment towards your HDB flat, you can use the Standard Chartered HDB Bridging Loan that will help you cover for the down payment. The loan can be closed once you receive the funds after selling your existing property.
MortgageOne is another type of mortgage loan offered by Standard Chartered. The product lets you offset the interest you pay on your mortgage loan through the interest earned on your fixed deposit account. Under this provision, your loan tenure is shortened to a great extent as most of your payments go towards reducing your principal amount while your interest payments are offset through your savings. In order for this, you will need to invest in the bank’s fixed deposit product nd interest earned on your fixed deposit account will be used to offset the interest in your mortgage loan.
MortgageOne SIBOR Loan
HDB Home Suite
HDB Bridging Loan
Standard Chartered MortgageOne Interest Rate
Note: There is a lock-in period of 2 years. The rates are pegged to 12-month SIBOR and rates indicated are the 12-month SIBOR rate + the mentioned interest rate.
|Year||12-month SIBOR-pegged interest rate (p.a.)||FDR (limited period interest rate p.a.)|
|Fourth year onwards||1.00%||+0.98%|
The interest rate on other home loans will be calculated by adding Standard Chartered Bank’s 48-month Fixed Deposit Interest rate and a fixed margin. The 48-month FD interest rate currently stands at 0.50% p.a. You can contact the bank for further details.
The eligibility conditions vary depending on the type of loan scheme that you are applying for.
The eligibility criteria for HDB Bridging Loan is as follows.
The eligibility for Home Suite is as follows.
For other schemes, your loan application will be processed based on your annual income, the bank’s prevailing credit policy and the regulatory requirements. Do contact Standard Chartered for more information on the eligibility criteria for other home loan schemes
You can apply for a Standard Chartered Home Loan by visiting the official Standard Chartered Singapore website and filling out the online application form. Applying online will also give you a range of exclusive benefits. You’ll also need to submit your supporting documents with your loan application, following which the bank will get in touch with you, clarify your details and process your loan application.
The bank offers home loans to foreigners. The following documents need to be submitted to the bank if you are a foreigner:
A. If you wish to apply for a bridging loan, you should also have applied for a home loan. The bridging loan is provided to pay for the 20% down payment on the main mortgage loan. The bridging loan has to be repaid separately.
A. Yes, you can. The interest earned on the FD will be used to offset interest towards your home loan.
A. In most cases, banks allow you to choose a maximum tenure of 30 years to repay your housing loan.
A. You need to evince interest in order to receive the Standard Chartered Platinum Credit Card. You will receive the card once your loan application is approved.
A. You’ll need to apply for insurance separately. Standard Chartered provides you with a wide variety of insurance options.
A. Customers can deposit any amount of money in the MortgageOne current account. Customers will be offered the same interest as that for mortgage loans on two-thirds of the deposit, up to the loan principal amount. The remaining deposit amount will fetch a 0.25% interest. There is no maximum cap on the interest amount that can be earned through deposits. The total interest accumulated is used to offset the loan amount and the excess will be used to reduce the principal.
A. The minimum loan amount is S$30,000 under MortgageOne plan.
A. MortgageOne, Home Suite and HDB Bridging loans come with no extra processing fee.
A. You can use the loan calculator available on the bank’s website to find out details about repayment. You have to input basic details like loan amount, tenure, initial mortgage deposit and monthly deposit amount as applicable. The calculator will project the repayment schedule.