Standard Chartered Bank was founded in 1875 on Beach Street in Penang and is Malaysia’s oldest and first bank. In addition, Standard Chartered Bank offers a wide range of financial products and services, including retail, corporate, and institutional banking, to individuals, small and medium-sized businesses, corporations, and institutions. Standard Chartered now has more than 30 branches throughout the country. After relocating from its previous location, Standard Chartered’s main headquarters or main branch is at Equatorial Plaza, Jln Sultan Ismail, 50250 Kuala Lumpur.
What is a home loan?
A home loan is a sum of money that you apply for or borrow from a bank to assist you in purchasing your dream home. Each loan will be charged an interest rate determined by the loan amount and the repayment period. So, keep in mind that each bank will have a different interest rate, and you should do some research before applying for a home loan.
What type of home loan does Standard Chartered Bank offer?
Standard Chartered Bank provides 2 types of home loans:
Standard Chartered MortgageOne
Standard Chartered MortgageOne Refinancing
What should I know before applying for a home loan?
Interest rates
You must be aware of the interest rates that the bank will charge you, either fixed interest rates or variable rates.
Type of loan
In Malaysia, there are 3 types of loans offered: term loan, semi loan, or flexi loan.
Lock-in period
Knowing the lock-in period is crucial because it often occurs when there is a sudden need for full settlement, refinancing, or selling your property.
Margin of finance
You must understand your margin of finance, which is the amount of money that a bank will allow you to borrow for your loan and how much cash/ upfront you must pay for the property.
Fees
The fees include legal fees, stamp duty charges, late payment fees, early settlement fees, and others.
Type of bank
The bank you have chosen to apply for a home loan with, as different banks offer different loan amounts, terms, etc. Choose a bank where you are comfortable applying for a home loan.
Who is eligible to apply for Standard Chartered Bank home loans?
Standard Chartered MortgageOne
Malaysian citizen
Between 21 to 65 years old
Minimum annual income of RM48,000
Standard Chartered MortgageOne Refinancing
Malaysian citizen
Between 21 to 65 years old
Minimum annual income of RM48,000
For non-residents, Debt Consolidation Plan is not applicable
Why should I choose Standard Chartered Bank home loans?
Redraw Facility
Without limitation or penalty, withdraw any surplus funds placed into your home loan account for personal use.
Low-Start option
For the first 2 years, you will be able to make a reduced monthly payment to use your extra money toward making your new home a home. This option is perfect if you are in a financial bind after paying the down payment and other fees.
Payment Vacation
Take a break from your monthly payments now and then! This option allows you to delay payments for a period to give yourself some financial breathing room. This is not permitted during the first 2 years of the Low-Start option.
Priority Banking privileges
If you are a Standard Chartered Priority Banking customer, you may take advantage of lower interest rates.
Who should I contact for further information about Standard Chartered Bank home loans?
For more information or assistance with Standard Chartered Bank home loans, contact their Calling Client Care Centre at 1-300-88-8888 or visit a Standard Chartered Bank branch near you.
What are the documents required for Standard Chartered Bank home loans?
Salaried employee
Copy of NRIC (front and back)
Latest 3-month salary slip
Latest 3-month bank statement
Latest EPF statement
B/ BE Form with LHDN acknowledgement
Proof of payment/ receipt of the refund
Signed official HR Letter (less than 60 days)/ Employment Contract (less than 45 days) (new salaried employee only)
Latest 1-month bank statement (new salaried employee only)
Application form
Copy of Sale and Purchase Agreement/ deposit or booking receipts/ Letter of Offer from the housing developer
Copy of Land Title (if any)
Salaried employee working abroad
Copy of NRIC (front and back)
Latest 3-month salary slip
Latest 3-month bank statement, or
Tax assessment form of the specific country, or
CPF statement
Application form
Copy of Sale and Purchase Agreement/ deposit or booking receipts/ Letter of Offer from the housing developer
Copy of Land Title (if any)
Commission earner
Copy of NRIC (front and back)
Latest 6-month commission statement
Latest 6-month bank statement, or
EPF/ CPF statement (if working abroad), or
Tax assessment form of the specific country (if working abroad)
Application form
Copy of Sale and Purchase Agreement/ deposit or booking receipts/ Letter of Offer from the housing developer
Copy of Land Title (if any)
Self-employed
Copy of NRIC (front and back)
EPF statement
Business Registration Certificate for Sole proprietorship/ partnership of more than 2 years
9, 24 and 49 Form for Private Limited Company
Latest 6-month bank statement, or
Latest audited financial statements/ balance sheet/ Profit and Loss
Latest 3-month company bank statement
Application form
Copy of Sale and Purchase Agreement/ deposit or booking receipts/ Letter of Offer from the housing developer
Copy of Land Title (if any)
Foreigner working in Malaysia
Copy of Passport (front and back)
Valid work permit
Latest 3-month bank statement, or
Tax assessment from home country
Application form
Copy of Sale and Purchase Agreement/ deposit or booking receipts/ Letter of Offer from the housing developer
Copy of land title (if any)
What are the fees included in Standard Chartered Bank home loans?
Standard Chartered MortgageOne
Late penalty fee
1% p.a. of the outstanding amount
Redemption letter fee
RM50 per request
Letter for EPF withdrawal fee
RM20 per request
Early settlement fee
2% on the approved loan amount if redeemed within the first 3 or 5 years from the date or any period stated in the letter of offer
Processing fee
RM50 to RM200, depending on the total loan amount range
Cancellation fee
2.25% of the loan amount if; the bank bears the entry cost. Otherwise, it is 0.5%
Standard Chartered MortgageOne Refinancing
Late penalty fee
1% p.a. of the outstanding amount
Redemption letter fee
RM50 per request
Letter for EPF withdrawal fee
RM20 per request
Early settlement fee
2% on the approved loan amount if redeemed within the first 5 years (for Zero Cost loans)
Processing fee
RM200 setup fee for MortgageOne
Cancellation fee
2.25% of the loan amount if the bank bears the entry cost. Otherwise, it is 0.5%
What are the common terms of home loan?
Lock-in period
A period during which you will be penalised if you pay off your home loan earlier than agreed. The fine ranges from 2% to 5% of the total amount.
Margin of Finance (MOF)
The amount of money that a bank will lend you for your loan determines how much cash you must pay upfront for the property.
Interest rates
It is the amount of money you paid to the bank in addition to the principal amount.
Valuation
An estimate of the property’s worth and the stamp duty is calculated based on its value.
Base rate
The base rate is the interest rate charged by Bank Negara Malaysia to commercial banks for loans.
Base Lending Rates (BLR)
A rate set by each bank based on the cost of borrowing the money to be lent to borrowers.
Refinancing
Repaying an existing loan and replacing it with a new one with new terms and conditions.
