Standard Chartered home loans offer great flexibility in terms of payments and tenure. You can choose from a list of three different housing loans depending upon your cash inflow and other such factors. Standard Chartered home loans consist of a credit card and optional insurance along with the parent home loan. Types of mortgages present in Standard chartered are Term Loan (Conventional Housing Loan),MortgageOne and Mortgage KLIBOR
You’re probably eligible for an Standard Chartered Bank Home Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Standard Chartered Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90%
Instalments of other loans lower
Increase your eligible Standard Chartered Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
Documentation needed to apply for an Standard Chartered Bank Home Loan
- 1. Latest CPF Statements.
- 2. Proofs of Income Tax Return.
- 3. Last 3 months’ Bank Statements.
- 4. Latest Salary Slips.
- 5. Employment Proof.
- 6. Property Purchase Agreement.
Standard Chartered Bank Home Loan Interest RatesUpdated on 19 Jan 2017
|Margin of Finance||Up to 90%|
|Guarantor Requirement||Guarantee Required|
Standard Chartered has had a long history in Malaysia with their first branch in Penang dating back to 1875. The bank was incorporated in 1984 and is among the oldest banks in Malaysia with close to 140 odd years of experience in the sector. It currently employs over 7000 employees and even opened an Islamic Banking subsidiary in 2008. They offer comprehensive banking products and solutions and cater to personal banking as well as commercial banking
Standard Chartered Home Loan Malaysia
The home loans offered by Standard Chartered cater not only to financing for the purchase of a home loan but offer comprehensive packages which include credit cards and optional insurance. The packages offered also take into account an applicant’s financial constraints and offer flexible payment terms and the conventional home loans offered by Standard Chartered can be availed by people from any income bracket
Features of the Standard Chartered Home loan
- The tenure of the home loan can go as high as 30 years
- The Standard Chartered loan provides up to 90% of the financing margin
- The interest rates offered are calculated on the borrower’s daily balance and hence one can save more on interest paid
- The processing fee for this loan is RM 212
- It has a monthly fee of RM 10.60
- It has no lock-in period and hence has no early settlement fee
- The fee for a redemption letter is RM 53
- The cancellation fee amounts to 2.25% of the loan amount if legal fees are paid by the bank. If legal fees are borne by the borrower, then the cancellation fee is 0.5% of the loan amount
- The insurance type required for this loan is MRTT and Fire insurance
- Late penalty fees amount to 1% of the outstanding amount
Standard Chartered Home Loan Interest Rates
The interest rates charged by Standard Chartered depend on the type of loan availed. Mortgage One loan charges an interest of 4.5% p.a. for amounts borrowed exceeding RM 500000.
Types of Home Loans available from Standard Chartered
Standard Chartered offers 3 types of home loans and their salient features are as follows
Standard Chartered Mortgages Home Suite:
This loan offers 2 packages which are MortgageOne and Term Loan. It offers competitive rates and a high finance margin of 90%. Legal aspects and advice are also taken care of through the Home Suite loan with the bank offer legal documentation and valuation fee financing. The loan also offers a credit card and optional insurance.
Standard Chartered MortgageOne:
This loan is a fully flexible loan and allows the borrower to make additional payments as and when possible to reduce the monthly interest charges. The additional funds are available to be withdrawn at any time the need arises. The loan account bundles a savings, current and deposits account into one. Deposits into this account reduces the loan and not just services the interest. The loan allows borrowers to save up on years’ worth of interest.
Standard Chartered conventional home loan:
This traditional home loan allows an applicant from any salary bracket to avail the loan and allows them to choose the monthly repayment amount until the loan is fully paid off. The loan offers a finance margin of up to 90%
How to apply for Standard Chartered Home Loans
Applying for a Standard Chartered home loan is a hassle free process. One can find all the necessary forms and list of required documents on the Standard Chartered website or can alternatively visit their closest branch and fill out the form. For successful approval the application form will need to be submitted along with certain required documents. The applicants also need to meet certain eligibility criteria which are mentioned below
- The minimum age of the applicant needs to be 21 years as at last birthday and the maximum permissible age for an applicant is 65 years of age as at last birthday.
- The applicant will need to submit proof of income and for the MortgageOne loan the minimum annual income of the applicant should be RM 24,000
- A person of any nationality can apply for these loans
- The documents required for salaried applicants are the latest pay slip and bank statement dating back at least 1 month and the latest EPF statements or Form BE with tax payment receipts
- The documents required for self-employed applicants include the business registration certificate, the latest EPF statements and Form BE with tax payment receipt and a bank Statement dating back 6 months. If the company is a private limited company, then form 9, form 24 and form 49 also need to be submitted
- If the applicant works on a commission basis then the documents required are a copy of the commission statement and bank statement dating back 6 months. If the applicant is working abroad, then they need to submit a tax assessment form from the specific country as well
- If the applicant is a foreigner working in Malaysia the documents needed are a copy of the valid work permit, tax assessment from the specific country and a bank statement dating back 3 months.
How to Calculate Loan Installment for Standard Chartered Home Loan?
Bbazaar.my hosts the Standard Chartered online home loan installment calculator that can be used to feed in some loan parameters and getting the loan installment amount as the output. These input parameters are –
- desired loan amount
- preferred loan tenure
- applicable rate of interest
- applicable processing fee
By varying these parameters, customers can reach the most appropriate loan installment amount that suits their pocket perfectly. In fact, even the banking entity can be chosen using this online tool since varying the rate of interest offered by different banks and their respective processing fees, you can decide on your most-suitable lending entity.
Q) How does MortgageOne work?
A) The MortgageOne loan combines 4 accounts, namely the savings, current, payroll and Mortgage accounts under one roof and every time the borrower deposits additional funds over the monthly instalment amount, the money is put towards reducing the principal of the loan. The more the principal reduces, the lesser the interest one has to pay. This fully flexible loan helps shave off years of the home loan tenure
Q) Which loan is ideal for a first time home buyer?
A) The MortgageOne home loan is ideal for first time home buyers. Even though the interest rate may be slightly higher. The loan reduces principal even on the deposit of a small additional amount and goes a long way in saving up on interest paid
Q) What are the insurance policies one has to take when applying for a home loan from Standard Chartered?
A) The home loans from Standard Chartered requires a fire insurance which is compulsory and an MRTA is optional but highly recommended
Other Products offered by Standard Chartered Bank:
Apart from offering Home Loan,Standard Chartered Bank offers other products and services which include: