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Valuable Facts on Standard Chartered Home Loan in Singapore

Everyone deserves to have a home. That’s why they opt for a Standard Chartered Home Loan. Learn more facts about it.

Nothing beats the sense of security and peace of mind it brings. However, with the cost of living hiking up every year, buying a property seems unaffordable to most of us.

Banks and other financial institutions started to recreate their home loans and made them competitive. Is this your first time buying a home? Then, you will most definitely need a home loan unless you were born with a silver spoon in your mouth.

Standard Chartered Home Loan Singapore

Standard Chartered offers a couple of home loans in Singapore. The bank is part of a British international banking group. Also, it serves financial services across Asia, Africa, the UK, the United States and the Middle East. However, it does not offer the same home loan products in other countries. In fact, it does not even have a home loan in certain countries.

Though Standard Chartered has various loans, you need to consider multiple facts. So it’s best if you know if one of them fits your needs.

Standard Chartered HDB Home Suite

Standard Chartered HBD Home Loan is applicable on either the completed or under construction properties. Even if the HBD flat is still under construction, you can already apply for a Standard Chartered Home Loan. It finances your chosen unit. Also, you can borrow up to 80% of the property’s market value.

This Standard Chartered HBD Home Loan has SIBOR-pegged interest rates. It means that the interest rate of this home loan is variable. Plus, it follows the rates of SIBOR. SIBOR means Singapore Interbank Offered Rate. As the name suggests, Standard Chartered uses the same rate that the Singapore banks use. Therefore, they lend unsecured funds to each other.

Important Notes

The minimum loan amount you can apply for is $100,000. If you just need to borrow a lesser amount, you do not have to apply for this home loan. Instead, you have to shop around for other loan providers. Look for those who offer a more fitting loan.

Standard Chartered Home Suite

Standard Chartered Home Suite has two options for you. First, you can get a home loan with Fixed Deposit Rate linked pricing. Or apply for the MortgageOne SIBOR. As discussed above, the variable interest rate depends on SIBOR.

Important Notes

This Standard Chartered home loan offers to buyers of both completed and building under-construction properties. Also, you will get a Standard Chartered Platinum Credit Card. Plus, its exclusive benefits. Take note that you must seriously consider having a new credit card and a new housing loan. Nevertheless, think if you can handle your repayments well.

Though the bank offers Deposit Insurance Scheme, Foreign currency deposits are not. Final approval of the home loan is subject to receipt and validation of all required documents.

Standard Chartered MortgageOne SIBOR

Standard Chartered MortgageOne Sibor is a promotional offer. It aids in financing your home. But how does this work?

Standard Chartered Home Loan - MortgageOne

Let’s say you took out a loan of $1,000,000 with an interest rate of 1%. Then, your loan payment interest is $10,000. However, under MortgageOne Sibor, you deposited $600,000. Therefore, your interest loan payment will be lesser.

Deposited amount: $600,000

  • 2/3 of your deposit will earn 1% of interest: the 2/3 of $600,000 is $400,000.
  • $400,000 x 1% = $4,000
  • 1/3 of you deposit will earn 0.25% base interest: the 1/3 of S$600,000 is $200,000.
  • $200,000 x 0.255 = $500
  • Total earned deposit is $4,000 + $500 = $4,500
  • Your loan payment interest $10,000 – Total earned deposit $4,500 = $5,500.

Your net loan interest payable is $5,500.

Important Notes

Remember that the minimum loan size for this loan product is $100,000. If you need less than this amount, it is better just to find an alternative. It’s highly sensible rather than borrow the amount you don’t need.

Also, you must note that this promo is only for completed private residential property. If you are purchasing an HDB Home or a home under construction, you need to find another mortgage option.

Standard Chartered HDB Bridging Loan

Looking forward to buying another home, yet you lack the cash for a downpayment? This Standard Chartered home loan can help you out if you have an existing property.

Standard Chartered will fund your new home loan’s down payment. It applies if you sell your property to buy a new one.

In addition, it does not mean that the bank is buying your existing property. Instead, it is just giving you funds against its value as a mortgage.

Important Notes

The offer is only for Singapore Citizens and Permanent Residents. In addition, the maximum loan tenure is only six months.

First-time buyers and contra-transaction will not be qualified. Why? It requires you to have an existing property. If it is a joint property, all borrowers must agree with this loan solution.

Conclusion on Standard Chartered Home Loan Singapore

If you plan to buy a home, you must consider the financing option, whether it is your first or nth time.

Moreover, take your time to shop around for the best housing loan. If you lack the funds for your down payment and can’t pass up the opportunity, you can get the bridging loan. However, it is very limited.

Fortunately, you can get a loan from Cash Mart for your home needs. Give cash Mart a call to know more about its loan solutions today.