Which Standard Chartered Home Loan Package Best Suits You?
A home is an investment everyone wants to have. But unfortunately, not all are financially capable of buying it.
Thankfully, there are banks and money lending facilities that provide financial support. One of them is Standard Chartered Singapore.
Find out how the institution can help you secure the house you want. Learn more about the Standard Chartered Home Loan.
Different Standard Chartered Home Loan Packages
Standard Chartered Home Loan is not your typical loan. Instead, it offers different packages that indeed fit your house needs.
MortgageOne
Decrease the interest on your mortgage loan the savvy way. MortgageOne helps you save more by offsetting the mortgage loan interest through:
Savings: For every deposit, you earn excess interest. These earnings will reduce the outstanding loan principal. Thus, it offsets your loan interest.
Short Loan Period: Your monthly instalments go directly to your principal repayment. That’s why it lessens your loan period.
Transparency: Singapore’s Standard Chartered Home Loan rates are Fixed Deposit Rate (FDR) or SIBOR (Singapore Interbank Offered Rate).
Flexibility: Withdraw your deposits anytime you need. It works the same, just like your other deposit accounts.
Interest Rate: Based on the 3-month FDR and SIBOR, including the margin for the Bank.
Two-thirds of your deposit follows the same rate as the mortgage loan. But, it is subject to the most limit of the principal loan. The rest of the deposits have an interest of 0.25% p.a.
Loanable Amount: The starting loan amount in MortgageOne is $100,000.
Be mindful that MortgageOne is perfect for private residential property only. The processing fee is the least of your concerns.
Home Suite
Home Suite is a top choice of the Standard Chartered Home Loan package. It helps build your home with a bundle of convenience such as the following:
Home Loan: Home Suite allows you to put up your house while gaining excellent benefits like:
- Receive financing up to 75% of your house needs.
- The current account holder has a Master Card or Debit Card.
- Platinum Credit Cardholders enjoy exclusive privileges.
Online and Mobile Banking: Standard Chartered Home Loan status is more accessible. Check out your payment and remaining deposits through your device. Also, receive an e-statement every month or for every repayment.
Loanable Amount: The least loan size you can apply for is $100,000.
Interest Rate: Mortgage loan under Home Suite is calculated based on the fixed margin and the Bank’s prevailing rate per annum. The latter must be established on a 36-month Singapore Dollar Time Deposit.
Home Suite is applicable for both completed and under-construction building properties. In addition, it does not have a processing fee, so save yourself from paying more than you imagine.
Note: SBC Home loan’s approval will still depend on your required document’s validity.
HDB Home Suite
Standard Chartered Home Loan also packages an HDB Home Suite. The features are more than the ordinary home loan.
Home Loan: Take out the proper financial help for your dream home. Standard Chartered Home Loan helps you get the best loan you need.
Repayment: Pay off your loan in two different ways, either through a Debit Card or a Mastercard. That’s if you have a current account with Standard Chartered Bank.
If you have a Platinum Credit Card, settle your monthly obligation using it. Plus, it lets you enjoy exclusive privileges that come with it.
Loanable Amount: Standard Chartered HDB Home Suite can finance up to 75%. The starting loan amount will be $100,000.
Online and Mobile Banking: Knowing your Standard Chartered Home Loan status is more accessible.
With your device, you can check out your payment and remaining deposits. Also, receive an e-Statement every month or for every repayment.
Interest Rate: Mortgage loan under Home Suite is calculated based on the fixed margin and the Bank’s prevailing rate per annum. The latter must be established on a 36-month Singapore Dollar Time Deposit.
Apply for HDB Home Suite regardless of whether it’s a completed or under-construction building property. The mortgage loan does not charge a processing fee.
HDB Bridging Loan
HDB Bridging Loan indeed stands by its name. It is a Standard Chartered Home Loan that funds down payment for the new property. At the same time, you are still waiting for the sale proceeds of your existing property.
Fees: HDB Bridging Loan has no processing fees or upfront arrangement fees. Also, it does not charge for monthly instalments.
Interest Rates: This Standard Chartered Home Loan offers a competitive interest rate. It is at 3M SIBOR with 2.00% per annum.
Note: First-time buyers and contra-transactions aren’t qualified to apply for this loan package.
Loan Tenure: HDB Bridging Loan of Standard Chartered has a loan period of six months.
As long as you are eligible to apply, the loan application is fast and hassle-free. To secure loan approval, plan to sell a property and buy a new HDB flat.
Commercial and Industrial Property Loan
Mortgage Loans offered by Standard Chartered also include commercial property loans. It helps in financing with attractive interest rates.
Interest Rates: Standard Chartered Home Loan adheres to the transparent fixed base interest rates given to SIBOR. Besides that, the financial institution offers a competitive range for every applicant. Thus providing a worry-free long-term investment.
Plans: Commercial Property Loan has a wide range of programs. Choose between 1, 3, or 12 months of SIBOR pricing.
Online and Mobile Banking: Standard Chartered Home Loan status is more accessible. Check out your payment and remaining deposits through your device. Also, receive an e-Statement every month or for every repayment.
Standard Chartered Commercial and Industrial Property Loans do not charge a processing fee.
Standard Chartered Home Loan has a broad scope of packages. Choose wisely which type seems fit for your home financing.
Standard Chartered Home Loan Eligibility Requirements
It is essential to review first the bank’s eligibility criteria. This way, you can see if you are qualified to apply for a Standard Chartered Home Loan product.
Generally, you can apply for a Standard Chartered home loan if you’re 21 to 65 years old. People who can take a home loan are Singapore citizens or permanent residents. SCBS also accept foreign customers. Another requirement is your annual income.
For Singapore citizens or permanent residents, you must be earning at least $30,000 a year. While for foreigners, you should be making an annual income of at least $36,000.
Applicants with an existing credit account or residential property loans cannot get a home loan.
For the HDB Bridging Loan, the bank has the same age and nationality requirement, except that the borrower must be selling an HDB flat or any private property. At the same time, the borrower should buy another flat from an HDB or resale market.
Note: Sold properties of flat owners must also be borrowers. And the first-time buyers and contra-transactions aren’t qualified to apply for this loan package.
Standard Chartered Home Loan Rates Singapore 2021
Based on Standard Chartered Home Loan packages, here is the summary of home loan rates:
Comparing Standard Chartered interest rates for home loans is crucial. It’s due to frequent changes. However, the Bank offers competitive rates.
Using Standard Chartered Home Loan Calculator
The bank’s home loan calculator gives you a sneak peek of how much repayments you’re obligated to make. It’s one way to assess your financial capacity to get a home loan.
You can find the home loan calculator when you browse Standard Chartered Bank Singapore’s website, specifically on the mortgage page.
Quick Tips To Apply For Standard Chartered Home Loan Singapore
Taking out a mortgage loan from Standard Chartered is easy if you follow these steps.
Complete your documents
Check if you have the correct and complete document needed. Then, submit it to the banking institution.
Understanding the differences between home loan packages
Listen to the Mortgage Specialists while discussing the different home loan packages. Then, compare each one and decide which you think best fits you. Finally, be advised that the Bank will issue a Letter of Offer.
The signing of the Letter of Offer
Read the Letter of Offer and be sure to understand everything stated. Also, take note of the fees included in the loan offer.
Be mindful that loan cancellation after signing the Letter of Offer has a penalty. You have to settle 0.75% of the unclaimed loan amount. So, think first before signing the agreement.
Standard Chartered Home Loan truly offers financial support for your home-buying journey. But you must pick the right package to secure your dream house. Otherwise, you’ll pay off penalties for the money you didn’t even use.
Money for Home Improvements
Aside from home loans, you can also find renovation loans for home improvements. Unlike home loans, which ought to be a long-term debt, renovation loans are a short-term debt type.
Please note that this type of loan is only for home renovations, not to get a property. If you’re wondering where to get a renovation loan, licensed moneylenders are the best place to get one.
One of the trusted money lending company in Singapore is Cash Mart. Cash Mart offers various instant cash loan products. Aside from Cash Mart’s renovation loan, the company also offers payday loans and business loans.
Final Thoughts
Secure your new home while you’re staying at home. With Standard Chartered Home Loan, you can apply conveniently without leaving home. You’ll only need a gadget and an internet connection.
Get pre-approved in two minutes, then talk to loan executives. Be verified the same day you submit your documents. Then, take out your quick cash after signing the Loan Contract.
Furthermore, personal loans cover the down payment or the monthly instalments. Also, it assists you in renovating your new home.
The instant cash lets you finish the work without sacrificing your other budget. Plus! Living in a fully furnished house is much better than a half-completed one.
Cash Mart Singapore resolves your financial dilemma without compromising its integrity and excellence. It helps you seal the deal of your new home. And it can further assist you with other money matters that concern your house.
Experience a hassle-free home-buying adventure when you apply for a Cash Mart Renovation Loan.