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Standard Chartered Home Loan Review Singapore 2018 – Which Mortgage to Choose from Standard Chartered

standard chartered home loan 2018 singapore

Peter Lin

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Standard Chartered home loan packages are currently some of the best in the market right now, but only if you submit your documents before the stipulated deadline. Otherwise, you might have to wait and see what new packages they offer.

If you’re buying a new property and looking for a Standard Chartered home loan, here are the best packages they offer, whether your property is uncompleted or completed.

 

Standard Chartered Home Loan for an HDB BTO, Building under Construction, with a purchase price of $350,000, loan tenure of 25 years

Home Loan Package Estimated Monthly Instalment Notes
Year 1: 9M FDR + 1.30%
Thereafter: 9M FDR + 1.30%
$1,133 No lock-in

No penalty for partial or full prepayment

Cancellation fee applies for undisbursed loan

Documents to be submitted by 28 March 2018

Year 1: 1-mth SIBOR + 0.68%
Year 2: 1-mth SIBOR + 0.68%
Year 3: 1-mth SIBOR + 0.68%
Thereafter: 1-mth SIBOR + 0.88%
$1,177 No lock-in

No penalty for partial or full prepayment

Cancellation fee applies for undisbursed loan

Interest offset available only for priority clients under private residential properties

Year 1: 3-mth SIBOR + 0.58%
Year 2: 3-mth SIBOR + 0.58%
Year 3: 3-mth SIBOR + 0.58%
Thereafter: 3-mth SIBOR + 0.88%
$1,180 No lock-in

No penalty for partial or full prepayment

Cancellation fee applies for undisbursed loan

Interest offset available only for priority clients under private residential properties

*updated as of 15 March 2018

For a building under construction, such as an HDB BTO flat, Standard Chartered offers three home loan packages, a fixed deposit-linked home loan rate, and two rates pegged to SIBOR.

The fixed deposit-linked home loan rate is currently the best in the market right now, but of course it is available only for a short period. As a fixed deposit-linked home loan rate, it is solely determined by the bank, without any external influences, which means they reserve the right to raise the interest rates whenever they please. That said, at 0.30%, the 9-month fixed deposit interest rate is already pretty high, and raising it higher technically represents a cost to the bank.

The SIBOR-pegged packages, on the other hand, are not the best in the market. If you really want to get a Standard Chartered SIBOR home loan, we would recommend the 3-month SIBOR package for its relative stability compared to the 1-month SIBOR package. The 3-month SIBOR is typically higher than the 1-month SIBOR, so normally you would be paying a bit more for the stability you enjoy. It’s nice to see Standard Chartered make them both equally competitive by controlling the spread.

Of course, if you do choose to go with the 3-month SIBOR home loan package, do note that the thereafter rate is higher than the 1-month SIBOR package thereafter rate.

For uncompleted private properties: The same Standard Chartered housing loan packages are also offered to uncompleted private properties.

 

Standard Chartered Home Loan for a completed condominium unit, with a purchase price of $1,000,000, loan tenure of 30 years

Home Loan Package Estimated Monthly Instalment Notes
Year 1: 9M FDR + 1.30%
Thereafter: 9M FDR + 1.30%
$2,800  

 

Year 1: 1.75%
Year 2: 1.75%
Thereafter: 1-mth SIBOR + 0.75%
$2,889
Year 1: 1-mth SIBOR + 0.68%
Year 2: 1-mth SIBOR + 0.68%
Year 3: 1-mth SIBOR + 0.68%
Thereafter: 1-mth SIBOR + 0.88%
$2,929  

Interest offset available only for priority clients under private residential properties

Year 1: 3-mth SIBOR + 0.68%
Year 2: 3-mth SIBOR + 0.68%
Year 3: 3-mth SIBOR + 0.68%
Thereafter: 3-mth SIBOR + 0.88%
$2,978  

Minimum loan size $1.5m

Interest offset available only for priority clients under private residential properties

*updated as of 15 March 2018

All the above home loan packages have a 2-year lock-in, and you incur a 1.5% penalty for full or partial prepayment during first 2 years. Documents have to be submitted by 28 March 2018.

For completed properties, Standard Chartered offers 4 home loan packages – a fixed deposit-linked home loan package, a fixed rate home loan package, and two SIBOR-pegged home loans. 

Just like the home loans for uncompleted properties, the fixed deposit-linked home loan rate is currently one of the best in the market right now. But of course it is available only for a short period, like the other packages in this list. Once again, the fixed deposit-linked home loan rate is solely determined by the bank, without any external influences. Standard Chartered can raise the interest rates whenever they please. That said, at 0.30%, the 9-month fixed deposit interest rate is already pretty high, and raising it higher represents a cost to the bank.

The fixed rate home loan package is also one of the better ones in the market, but do note the time limit in which to submit your documents. Going for a fixed rate home loan package may be a wise move in the current interest rate climate, when SIBOR is expected to keep rising.

For that reason, we cannot recommend the SIBOR packages from Standard Chartered. Compared to their fixed deposit-linked home loan rate and their fixed rate, it really doesn’t make any sense to go with either of the SIBOR packages.

For completed HDB flats: The same Standard Chartered housing loan packages are available for resale HDB flat purchases as well.

 

Should you go with a Standard Chartered home loan package?

The Standard Chartered home loan packages are one of the best packages in the market right now, but you’ll have to submit your documents by 28 March 2018 to qualify for these rates. Note that only the fixed deposit-linked rates are worth talking about. Although Standard Chartered does offer SIBOR packages, the rates are not as competitive compared to other banks.

Are you interested in applying for a Standard Chartered home loan? Speak to one of our mortgage specialists to find out which bank is offering the best home loan in Singapore for your particular needs.

Looking for home loans from another bank? Here are the other home loan packages we’ve reviewed.

Best Home Loans Singapore (2018) – Most Affordable Housing Loans Reviewed

DBS Home Loan Review Singapore 2018

OCBC Home Loan Review Singapore 2018

UOB Home Loan Review Singapore 2018

BOC Home Loan Review Singapore 2018

Maybank Home Loan Review Singapore 2018

Citibank Home Loan Review Singapore 2018

Keep updated with all the news!

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Peter Lin

I am the poster boy for reinventing one's self. I've been a broadcast journalist, technical writer, banking customer service officer and a Catholic friar. My life experiences have made me the most cynical idealist you'll ever meet, which is why I'm also the co-founder of a local pop culture website. I believe ignorance is not bliss, and that money is the root of all evil only if you allow it to be.