Home Loan BYTES FROM OUR KITCHEN

Standard Chartered MortgageOne

Standard Chartered Bank offers home loans that suit everybody’s needs. The Standard Chartered MortgageOne scheme offers you the flexibility to save money on interest payments by making extra payments.

Loan Type Semi-flexi.
Lock-in Period 3-5 years.

Features and Benefits

  • Merge your savings, payroll, mortgage, and current account into one transactional account.
  • Enjoy easy management of finances as you can access everything with a single account.
  • Get the freedom to choose the type of repayments suitable to your commitments.
  • Enjoy a low-interest rate on the facility.
  • Pay-off the loan faster as the interest earned on savings will be used to offset the principal amount.

Fees and Charges

Stamp Duty Charges As per the Stamp Duty Act 1949 (revised 1989)
One-time Setup Fee
  • RM200.
Monthly Maintenance Fee
  • RM10 per account.
Processing Fee
  • Loan amount within RM30,000: RM50.
  • Loan amount between RM30,000 and RM100,000: RM100.
  • Loan amount above RM100,000: RM200.
Late Payment Fee
  • An additional interest of 1% p.a. on the arrears; calculated on a daily basis.
Early Redemption Fee
  • 2% of the approved loan amount if the loan is settled within the lock-in period.
Photocopies of Letter of Offer and other Legal Documents
  • RM25 per document.
Interest Rate Reduction Request
  • RM50 per request.
Cancellation Fee
  • If the bank bears the legal fees, valuation fees, and stamp duty, then the cancellation fee is 2.25% of the total facility amount.
  • If you bear the legal fees, valuation fees, and stamp duty charges, then the cancellation fee is 0.5% of the facility amount.

Eligibility Requirement

  • Nationality: Malaysians.
  • Property Eligibility:
    • Residential properties.
    • Completed and under-construction properties.

Documents Required

Mandatory Documents
  • A copy of NRIC/passport.
  • Sale & Purchase Agreement/Title Deed/booking receipt from the developer.
Salaried Employee
  • Latest 1-month payslip and bank account statement.
  • Latest EPF statement.
  • Form B/BE.
Salaried Employee Working Abroad
  • Tax assessment form from the country of work.
  • Latest 3 months’ salary slips.
  • Latest CPF state
Self-employed—sole proprietorship, partnership, or exempt private companies
  • Business registration certificate for businesses running for 2 years.
  • Form 9, 24, and 49 for private limited companies.
  • Audited balance sheet.
  • Latest 6 months’ bank statement.
  • Form B/BE.
  • Latest EPF statement.
Commission Earners
  • Latest 6 months’ commission statements and bank account statement.
  • Latest EPF/CPF statement from the country of work (if working abroad).
  • Tax assessment form from the country of work.
Foreigner Working in Malaysia
  • Valid work permit.
  • Latest 3 months’ bank account statement.
  • Tax assessment form.

How to Apply

Over the Counter
  • Visit the nearest branch office.
  • Express your interest to apply for the loan facility.
  • Fill up the application form.
  • Attach all the necessary documents.
  • Submit the application to the branch.
Phone Call
  • Alternatively, you can call one of the following numbers: 603 7651 8587/603 7651 8585/603 7651 8586.
  • Express your interest to apply for the loan.
  • The phone lines are open from 9:00 a.m. to 6:00 p.m.

If taking a home loan is on your mind, then check if you are eligible for the loan. Once you are sure of your eligibility, go ahead and apply for the loan. Contact the bank’s customer care executives or the bank staff to know more about the loan.

FAQs

Q. Do I get any protection for MortgageOne account?

A. Yes. Perbadanan Insurans Deposit Malaysia (PIDM) protects your Mortgage account.

Q. When should I pay a cancellation fee?

A. A cancellation fee is charged when you cancel the loan facility after accepting the Letter of Offer, but before making the first drawdown.

Q. Does the bank ask for additional documentation other than those mentioned in the article?

A. The bank may ask you to submit additional documentation if required. If you have any source of income that is not mentioned above, you may submit the related documents to the bank.

Q. When can I withdraw the interest earned on my savings?

A. You can withdraw the interest earned on your savings only when you exhaust all your savings from the account.

Q. When should I make the first instalment payment to the loan?

A. You must make the first instalment payment after one month of the full drawdown.

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