STANDARD Chartered (StanChart) in Singapore is the latest bank to unveil attractive home loan packages for homebuyers and owners, as interest in residential property purchases continues to pick up.
It is introducing a package with a low interest rate of 1.5 per cent per annum for the first year.
For the second year onwards, customers will pay an annual rate equivalent to the three-month Singapore Interbank Offered Rate (Sibor), plus 1.35 percentage points.
The promotion, which applies to any new mortgage taken up with the bank from yesterday till June 15, is part of StanChart's 150th anniversary celebration.
It will also throw in freebies like free valuation, legal subsidy of up to $2,000, and free fire and home content insurance.
There is also an additional perk for priority banking customers who hold StanChart's Visa Infinite card.
A quick check shows StanChart's offer to be one of the more attractive ones in town, particularly if Sibor continues to languish at well below 1 per cent.
A comparable package by Maybank - touted by the bank as the lowest three-year fixed rate home loan in town - fixes its first, second and third year rate at 1.6 per cent, 2.2 per cent and 2.9 per cent, respectively.
There is no minimum loan amount required for application.
For StanChart, the minimum loan quantum is $100,000, while the lock-in period is just two years.
Said StanChart retail banking products general manager Dennis Khoo: 'With this offer, they (customers) can enjoy more flexibility in their finances to be more agile and responsive to market changes.'
Source: Straits Times, 11 May 2009