Home Loan BYTES FROM OUR KITCHEN

Standard Chartered Home Suite

The Standard Chartered Bank offers a home loan package that comes with other essential banking products, such as a credit card and insurance, called the Home Suite. Once you buy the home with the financing, you can repay it in fixed monthly instalments or pay additional funds to clear the loan quickly based on your preference of the loan type.

Finance Margin Up to 90%.
Lock-in Period 3-5 years.

Features and Benefits

  • Choose the mortgage loan of your choice—Term Loan or MortgageOne.
  • Get high financing margin of up to 90% of the property value.
  • Own the house of your dream at a low-interest rate.
  • Mortgage Reducing Term Assurance (MRTA) protects your home and family.
  • Get an optional home content and fire insurance to stay worry-free.
  • Enjoy the credit card, current/savings account, and the online banking facilities that come with the home loan.

Fees and Charges

Stamp Duty Fee As per the Stamp Duty Act 1949 (Revised in 1989).
Legal Fee & Disbursement Fee Includes fee for the security documents, registration of charge, bankruptcy search, and land search.
Processing Fee Loan amount within RM30,000—RM50. Loan amount between RM30,000 and RM100,000—RM100. Loan amount above RM100,000—RM200.
Cancellation Fee If the bank bears the legal fee, valuation fee, and stamp duty, then the cancellation fee is 2.25% of the loan amount. If you are to bear the legal fee, valuation fee, and stamp duty, then the fee is 0.5% of the loan amount.
Set up Fee RM200.
Monthly Maintenance Fee RM10.
Utilisation Fee 1% p.a. of the unutilised loan amount.

Eligibility Requirements

  • Nationality: Malaysians.
  • Property Eligibility: Residential properties.

Documents Required

Salaried Applicants
  • A copy of NRIC.
  • Sale & Purchase Agreement/Title Deed/booking receipt from the developer.
  • Latest payslip and bank account statement.
  • Latest EPF statement.
  • Form B/BE.
Salaried Applicants Working Abroad
  • A copy of NRIC.
  • Sale & Purchase Agreement/Title Deed/booking receipt from the developer.
  • Tax assessment form of the country of work.
  • Latest 3 months’ payslips and bank statement.
  • Latest CPF statement.
Self-employed Applicants (Sole proprietorship/partnership/exempt private companies
  • A copy of NRIC.
  • Sale & Purchase Agreement/Title Deed/booking receipt from the developer.
  • Business registration certificate.
  • Form 9, 24, and 49 for a private company.
  • Latest audited balance sheet.
  • Latest 6 months’ bank statement.
  • Form B/BE.
  • Latest EPF statement.
Commission Earners
  • A copy of NRIC.
  • Sale & Purchase Agreement/Title Deed/booking receipt from the developer.
  • Latest 6 months’ commission statement and bank account statement.
  • Latest EPF/CPF statement if working abroad.
  • Tax assessment form from the country of work.
Foreigner Working in Malaysia
  • A copy of NRIC.
  • Sale & Purchase Agreement/Title Deed/booking receipt from the developer.
  • Valid work permit.
  • Latest 3 months’ bank statement.
  • Tax assessment form from your country.

How to Apply

At the Counter
  • Visit the nearest branch.
  • Express your interest in applying for the product.
  • Fill up the application form.
  • Attach the required documents.
  • Submit the application to the branch.

Conclusion

The Standard Chartered Home Suite provides you with the flexibility of choosing the home loan scheme of your choice. In addition, you can get a credit card and an insurance in the same package. Research all the possible mortgage loan options available before deciding on a loan package.

FAQs

Q. How does an MRTA work?

A. MRTA is a mortgage insurance policy that provides cover to the remaining balance of your home loan in case of death or disability. You can also opt for an additional cover for illness.

Q. Does the bank offer refinancing on my property loan under the scheme?

A. Yes. The bank provides a refinancing facility on existing home loans under the SC Home Suite scheme.

Q. What is utilisation fee?

A. Utilisation fee is the fee charged on the unutilised loan amount as of the last due date whenever the utilisation rate of the total loan amount is within 30%.

Q. Do I get financing on the property under construction?

A. Yes. The scheme provides financing on properties that are completed and under construction.

Q. What happens if I fail to make monthly payments?

A. If you fail to make payment, you will be charged a late payment fee of 1% of the instalment amount. If you miss the payment for 2 months, then the financing charge will be increased up to BR + 4.50% p.a. For a period beyond 2 months, the finance rate may go up to BR + 5.50% p.a.

Further, the bank reserves the right to set-off any balance you have maintained with the bank towards the loan. If you do not respond to the reminder notice, the bank may take legal action.  

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