Standard Chartered Home Loan
Standard Chartered is a British multinational banking group that has been in operation for more than 150 years, with 84,000 employees providing financial services across Asia, Africa, the Middle East, and beyond.
In Singapore, the company offers its Standard Chartered home loan, alongside retail and SME services such as deposit taking, wealth management, overdrafts, personal loans, credit cards, and auto financing, through subsidiary Standard Chartered Bank (Singapore) Ltd., incorporated in Singapore in 2013.
In Singapore, Standard Chartered loan, savings, and other products are offered across a network of 17 branches. The bank also has six priority banking centres and 29 ATMs in Singapore, where the company employs about 7,000 people.
The current company, formed in 1969 as a merger of the Chartered Bank and the Standard Bank, started its operations in Singapore when Chartered Bank opened a branch in Singapore in 1859. The conglomerate’s current largest shareholder is Temasek Holdings, which is owned by the Singaporean government.
Standard Chartered home loan plans
The Standard Chartered housing loan, also known as the mortgage loan, is available in three offerings: the MortgagrOne SIBOR, the Home Suite, and the HDB Home Suite. Other real esate-related Standard Chartered bank loan offerings include the HDB Bridging Loan and a suite of Commercial & Industrial Property Loans.
Through MortgageOne SIBOR, a borrower can link his home loan with Standard Chartered Bank with his deposit accounts. Doing so will allow the borrower to reduce his monthly interest by using the interest earned on his deposit accounts to pay off some of the interest from the SCB home loan.
The home loan’s interest rate, which changes only once every 12 months, is pegged at the 12-month SIBOR* (Singapore Interbank Offered Rate) plus a fixed rate with a two-year lock-in.
This Standard Chartered home loan, which has a minimum loan size of S$100,000 and charges no processing fees, can be used for completed private residential property only.
*SIBOR is a daily reference rate that fluctuates based on the interest rates that banks set when they lend unsecured funds to other banks in the Singapore wholesale money market.
The Home Suite is a loan product that offers more stable payment terms. The interest rate on this mortgage loan is based on the sum of the bank’s current fixed interest rate on its time deposit offerings (currently at 0.5%) and a fixed margin. The loan also has no lock-in period, allowing a borrower to pay down the loan without having to worry about prepayment fees.
This Standard Chartered home loan, offered with no processing fees, can provide financing for up to 80% of the value of the property to be bought by the borrower.
The loan offering is available to customers aged 21-65 years old with a minimum annual income of S$30,000 for residents and S$36,000 for foreigners. The applicants must have no existing personal credit or personal loan arrangements with the bank, or residential property loans with any bank.
HDB Home Suite
This offering, a Home Suite modification for flats provided by the Housing Development Board of Singapore, has two interest-rate options: the fixed deposit rate-pegged option on the Home Suite and the SIBOR-pegged option.
The fixed deposit rate-pegged option is eligible for loans with a minimum size of S$100,000, for use on both completed and building under construction properties.
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