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Standard Chartered Home Loan Review Singapore 2019 – 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. One significant change is that they are no longer offering fixed rate home loans. 

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 BUC home loans for buildings under construction

For a building under construction, such as an HDB BTO flat, or an uncompleted private property, Standard Chartered offers three home loan packages, a fixed deposit-linked home loan rate (36 months), and two rates pegged to SIBOR.

The fixed deposit-linked home loan rate was the best in the market but as of 1 February 2019, it’s slightly higher than what DBS, UOB and OCBC and Maybank are offering for BUC.

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 0.97%, the 36-month fixed deposit interest rate is rather low. This means that it has room to go up further, translating to higher interest rates in the near future.

The SIBOR-pegged packages, on the other hand, are more transparent. Currently, the SIBOR packages have a very low spread. If you’re looking to get a Standard Chartered SIBOR home loan, we would recommend the 1-month SIBOR package as it is lower and SIBOR is currently stabilising.

The below is calculated for a building under construction, for a purchase price of $350,000, a loan amount of $262,500 (75% of purchase price), and a loan tenure of 25 years.

Type of home loan Home Loan Package Estimated Monthly Instalment
SCB BUC Home Loan Floating Rate Year 1: 2.00% (36M FDR + 1.03%)
Year 2: 2.00% (36M FDR + 1.03%)
Year 3: 2.00% (36M FDR + 1.03%)
Year 4: 2.00% (36M FDR + 1.03%)
Thereafter: 2.00% (36M FDR + 1.03%)
Thereafter: 9M FDR + 1.30%
$1,112
SCB BUC Home Loan Fixed Rate (1M SIBOR) Year 1: 2.01% (1M SIBOR + 0.25%)
Year 2: 2.01% (1M SIBOR + 0.25%)
Year 3: 2.06% (1M SIBOR + 0.3%)
Thereafter: 2.06% (1M SIBOR + 0.3%)
$1,114
$1,114
$1,120
$1,120
SCB BUC Home Loan Fixed Rate (3M SIBOR) Year 1: 2.08% (3M SIBOR + 0.20%)
Year 2: 2.08% (3M SIBOR + 0.20%)
Year 3: 2.13% (3M SIBOR + 0.25%)
Thereafter: 2.13% (3M SIBOR + 0.25%)
$1,123

$1,123

$1,129
$1,129

*updated as of 1 February 2019

 

Standard Chartered home loan for a completed private property or HDB resale flat

Swipe left to see all 7 home loans 

Home loans SCB Floating Rate 2 Years SCB Floating Rate 2 Years (with Mortgage One, 2/3) SCB Floating Rate 2 Years SCB Floating Rate 2 Years (with Mortgage One, 2/3) SCB Floating Rate 2 Years SCB Floating Rate 2 Years SCB Floating Rate 2 Years
Year 1 2.25%

(36M FDR +1.03%)

2.30%

(36M FDR +1.08%)

2.30%

(36M FDR +1.08%)

2.35%

(36M FDR + 1.13%)

2.01%

(1M Sibor + 0.25%)

2.08%

(3M Sibor + 0.20%)

2.06%

(1M Sibor + 0.30%)

Year 2 2.25%

(36M FDR +1.03%)

2.30%

(36M FDR +1.08%)

2.30%

(36M FDR +1.08%)

2.35%

(36M FDR + 1.13%)

2.01%

(1M Sibor + 0.25%)

2.08%

(3M Sibor + 0.20%)

2.06%

(1M Sibor + 0.30%)

Year 3 2.25%

(36M FDR +1.03%)

2.30%

(36M FDR +1.08%)

2.30%

(36M FDR +1.08%)

2.35%

(36M FDR + 1.13%)

2.06%

(1M Sibor + 0.30%)

2.13%

(3M Sibor + 0.25%)

2.06%

(1M Sibor + 0.30%)

Year 4 2.25%

(36M FDR +1.03%)

2.30%

(36M FDR +1.08%)

2.30%

(36M FDR +1.08%)

2.35%

(36M FDR + 1.13%)

2.06%

(1M Sibor + 0.30%)

2.13%

(3M Sibor + 0.25%)

2.06%

(1M Sibor + 0.30%)

Thereafter 2.25%

(36M FDR +1.03%)

2.30%

(36M FDR +1.08%)

2.30%

(36M FDR +1.08%)

2.35%

(36M FDR + 1.13%)

2.06%

(1M Sibor + 0.30%)

2.13%

(3M Sibor + 0.25%)

2.06%

(1M Sibor + 0.30%)

Benchmark Rate 36M FDR: 1.22% 36M FDR: 1.22% 36M FDR: 1.22% 36M FDR: 1.22% 1M Sibor : 1.76% 3M Sibor: 1.88% 1M Sibor : 1.76%
Min. loan amount $1.5 mil $1.5 mil $500,000 $500,000 $500,000 $500,000 $100,000

*updated as of 1 February 2019

For completed properties, Standard Chartered offers 7 home loan packages: 4 fixed deposit-linked home loan packages, and 3 SIBOR-pegged home loans.

They have stopped offering fixed rate home loans. 

Out of the four 36M FDR Packages, two are tailored specifically for MortgageOne Users. The margins for these packages are a little higher because you can deposit money in the MortgageOne account to offset your mortgage loan interest payable.

SCB’s fixed deposit-linked home loan rate is currently one of the best in the market right now. But once again, do note that 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. If you think that at 0.97%, the 36-month fixed deposit interest rate is already pretty high, and raising it higher represents a cost to the bank, then you should get it.

The SIBOR floating rate packages are currently very competitive, with a very low spread, and there are predictions that SIBOR will stabilise and stop climbing up. If you are keen on a SIBOR package, perhaps it’s better to get the 1M rather than the 3M, as the rates are lower right now.

 

Illustration: Financing a $1mil property with SCB

The below is calculated for a loan amount of $750,000 (75% of purchase price), and loan tenure of 30 years. All the below 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.

Home loan package Interest Estimated Monthly Instalment
SCB Floating Rate 2 Years (36M FDR) Year 1: 2.30% (36M FDR + 1.08%)
Year 2: 2.30% (36M FDR + 1.08%)
Year 3: 2.30% (36M FDR + 1.08%)
Thereafter: 2.30% (36M FDR + 1.08%)
$3,290
SCB Floating Rate 2 Years (3M SIBOR) Year 1: 2.08% (3M SIBOR + 0.25%)
Year 2: 2.08% (3M SIBOR + 0.25%)
Year 3: 2.13% (3M SIBOR + 0.25%)
Thereafter: 2.13% (3M SIBOR + 0.25%)
Year 1: $3,208
Year 2: $3,208
Year 3: $3,227
Year 4: $3,227
SCB Floating Rate 2 Years (1M SIBOR) Year 1: 2.06% (1M SIBOR + 0.30%)
Year 2: 2.06% (1M SIBOR + 0.30%)
Year 3: 2.06% (1M SIBOR + 0.30%)
Thereafter: 2.06% (1M SIBOR + 0.30%)
$3,200

*updated as of 1 February 2019

 

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, especially those for completed properties.

The fixed deposit-linked rates are comparable to other banks but what really stands out for SCB at the moment is their SIBOR deals.

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 – Most Affordable Housing Loans Reviewed

DBS Home Loan Review Singapore

OCBC Home Loan Review Singapore

UOB Home Loan Review Singapore

BOC Home Loan Review Singapore

Maybank Home Loan Review Singapore

Citibank Home Loan Review Singapore

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.