STANDARD Chartered Bank yesterday announced a new service initiative at property showflats through which potential homebuyers will be able to obtain in-principle approval and advice on housing loan quantum and tenor in as little as 15 minutes.
To kick-start the service, it will be offered as a value-added feature this weekend at Mi Casa in Choa Chu Kang. The bank said it is the first in the industry to offer such a service.
Developer Far East Organization will release two new towers at the 457-unit Mi Casa, where the take-up rate has been good since sales started in March.
Stanchart said it will be able to offer loan approval in principle in 15-60 minutes if customers provide basic information such as monthly income and other financial commitments, without official documents. They can then follow up by sending their documents to the bank, which can grant actual approval in as little as two days.
‘If customers see a unit they like and want to book it before others see it, they want to know how much they can borrow and for how long,’ said Dennis Khoo, Stanchart’s general manager for retail banking products.
Stanchart has also introduced a new mortgage offering – Mortgage Protector, a bundle of a two-year fixed-rate package at 2.4 per cent with MortgageCover, a single-premium mortgage-reducing term assurance plan for two years.
Mr Khoo said that through approval in principle and the mortgage protector bundle, it aims to offer a seamless loan application process.
Source: Business Times, 17 Oct 2009
No comments:
Post a Comment