Standard Chartered Home Loan Review: The Right Choice for Financing Your New Home?
Standard Chartered Home Loan Review: The Right Choice for Financing Your New Home?
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Pros
- Individuals seeking home loans with low total cost of borrowing
Cons
- Individuals seeking to refinance their home loans every few years
- Individuals looking for a smaller home loan below S$300,000
Standard Chartered is a large global financial institution with a long history as a home lender. Standard Chartered has a good track record of offering competitive home loan rates in Singapore. Its loans are better for individuals seeking a loan with a low total cost of borrowing but not individuals that plan to refinance their home loan frequently. Standard Chartered also offers interest offset accounts for individuals that seek to open a deposit account that can be used to reduce the cost of their private home loans.
| Summary of Standard Chartered's Home Loans |
|---|
| Competitive total cost of borrowing |
| Minimum loan principal: S$100,000 |
| Standard Chartered MortgageOne deposit account allows you to offset your housing loan interest |
Table of Contents
What Makes Standard Chartered's Mortgages Stand Out to Borrowers
Standard Chartered offers competitive home loans in terms of total cost due to its competitive floating interest rates. However, Standard Chartered does not typically offer the best first-year interest rates. It is important to understand that home loan rates are known to change frequently, making it crucial to compare rates as you prepare to apply for a home loan.
Standard Chartered also offers MortgageOne, a deposit account in which two-thirds of the deposit earns the same interest rate as the that the mortgage accrues while the other third earns 0.25% annually. This account, which is only available to borrowers with private home loans, provides borrowers with a low-risk means to earn income that can be used to repay their home loan.
Standard Chartered HDB and Private Home Loans Interest Rates as of January 2024
Standard Chartered typically offers competitive interest rates on HDB and private housing loans. In some years, the bank offered particularly competitive floating interest rates despite slightly less competitive first-year interest rates. Standard chartered bank's housing loans interest rate is calculated based on their 36M Fixed Deposit Rate plus a margin for the Bank. Below is a table of their historical 36M Fixed Deposit Rate.
Standard Chartered's Applicable Mortgage Fees
Standard Chartered charges a few fees that are standard among home lenders in Singapore, including a partial repayment fee, full redemption penalty and cancellation fee. The table below outlines the bank's fees by loan type.
| Loan Type | Partial Repayment Fee | Full Redemption Penalty | 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% |
How to Apply for a Standard Chartered Mortgage: Application Process
Find the Cheapest Home Loans in Singapore
To be eligible for Standard Chartered's home loan products, individuals must be 21 to 65 years old, have a valid Singapore mobile phone number and a monthly income of at least S$2,500.
Home loan applications are typically quite complicated and require a significant amount of documentation. Therefore, we suggest that individuals interested in Standard Chartered's home loans contact our broker partner by clicking any of the "Check Rates" buttons on this page.
How Do Standard Chartered's Rates Compare to Other Bank's Home Loan Rates?
Home loan interest rates can change every few days in Singapore. This makes it important to compare the best rates in the market. The table below features today's interest rates for Singapore's top banks.
Mortgage Interest Rates as of January 25, 2024
| Bank | 1st Yr Interest | Lock-in Period | Apply Now |
|---|---|---|---|
| No offerings at this time |
Home mortgage rates showcased on this page are derived from the mortgage loan aggregator Redbrick Mortgage Advisory, our mortgage loan partner.