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Standard Chartered Home Loans

Standard Chartered Home Loans
(Product Review)

Updated September 29, 2022

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Product Review

Since its launch in 1859, Standard Chartered bank has grown to be an outstanding bank which is recognised locally and regionally for its unique banking style. It has been a significant service provider in Singapore’s banking and finance industry.

Standard Chartered is a globally recognised financial institution with an impeccable record of providing mortgage loans. The bank is known to offer attractive loan rates to its customers. In 2017, it had a record of approximately S$138 billion in outstanding loans. Although its introductory interest rates were slightly high, Standard Chartered compensated for it with its significantly reasonable floating rates and manageable total loan cost.

Individuals interested in loans with accessible total interest costs are advised to consider this bank while those searching for home loans with frequent refinancing may find Standard Chartered unsuitable for their needs. One of the features of this bank includes interest offset accounts for individuals seeking novel ways to reduce their total home loan rates.

Standard Chartered also offers another unique deposit account called MortgageOne where two-thirds of the deposit shares the same interest rate as the mortgage while the other third earns 0.25% annually. MortgageOne is only available to homeowners with private home loans and gives them a low way to earn and repay their loans.

This innovative bank demands basic commission on their partial repayment, full redemption and termination services.

Standard Chartered’s Applicable Mortgage Fees

Standard Chartered charges certain costs for partial repayment, full redemption, and cancellation services. The table below outlines the bank’s fees by loan type.

Loan Type Partial Repayment fee Full Redemption Pinalty Cancellation Fee
Completed 1.5% 1.5% 1.5%
BUC (Tracker) N/A N/A 1.5%
BUC (Board) N/A N/A 1.0%

Standard Chartered HDB Home Loans

Standard Chartered bank has 5 different packages for its HDB home loan. These include a 3-Month (3M) aggregate SORA loan, 36M FDR loan, 2-year fixed-rate mortgage, and 3- Month ( 3M) SIBOR aggregate HDB Bridging loan.

Bank 1st Year Interest Lock-in Period
SCB SORA Check Live Rates 1 Year
SCB SORA Check Live Rates 1 Year

Fixed-rate mortgages should be considered when market rates are expected to rise. They protect subscribers from extra mortgage costs. Before subscribing to a particular loan rate, homeowners are advised to understand the total loan cost, monthly instalments and the loan’s behaviour towards refinancing. Some loans give the privilege of refinancing after a year, while others lock their plans, making you unable to renegotiate or refinance with another bank. Fixed loans in Singapore have interests ranging from 3-5 years before the rates can ‘float’.

Another alternative to fixed rate loans is floating-rate loans. Floating rates are tied to reference rates (like SIBOR, SORA, and bank’s board rate) that frequently change. These rates are beneficial when market rates are high and predicted to plummet in the coming years. You must review and understand the ease of monthly payments, total interest cost and lock-in periods of each home loan.

Standard Chartered HDB Home Loans

Standard Chartered bank has 5 different packages for its HDB home loan. These include a 3-Month (3M) aggregate SORA loan, 36M FDR loan, 2-year fixed-rate mortgage, and 3- Month ( 3M) SIBOR aggregate HDB Bridging loan.

Bank 1st Year Interest Lock-in Period
SCB SORA Check Live Rates 1 Year
SCB SORA Check Live Rates

Fixed-rate mortgages should be considered when market rates are expected to rise. They protect subscribers from extra mortgage costs. Before subscribing to a particular loan rate, homeowners are advised to understand the total loan cost, monthly instalments and the loan’s behaviour towards refinancing. Some loans give the privilege of refinancing after a year, while others lock their plans, making you unable to renegotiate or refinance with another bank. Fixed loans in Singapore have interests ranging from 3-5 years before the rates can ‘float’.

Another alternative to fixed rate loans is floating-rate loans. Floating rates are tied to reference rates (like SIBOR, SORA, and bank’s board rate) that frequently change. These rates are beneficial when market rates are high and predicted to plummet in the coming years. You must review and understand the ease of monthly payments, total interest cost and lock-in periods of each home loan.

Standard Chartered Private Property Home Loans

Standard Chartered’s SORA-tied packages are connected to the SORA rate which is known as the volume-weighted average rate of borrowing transactions in the overnight interbank SGD cash market. The 3-month (3M) SORA rate is usually calculated and updated by the Monetary Authority of Singapore (MAS) at a 3 months interval, your Standard Chartered SORA-pegged package and interest rate will be updated every 3 months as well.

Standard Chartered bank also demands a mark-up, which is described as a spread on its 3-month SORA rate. These two programmes are responsible for your monthly deposits and total interest cost.

Bank 1st Year Interest Lock-in Period
SCB SORA Check Live Rates 1 Year
SCB SORA Check Live Rates 1 Year

Although Standard Chartered’s 36M FDR rate and the SORA rate are both accepted by MAS, the 36M FDR rate is a board rate. So, it is determined by Standard Chartered and is subject to changes anytime.

PROMOTIONS

APPLICATION PROCESS

  • Launch Application via the ROSHI Marketplace

    Once your application is live you will be able to review suitable loan options on your dashboard. One of our mortgage brokers will follow up with you to discuss the best available options and next steps.

  • Choose Suitable Mortgage Option

    After you’ve decided on a preferred mortgage option one of our mortgage brokers will help process your application.

  • Settle Fees & Charges

    Settle all fees (option fee, option exercise fee to the seller as well as the relevant buyer’s stamp duty fee in case you are purchasing a private property).

  • Appointment Date & Signing

    Attent your property purchase appointment date and sign all legal documents for the transfer of the property, paying all legal and valuation fees.

PRODUCT HIGHLIGHTS

  • Total Loan Cost

    Ideal for Individuals seeking home loans with low total mortgage cost.

  • Absent Refinance Recurrent Plan

    Absent Refinance Recurrent Plan

  • Loan Amounts

    Inconvenient for Individuals interested in smaller home loan below S$300,000

ALL DETAILS

Loan Features

  • Reasonable total mortgage cost
  • Minimum loan principal: S$100,000
  • Interest-offset account

Frequently Asked Questions

What is Standard Chartered’s 36M FDR rate?

36M FDR is a 36-month S$ Fixed Deposit (FDR) rate of Standard Chartered bank which is adjusted randomly. It’s an alternative to other interest rate benchmarks like Singapore Interbank Offered Rate (SIBOR) or Singapore Overnight Rate Average (SORA).

What are Standard Chartered’s 9M FDR and 48M FDR?

9M FDR is Standard Chartered’s 9-month S$ Fixed Deposit Rate (FDR) rate. While 48M FDR is the average of Standard Chartered’s 48-month S$ Fixed Deposit Rate (FDR) that is subject to the board's interest rates. The loan margin is known as the bank’s “spread” and can be revised by the bank's board at their convenience.

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