Standard Chartered Home Loan
Compare Standard Chartered home loans against offers from other leading home loan providers in Singapore
About the provider
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 centers 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.
Why should I choose Standard Chartered home loan?
Standard Chartered home loan plans are tailored to fit the unique needs of individuals. You can try the MortgageOne package which can offset the loan interest with the interests earned from your deposit or savings accounts. You can also check out the Home Suite or the HDB Home Suite which allows you to build a home a bundle of perks or buy your new home with up to 80% financing.
Standard Chartered Bank also offers the HDB Bridging Loan which funds your new property’s down payment while waiting for the sales proceeds of your previous property.
What benefits does Standard Chartered Bank home loan provide?
Standard Chartered home loan plans
The Standard Chartered housing loan, also known as the mortgage loan, is available in three offerings: the MortgageOne SIBOR, the Home Suite, and the HDB Home Suite. Other real estate-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 benefit 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 price 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 mortgage 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 (HDB) 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.
How do I apply for Standard Chartered home loan?
Standard Chartered home loan packages are available for those who meet the following criteria.
- Applicants should be between 21-65 years old and with a minimum income of $30,000 for Permanent residents and Singaporean while $36,000 for foreigners. Applicants should not have any existing residential property loans.
- For HDB Home Suite, the minimum loan amount is $100,000 and is applicable for both completed structures and properties that are under construction.
- For HDB Bridging Loan, applicants should be Permanent residents or Singaporeans who are selling their HDB flat or any private property. The package requires all owners of the flat to be borrowers with a tenure of 6 months.
What other products does Standard Chartered offer?
You can also check out other products from Standard Chartered Banks which include:
- Credit card – Standard Chartered allows you to earn unlimited cashback on all spend. You can also enjoy 0% rates on fund transfers and convert all retail transactions above $500 into installments. Standard Chartered credit cards also allow bills consolidation for recurring payment schedules.
- Accounts and deposits – The Bonus$saver current account will enable you to earn a maximum of 3.88% interest per annum when you deposit $100,000. Current online promotions also include Lenovo Tab 3 Essential –inch tablet for a minimum deposit of $10,000; Acer Iconia One 10-inch tablet for a minimum deposit of $50,000 and $88 cashback when you deposit at least $10,000.
- Insurance – Health insurance plans from Standard Chartered provides coverage for critical illnesses. The PRUshield Health insurance gets you covered for unexpected medical costs. On the other hand, PRUshield Extra Health Insurance is designed to enhance your basic shield plan.