Standard Chartered Bank

About Standard Chartered Bank

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.