Standard Chartered Home Loan, Standard Chartered Bank Singapore offers an array of home loan products to help you realise your dream of owning a home. There are as many as five home loan products that are offered by Standard Chartered Bank Singapore. SCB home loans have been designed to provide you with a range of useful features and benefits such as simplified repayment plans, flexible interest rates, and more.
Home Loans Offered by Standard Chartered Bank
- HDB Home Suite
- Home Suite
- HDB Bridging Loan
- Commercial and Industrial Property Loans
Interest Rates for Standard Chartered Housing Loans
|Type of home loan||Type of interest|
|MortgageOne||1-month/3-month SIBOR (Singapore Interbank Offered Rate) and FDR* plus a margin for the Bank|
|HDB Home Suite||Computation will be based on the bank’s current interest rate p.a. for an SGD Time Deposit and a fixed margin|
|Home Suite||Computation will be based on the bank’s current interest rate p.a. for an SGD Time Deposit and a fixed margin|
|HDB Bridging Loan||3M SIBOR + 2.00% p.a.|
|Commercial and Industrial Property Loan||Based on SIBOR rate|
Fees & Charges You’ll Have to Pay
|Type of fees/charges||Fees and Charges|
|Restructuring fee/Repricing fee/ Loan Change Request||S$1000/supplementary facility letter of offer issued|
|Request for copies of past statements (current to 12 months)||S$10/monthly statement|
|Request for copies of past statements (beyond 12 months)||S$50/monthly statement|
|Retrieval of documents||S$50/copy|
|Default rate||5% above PLR (prime lending rate) on the instalment amount that is overdue|
Types of Home Loans Offered by SCB
MortgageOne: This home loan by SCB offers a smart solution for financing your home purchase for a minimum of S$100,000. You can considerably cut back on your monthly interest payments by offsetting the interest earned on your deposits against your loan interest. You can withdraw from your deposits anytime. Two-thirds of your deposits will be charged the same interest rate as your mortgage loan (subject to a maximum of your principal outstanding). All the remaining deposits will be charged 0.25% p.a. interest rate. You can take this home loan only for a private residential property.
HDB Home Suite: With this home loan product, you can borrow S$100,000 and above for both under construction and completed properties. You can use your current account balances to pay your home loan repayment instalments with SuperSalary, World Partner Chequing, and XtraSaver debit cards. Applicants who do not have any other outstanding residential property loan can get up to 75% financing on their home purchase.
Home Suite: This SCB home loan provides you with financing of S$100,000 and above for both under construction and completed residential properties. Your interest will be computed on the basis of a fixed margin and the bank’s current interest rate p.a. for a 36-month SGD Time Deposit. You can get up to 75% financing on your home purchase.
HDB Bridging Loan: SCB’s HDB Bridging Loan is designed to help fund the down payment of your new HDB flat, while you are waiting to the get the sales proceeds from your existing property. In addition to offering competitive interest rates of 3M SIBOR + 2.00% p.a., this home loan also does not charge you any upfront arrangement fee, processing fee, or monthly instalments. You can take the loan for a maximum tenure of 6 months.
Commercial and Industrial Property Loans: SCB offers a range of transparent and competitive fixed base interest rates that are pegged to the SIBOR. You can take your pick from 1, 3, or 12-month pricing (SIBOR pegged).
Why Take SCB’s Home Loan
- You have an option of offsetting your loan interest by the interest earned on your deposits.
- Since a major chunk of your monthly loan instalments is contributed towards the repayment of your principal, your loan tenure gets shortened.
- You can withdraw funds from your deposits at any point in time.
- You can use your current account to make your home loan repayments.
- You can apply for the loan through mobile and online banking.
- No processing fee is charged.
- Get regular e-Statements to track your outstanding loan amount.
- Get up to 75% financing on your home purchase.
- Enjoy hassle-free and quick application and approval process.
- Get SIBOR-pegged interest rates for utmost peace of mind in the long term.
- For an HDB Bridging Loan, you must be a permanent resident or citizen of Singapore who is selling your existing HDB flat or a private property.
- You must be between the ages of 21 and 65 years to be eligible for the HDB Bridging Loan.
- You need to buy another flat either directly from the HDB or the HDB resale market.
- For MortgageOne, HDB Home Suite, and Home Suite, the minimum loan size that you apply for must be S$100,000.
You can check out the various options available for you on the official SCB website and pick a mortgage loan that not only best aligns with your needs and goals, but also offers you the flexibility of repaying it on your own terms.