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.|
|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.|
|Salaried Applicants Working Abroad||
|Self-employed Applicants (Sole proprietorship/partnership/exempt private companies||
|Foreigner Working in Malaysia||
|At the Counter||
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.
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.