Standard Chartered Home Loan Refinancing
Your refinancing journey as an existing HDB, Executive Condominium (EC) or private property homeowner can be an exciting one. As the search for the best interest rates begins, you might want to check out Standard Chartered’s home loan refinancing packages.
Standard Chartered has a selection of mortgages for you to choose from, including its MortgageOne package which allows you to offset your mortgage loan interest while you save. As the SOR rate and SIBOR rate are gradually replaced by the SORA rate in the next 3 or 4 years, Standard Chartered’s competitive housing loan refinancing rates are now pegged to their board rate or the Singapore Overnight Rate Average (SORA) rate.
Interest rates start from 1.34% for a SORA-pegged (the current 3-month Compounded SORA rate at 0.1313% as of August 2021), up to 1.72% for a Fixed Deposit Rate (FDR) rate package. To find out more about SORA vs SIBOR vs SOR rates, you may visit our comparison page on these 3 different rates.
Compare all Singapore home loans & apply online
Get up to $640 worth of gifts ranging from Samsung Digital Lock to Apple 32GB iPad when you apply for your home loan through MoneySmart!
Why Choose to Refinance with Standard Chartered Home Loans?
With a wide range of benefits to look forward to, refinancing with Standard Chartered lets you enjoy more than just savings on your monthly instalments.
Over 160 years of credibility
As a renowned bank offering financial services in Singapore for more than a century, Standard Chartered Singapore has the "A" and "A+ '' credit ratings by Standard & Poor’s and by Fitch, and has been accorded the “Significantly Rooted Foreign Bank” (SRFB) status by the Monetary Authority of Singapore.
Savings on mortgage loan interest
MortgageOne is one of Standard Chartered’s home loan packages which allows you to offset your mortgage loan interest while you save. This package also works as a savings/current/payroll transactional account that comes with Standard Chartered’s Deposit Insurance scheme - an insurance coverage for all customers who finance their property and hold deposit accounts with Standard Chartered.
If you’re in this category of customers, you can be insured for up to $75,000 in your Standard Chartered savings, fixed deposit and current accounts. Note that MortgageOne is designed exclusively for private residential property owners only.
Referral perks
If you’re already financing your home with a Standard Chartered mortgage package, you’ll get to enjoy some perks i.e. receive up to $1,300 when you refer your family and friends to take up a residential property loan (whether it’s a new purchase or refinance of home loans) with Standard Chartered. Other terms and conditions apply.
Bridging loans for HDBs
Standard Chartered is among the few banks which offer bridging loans for HDB homeowners to pay for the downpayment of a new HDB purchase while waiting for the sale proceeds from the existing HDB flat. The tenure of these loans are 6 months, with low fees and competitive interest rates based on the SIBOR rate.
36M FDR bank rate
36M is the prevailing 36 months Singapore Dollar Fixed Deposit interest rate of Standard Chartered bank. Besides this 36-month FDR, Standard Chartered offers the 9-month FDR and 48-month FDR as well.
Standard Chartered Private Property/Executive Condominium Refinance Loans
With the recent interest rate benchmark reform in Singapore, all banks including Standard Chartered have switched over to the new SORA rate, so as to comply with Monetary Authority of Singapore (MAS) regulations.
So instead of pricing based on the former Swap Offer Rate (SOR) and Singapore Interbank Offered Rate (SIBOR), Standard Chartered’s refinancing packages for executive condominiums and private properties are now based on the 3-month Compounded SORA rate, Standard Chartered 36-month FDR (36M FDR) rate and Standard Chartered Fixed rates.
Let’s say you’re planning to refinance a condominium costing $1,000,000 while taking up a Standard Chartered SORA-pegged (3M SORA + 1.25% p.a.) home loan, you’ll most likely be eligible for a loan of $750,000 with a tenure of 25 years.
Before Standard Chartered approves your refinancing loan application, they’ll assess your Loan-to-Value (LTV) limit first. LTV is the amount that you are allowed to borrow from Standard Chartered based on Standard Chartered’s assessment on your total monthly income and other financial liabilities and loans you may have.
You can move your entire loan balance (75% or less) to this new Standard Chartered home loan and refinance it after you’ve paid at least 25% of your property’s price or more.
Otherwise, you’ll only be allowed to loan up to 75% from the bank, which means the outstanding amount will still have to be paid by your CPF or in cash to bring it in line with the LTV.
Assuming that you’ve only paid 15% of your downpayment (and you’re left with 5% to be paid in cash and the other 5% by CPF), the estimated math will be as follows.
Your remaining downpayment:
$50,000 by CPF + $50,000 in Cash = $100,000
(at least 5% of the property price to be paid in cash and 5% to be paid in CPF)
Your estimated interest to pay for the first month:
Standard Chartered’s spread = 1.25%
3-month Compounded SORA = 0.1313%
0.1313% (3M Compounded SORA) + 1.25% (bank’s spread) = approx. 1.39%
1.39% x $750,000 = $10,425
$10,425 ÷ 12 months = $869
(based on the 3-month Compounded SORA rate at 0.1313% as of August 2021 which will fluctuate over time)
Your estimated monthly instalment:
$2,961
(based on the above prevailing 3-month Compounded SORA rate)
Estimated total payment over 25 years:
$750,000 (principal amount) + $138,274.57 (in interest) = $888,274.57
*All above calculations are estimated using MoneySmart’s Refinancing Calculator.
To help you in your decision making, we’ve consolidated the refinancing rates for executive condominium and private properties for you in the below table for easier comparison.
Standard Chartered Private Property/Executive Condominium Refinance Rates
| Standard Chartered SORA rate | Standard Chartered Board (36M FDR) rate | Standard Chartered Fixed rate | Standard Chartered Fixed rate | |
|---|---|---|---|---|
| Year 1 interest rate | 3M SORA + 1.25% p.a. | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). | 1.60% p.a. | 1.60% p.a. |
| Year 2 interest rate | 3M SORA + 1.35% p.a. | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). | 1.60% p.a. | 1.60% p.a. |
| Year 3 and thereafter interest rate | 3M SORA + 1.45% p.a. | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). | 36 FDR* + 1.00% p.a. | 1.60% p.a. (36 FDR* + 1.00% p.a. for Year 4 and thereafter) |
| Lock-in period | 2 years | 2 years | 2 years | 3 years |
| Minimum loan | $100,000 | $100,000 | $100,000 | $100,000 |
| Partial repayment fee | 1.50% of the amount repaid (min. $10,000) | 1.50% of the amount repaid (min. $10,000) | 1.50% of the amount repaid (min. $10,000) | 1.50% of the amount repaid (min. $10,000) |
| Cancellation fee | 1.50% of undisbursed loan amount | 1.50% of undisbursed loan amount | 1.50% of undisbursed loan amount | 1.50% of undisbursed loan amount |
Standard Chartered Building Under Construction Refinance Loans
Currently, you can pick from Standard Chartered’s 2 options to refinance your home loan for a BUC, which is either the 3-month Compounded SORA rate package or the 36M FDR rate package.
Standard Chartered BUC Refinance Rates
| Standard Chartered SORA rate | Standard Chartered Board (36M FDR) rate | |
|---|---|---|
| Year 1 interest rate | 3M SORA + 1.20% p.a. (For private properties, +0.05% p.a. for each year) | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). |
| Year 2 interest rate | 3M SORA + 1.30% p.a. (For private properties, +0.05% p.a. for each year) | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). |
| Year 3 and thereafter interest rate | 3M SORA + 1.40% p.a. (For private properties, +0.05% p.a. for each year) | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). |
| Lock-in period | None | None |
| Minimum loan | $100,000 | $100,000 |
| Partial repayment fee | 1.50% of the amount repaid (min. $10,000) | 1.50% of the amount repaid (min. $10,000) |
| Cancellatioin fee | 1.50% of undisbursed loan amount | 1.50% of undisbursed loan amount |
Standard Chartered HDB Home Refinance Loans
For Standard Chartered’s HDB refinancing loans, there are 4 types of packages which you can consider: the 3-Month (3M) Compounded SORA loan, 36M FDR loan, 2-Year Fixed rate loan, 3-Year Fixed rate loan, and the 3-Month (3M) Compounded SIBOR HDB Bridging loan.
These floating and fixed-rate housing loan interest rates range from 1.34% p.a. to 1.72% p.a. currently, and are lower than the HDB concessionary loan which has an interest of 2.6% p.a.
However, Standard Chartered’s housing loan packages require a higher downpayment (25% of your loan amount) than the HDB concessionary loan (10% of loan amount). Note that you’ll need to top up any shortfall from the 25% downpayment before you can refinance your home loan with Standard Chartered.
Here’s an example to let you visualise things better. Assuming that you and your partner are keen on switching your HDB loan to Standard Chartered’s 2-Year Fixed rate package at 1.60% p.a. (36 FDR* + 1.00% p.a. From Year 3 onwards) with a 20-year tenure.
Having paid at least 25% of your property’s price with your outstanding loan at $300,000, both of you are eligible to move your entire loan balance to this new Standard Chartered mortgage loan and refinance it.
Using MoneySmart’s Refinancing Calculator, the estimated calculations would be something like this.
Your estimated interest to pay for the first month:
1.60% x $300,000 = $4,800
$4,800 ÷ 12 months = $400
(based on Standard Chartered’s prevailing fixed interest rate of 1.60% for this package)
Your estimated monthly instalment multiply by 20 years:
$1,461.47 x 20 x 12 months = $350,752.80 (so this amount should equate to the total payment over 20 years)
In the subsequent months, your interest charges are based on the outstanding balance of the loan at any given time, and the balance decreases as more principal is repaid.
Estimated total payment over 20 years:
$300,000 (principal amount) + $50,753.90 (in interest) = $350,753.90
As compared to the HDB concessionary loan with a 2.60% p.a. that results in a monthly instalment of $1,604.36, you and your partner will save $ per month by switching to this 2-Year Fixed rate package.
Previous monthly instalment vs. Standard Chartered monthly instalment:
2.60% p.a. vs 1.40% p.a.
$1,604.36 - $1,461.47 = $142.89
Estimated savings in the first 2 years of refinancing with Standard Chartered:
$142.89 x 12 months x 2 years = $3430
Standard Chartered HDB Refinance Rates
| Standard Chartered SORA rate | Standard Chartered SIBOR rate | Standard Chartered Board (36M FDR) rate | Standard Chartered Fixed rate | Standard Chartered Fixed rate | |
|---|---|---|---|---|---|
| Year 1 interest rate | 3M SORA + 1.20% p.a. | 3M SIBOR + 2.00% p.a. | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). | 1.60% p.a. | 1.60% p.a. |
| Year 2 interest rate | 3M SORA + 1.30% p.a. | NA for HDB Bridging loan | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). | 1.60% p.a. | 1.60% p.a. |
| Year 3 and thereafter interest rate | 3M SORA + 1.40% p.a. | NA for HDB Bridging loan | 36 FDR* + 0.68% p.a. *The 36 FDR rate is at 0.72% p.a. (as of August 2021). | 36 FDR* + 1.00% p.a. | 1.60% p.a. (36 FDR* + 1.00% p.a. for Year 4 and thereafter) |
| Lock-in period | 2 years | 6 months | 2 years | 2 years | 3 years |
| Minimum loan | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
| Partial repayment fee | 1.50% of the amount repaid (min. $10,000) | 1.50% of the amount repaid (min. $10,000) | 1.50% of the amount repaid (min. $10,000) | 1.50% of the amount repaid (min. $10,000) | 1.50% of the amount repaid (min. $10,000) |
| Cancellation fee | 1.50% of undisbursed loan amount | 1.50% of undisbursed loan amount | 1.50% of undisbursed loan amount | 1.50% of undisbursed loan amount | 1.50% of undisbursed loan amount |
We're here to help you on Whatsapp!
How To Apply For Your Standard Chartered Home Loan Refinancing
Whether you’re a HDB, executive condominium or private property owner looking to refinance your housing loan, we’re here for you whenever you need a hand. From submission of documents to payments of fees and charges, we’ll guide you along every step of the way.
Standard Chartered Home Loan Refinancing Application Process and Fees
Here are 5 steps to the Standard Chartered Home Loan refinancing process
Get your documents ready for submission
Have the necessary documents for refinancing ready before you start comparing through us, and check if your existing mortgage has passed the lock-in period.
The documents required for application include:
- Your SingPass MyInfo login
- NRIC
- Proof of income (latest 3 months computerised payslips, latest CPF public / private property withdrawal statement, latest Income Tax Notice of Assessment)
- Latest available statement for all existing credit facilities
- HDB flat information and financial information value confirmed by HDB / Private property information
Select the best refinancing package
We’ll do up a list of recommended refinancing packages for you to compare, or if you prefer, we’ll do the legwork and pick the most suitable housing loan refinancing package for you while you sit back and relax after submitting your documents.
Once you’ve decided on your new home loan package, we’ll advise you and liaise with Standard Chartered on your behalf.
Be informed of your loan approval
Standard Chartered will appoint a lawyer to carry out the legal process aspect of refinancing your loan, or you can request for a lawyer that you prefer from an external law firm. The appointed lawyer will also remind you to make payment for the remaining downpayment (in cash or CPF), if you have not done so already.
Thereafter, our mortgage specialist team will help you process your home loan refinancing application process, and your housing loan refinancing approval will be done at this stage.
Fees and charges payable by you
During your refinancing process, a law firm and valuation company will be engaged, and this will incur legal and valuation fees. Our mortgage specialist team will liaise with Standard Chartered and arrange for either Standard Chartered’s panel of lawyers and valuers or your preferred lawyer from an external law firm to complete this refinancing process.
An estimate of the stamp fees, legal fees and disbursements, property tax, income tax, etc. that will be incurred in the purchase of the property, will be provided by the lawyer. Afterwhich, you’ll need to set an agreed time and date for you to visit the law firm to sign any necessary documents and also for the valuers to conduct a visit to your home.
Complete your refinance loan purchase
Finally, your application and refinance loan purchase process is done!
Standard Chartered will then send an email notification and confirmation regarding your new loan disbursement and monthly instalment amount.
Why Refinance With Standard Chartered Through Us?
Simple, fast, convenient
Leave your home loan refinancing research to us and we’ll break it down for you in simple terms. Our Mortgage Specialist will contact you directly so you’ll get the proper guidance you need for a smooth transition when it comes to refinancing your home loan with Standard Chartered.
Get better deals
Feeling so spoilt for choice you can't decide? Settling for the first option is like being forced to marry the first person you come across on a dating app. Don’t feel pressured. We compare across all banks in Singapore to ensure that you get only the best home loan refinancing rate.
It's free!
Our service to you is free. But, of course we’re not doing this for charity! All banks pay us a standard referral fee for our services and our awesome job done. We don’t take sides or give biased advice.
Vouchers
Get up to $640 worth of gifts ranging from Samsung Digital lock to Apple 32GB iPad when you refinance your home loan through us.
Receive up to $640 worth of vouchers when you refinance your home loan with us!
Learn More
Standard Chartered Home Loan Singapore Review 2019 – Which Mortgage to Choose from Standard Chartered
Best Home Loans in Singapore (2020) — How to Pick the Best Mortgage for Your Property
How to Refinance Your Home Loan in Singapore & Save Money on Your Mortgage
Frequently Asked Questions
How can I calculate my Standard Chartered home loan refinance monthly repayment?
- Our Refinancing Calculator can help you find out how much you can save per month.
Is there a limit for the number of times to refinance my home loan?
- No. You may refinance your mortgage as many times as you like as long as the interest rates work to your advantage.
What are the fees involved in refinancing?
- Refinancing usually requires you to pay legal and valuation fees which can total up to more than $2,000.
Is Standard Chartered’s SORA-pegged refinance loan better than their FDR and Fixed rate packages?
Their SORA-pegged loan is based on the SORA rate which is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market, while the 36M FDR is Standard Chartered’s board rate that is pegged to their Fixed Deposit interest rate.
Although their SORA-pegged loan rate may be lower as of August 2021, it can change at any point since it is updated every 3 months by the Monetary Authority of Singapore (MAS).
If you’re more risk-averse, fixed-rate packages will be better suited for you due to the stability of fixed rates and you’ll still be paying the same amount regardless of any fluctuations in interest rates.
How will the valuation process be done when I refinance?
- Standard Chartered will appoint a valuer to assess the market value of your property. To arrange for a valuation done, you can reach out to our mortgage specialist team who will help liaise with Standard Chartered to complete the valuation process.
Is refinancing with Standard Chartered different from repricing?
- Refinancing means financing your current home with another bank instead of Standard Chartered. On the other hand, repricing refers to switching to a new home loan package offered by Standard Chartered, the same bank that you’re currently financing your home with.
