About Standard Chartered Home Loans
Standard Chartered home loans are offered by Standard Chartered which is part of an international banking group with over 1,700 branches and outlets in more than 70 countries. In Singapore it has 19 branches and 32 ATMs.
Standard Chartered was established in Singapore over 150 years ago, opening its first Singaporean branch in 1859. It was also one of the first international banks to receive a Qualifying Full Bank (QFB) license in Singapore in October 1999.
On 7 October 2013, it transferred its Singapore Retail and SME business to a locally-incorporated subsidiary, Standard Chartered Bank (Singapore) Limited. With the transfer, all banking services offered to retail and SME clients, particularly deposit taking, wealth management services, Standard Chartered credit cardsoverdrafts, personal loans, auto financing, and home loans, are offered by the local subsidiary.
Standard Chartered Home Loans
The bank offers two types of home loan products in Singapore: Home Suite for private property financing and the HDB Home Suite.
Standard Chartered HDB Home Suite
The HDB Home suite is not just a home loan; it is a 3-in-one package that comprises a home loan, a fire insurance protection for your home, and a current account that allows you to service your home loan conveniently. The loan has a SIBOR-pegged interest rate and you can borrow up to 80% of the property price. You can also choose to get a credit card along with your home loan so that you can benefit from dining, shopping and entertainment deals.
Standard Chartered Home Suite
The Standard Chartered Home Suite provides a comprehensive banking solution for home loan borrowers that need private property financing.
There are two options to choose from:
- SIBOR-pegged home loan
- MortgageOne SIBOR loan
The maximum amount of financing is 80%, and there will be no processing fees. You can also choose to get a Standard Chartered Platinum Credit card to enjoy more benefits like exclusive dining and shopping discounts, you will also be able to earn reward points on the total banking relationship you have with Standard Chartered.
For those interested in the MortgageOne SIBOR Loan, it works to reduce your monthly interest by offsetting the interest paid on your home loan with the interest earned on your deposits. The main difference between a SIBOR-pegged home loan package and the MortgageOne SIBOR package is that the former is priced at regular intervals, usually on a 1-month or 3-month basis.
Standard Chartered Home Loan Eligibility
HDB Home Loans
All rules and regulations regarding HDB, Design and Build scheme (DBSS) and Executive Condominiums (ECs) are applicable. This includes fulfilling the HDB Loan Eligibility (HLE) as a pre-requisite. Applicants must be between 21-65 years old and earn an annual income of at least $30,000 (Singaporeans and PRs) or $36,000 (foreigners).
Private Property Home Loans
Borrowers who are applying for a loan to fund their Executive Condominiums (ECs) purchase need to satisfy requirements set for both Mortgage Service Ratio (MSR) and Total Debt Service Ratio (TDSR). The TDSR rule applies to home loan refinancing as well.