Standard Chartered home loan interest rates
Standard Chartered PLC is a British banking and financial services company headquartered in London. It operates a network of over 1,700 branches and outlets in more than 70 countries and employs around 87,000 people. It is a bank with worldwide operations in consumer, corporate and institutional banking services. Standard Chartered has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately £33 billion as of December 2011. It has secondary listings on the Hong Kong Stock Exchange and the National Stock Exchange of India. Many Singaporeans may also not know that its largest shareholder is theSingapore government-owned Temasek Holdings.
Standard Chartered won Global Finance’s award for Singapore’s Best Consumer Internet Bank 2011. Their customers are able to apply for credit cards at a click of the button and their innovative online banking system also allows customers to make payments for visa or mastercard bills from any banks through their system. Let us know take a detailed look at their suite of home loan products:
A) Home Suite
The Home Suite package embodies a slew of home solutions bundled together to provide the customer with a convenient experience. It comes with a home loan, current account with debit card and access to Standard Chartered’s internet and mobile banking platforms. The Home suite provides the home owner with 3 types of home loans to choose from: Fixed rates, Sibor-pegged and the MortgageOne Sibor. It provides one month Sibor-pegged rates at an indicative 1.36% after adding a 1.05% on top of Sibor rates.
B) MortgageOne Sibor
The MortgageOne Sibor is designed to encourage the cash-rich home owner to make use of the bank’s facilities to optimise this interest rates payment on his home loans. It is designed to be a one-stop shop that puts your savings, salary, current and mortgage accounts all under one roof for more efficient money management. It works like this: You can deposit any amount of money into the MortgageOne SIBOR account as there is no maximum interest that can be enjoyed on your deposits. You will also be able to benefit from the same rates as your mortgage loan on 2/3 of your deposits, subject to a maximum of your loan principal outstanding. Your remaining deposits will enjoy an interest rate of 0.25% p.a. The total interest on your deposits will then go towards repaying the interest liability on your mortgage loan and any extra will help in reducing your loan principal outstanding. The interest rates are based on the 3 month Sibor+margin from the bank and the loan size will be on a minimum of SGD 200,000.
C) HDB Home Suite
As we have seen from above, Standard Chartered likes to provide their financial products as a ‘solution’ by packaging a series of products together for the convenience of their customers and the HDB Home Suite is no different. This all-in-one HDB home solutions package comes with a HDB Home loan, insurance protection, current account, home renovation loan, credit card and access to online and mobile banking. For the HDB home loan, you can choose either Fixed or SIBOR-pegged interest rates and up to 80% financing is available from the bank.
As leading Singapore mortgage brokers, let us get you the lowest mortgage packages for: