Standard Chartered Conventional Housing Loan
Standard Chartered Bank offers the Conventional Housing Loan scheme that helps you buy the house of your dreams irrespective of your current income. This loan is offered at variable interest rate. .
| Loan Type |
Term Loan. |
| Interest Rate Type |
Variable. |
| Loan Tenure |
Up to 30 years, or 65 years old, whichever is earlier. |
| Finance Margin |
Up to 90%. |
Features and Benefits
- Pay fixed monthly instalments every month throughout the entire loan tenure.
- The loan scheme suits people from all income brackets.
- This is a low-cost housing loan.
Fees and Charges
| Stamp Duty |
As per the Stamp Duty Act 1949 (Revised in 1989). |
| Processing Fee |
Loan Amount within RM30,000: RM50.
Loan Amount between RM30,001 to RM100,000: RM100.
Loan Amount above RM100,000: RM200.
|
| Cancellation Fee |
If the bank bears the legal fee, validation fee, or stamp duty, then cancellation fee is 2.25% of the total loan amount.
If you bear the legal fee, validation fee, or stamp duty, then cancellation fee is 0.5% of the total loan amount.
|
Eligibility Requirements
-
Nationality:
- Malaysians.
- Permanent residents of Malaysia.
- Foreigners working in Malaysia.
-
Age: 21 years or more.
Documents Required
| Common Mandatory Documents |
- A copy of NRIC.
- Sale and Purchase Agreement, or Title Deed, or booking receipt from the developer.
|
| Salaried Employees |
- Latest month’s pay slip and the bank account statement.
- Latest EPF statement.
- Latest Form B or BE.
- If working abroad, then provide tax assessment statement, or latest 3 months’ pay slip, or bank account statement, or CPF statement.
|
| Self-employed Individuals |
- Business registration certificate for sole-proprietorship/partnership.
- Form 9, 24, and 49 for a private limited company.
- Profit and Loss statement and Audited balance sheet, or
- Latest 6 months’ bank statement, or
- Form B or BE, or
- Latest EPF statement.
|
| Commission Earners |
- Latest 6 months’ commission statements.
- Latest 6 months’ bank statement.
- Latest EPF statement/CPF statement if working abroad.
- Latest tax assessment form if working abroad.
|
| Foreigners |
- A valid work permit.
- Latest 3 months’ bank statement, or
- Tax assessment form from specific country.
|
How to Apply
| Online Application |
- Visit the bank’s official website.
- Open the loan page on the website.
- Click on the “Apply Now” button.
- Print the pdf file of the application form.
- Fill up the form and attach the supporting documents.
- Submit the application to the branch.
|
| Offline Application |
- Visit the nearest branch office.
- Express your interest in applying for the loan.
- Fill up the application form.
- Attach all the required documents.
- Submit the application.
|
You can afford to own a home in Malaysia with the Standard Chartered Conventional Housing Loan. Read the fine print of the loan agreement document so you do not miss out on any information related to the facility.
FAQs
Q. How often is the profit calculated?
A. The profit calculations are carried out once every month when it comes to a term loan.
Q. Should I buy an insurance?
A. Yes. You are required to buy a mortgage reducing term assurance along with a fire insurance to protect your home.
Q. What happens if I fail to pay my monthly instalments?
A. If you fail to pay your monthly instalments, one or more of the following may happen:
- A late payment charge of 1% p.a. will be applicable; calculated on a daily basis.
- If you fail 2 consecutive payments, finance charges may be raised up to BR + 4.50% p.a. for a period from 30 to 59 days. Further, the finance charge of BR + 5.50% p.a. will be applicable.
- Legal action will be taken if you fail to respond to the notices sent by the bank.
Q. What is the loan amount I am eligible for?
A. The loan amount is subject to the criterion that the repayment amount must be within 40% of your monthly salary.
Q. What are the other home loan products offered by the bank?
A. The other home loan products offered by the bank are MortgageOne, MOA, Saadiq My Home-i, and Saadiq My HomeOne-i.
