View Full Version : Get a Stanchart home loan in 1 hour
http://www.businesstimes.com.sg/sub/news/story/0,4574,440277-1306353540,00.html?
Published May 25, 2011
Get a Stanchart home loan in 1 hour
$100 credit if 60-minute service guarantee not met
By JOYCE HOOI
STANDARD Chartered bank customers will soon have a reason to tell the bank to take its time in approving their loan applications.
The bank is guaranteeing a 60-minute approval of home mortgage loan applications, or else customers get $100 credited to their mortgage loan repayment account.
This will apply to home loan applications for all types of residential property, including private and Housing & Development Board housing, with a loan amount below $2.5 million and $800,000, respectively.
This 60-minute service guarantee does not, however, apply to equity loans, bridging loans, overdrafts or short-term loans.
'In this instance, introducing a service guarantee to approve home loans in one hour furthers our commitment and serves as a tangible promise to our customers as we deliver the quick turnaround they have asked for,' said Alvin Lee, head of secured lending for Standard Chartered Bank, Singapore and South-east Asia.
The 60-minute time limit starts from the time that the sales staff submits the loan application along with supporting documents that are complete and accurate for processing. Customers can then expect to sign the letter of offer within 60 minutes from then.
This service guarantee is open to all customers who are new to the bank, as well as existing customers who are taking up their first mortgage loan or re-financing their mortgage loans with Standard Chartered.
Regulators
28-05-11, 10:29
Is stanchart foreseeing a property boon in the near future? :D
devilplate
28-05-11, 11:39
Is stanchart foreseeing a property boon in the near future? :D
y u say so?:confused: :beats-me-man:
Regulators
28-05-11, 18:16
they foresee more buying activity in the property market in the coming days which is why they are stepping up on their service. There is probably inside news on foreign investors from japan, europe and other parts shifting money from overseas to park in singapore property, can't vouch for that, but it is a huge possibility.
y u say so?:confused: :beats-me-man:
devilplate
28-05-11, 18:22
they foresee more buying activity in the property market in the coming days which is why they are stepping up on their service. There is probably inside news on foreign investors from japan, europe and other parts shifting money from overseas to park in singapore property, can't vouch for that, but it is a huge possibility.
I wud tot tat stanchart is losing their market share....so trying to win it bck
Regulators
28-05-11, 21:14
I don't see them as losing market share as home loans is never their forte and no way they can compete with local banks with so few branches island wide.
I wud tot tat stanchart is losing their market share....so trying to win it bck
Regulators
28-05-11, 21:47
Stanchart has also been paying decent profits even during the lehman crisis coz they had little our no exposure to the subprime, choosing to concentrate their investments in asia.
This seems like a marketing gimmick.
Quite clever as they seem only to pay if you take out the loan with them. $100 rebate over the course of a mortgage is trivial.
I would suspect LTV are also conservative to prevent a deteroriation in underwriting standards.
Standard chartered used to have competitive rate but cannot compete with the new packages from other foreign banks like HSBC, CIMB, ANZ, CITIbank... Their loan still give very good rebates every month in terms of points to exchange for voucher for dining, etc.
I don't see them as losing market share as home loans is never their forte and no way they can compete with local banks with so few branches island wide.
Regulators
29-05-11, 13:39
Stanchart can match almost any bank rate in the market if you are a preferred banking customer with them. they are actually quite flexible
Standard chartered used to have competitive rate but cannot compete with the new packages from other foreign banks like HSBC, CIMB, ANZ, CITIbank... Their loan still give very good rebates every month in terms of points to exchange for voucher for dining, etc.
Is it true? I am pte customer. No such privilige. Must ask RM. :mad:
Stanchart can match almost any bank rate in the market if you are a preferred banking customer with them. they are actually quite flexible
devilplate
29-05-11, 14:04
Stanchart can match almost any bank rate in the market if you are a preferred banking customer with them. they are actually quite flexible
U mean private banking? Preferred is even lower den priority banking
devilplate
29-05-11, 14:05
Is it true? I am pte customer. No such privilige. Must ask RM. :mad:
Their rates r higher bcoz got mortgage1 facility....cannot really compare wif others std package
Regulators
29-05-11, 14:39
I mean priority, I thought they were the same. Don't need to be a private banking client. It also depends how good your relationship is with your rm and what business you have brought for him before.
U mean private banking? Preferred is even lower den priority banking
Have been rather active in investment with RM. I believe it is still depends on the bank's policy. RM do help to give better deal like increase legal subsidy, increase tenure, reduce % commission but they do earn more becos the quantum of investment is usually a lot more , eg. $250k per block.
I mean priority, I thought they were the same. Don't need to be a private banking client. It also depends how good your relationship is with your rm and what business you have brought for him before.
Regulators
29-05-11, 15:00
Haha you must be one of those dual currency guys or did you listen to your rm and invest in vix. My rm kept pushing me to buy into vix before the libya crisis but I did not listen to him, I should have
Have been rather active in investment with RM. I believe it is still depends on the bank's policy. RM do help to give better deal like increase legal subsidy, increase tenure, reduce % commission but they do earn more becos the quantum of investment is usually a lot more , eg. $250k per block.
I am not into dual currency investment. The former Head of research of Std Chartd who is now with DBS said it is like Big - Small in casino. Very risky. I am happy with investment tools that give me returns of 5-15%.
Haha you must be one of those dual currency guys or did you listen to your rm and invest in vix. My rm kept pushing me to buy into vix before the libya crisis but I did not listen to him, I should have
Regulators
29-05-11, 16:50
If I were you, I would not buy into any of the stanchart funds, I would but it direct from fundmart and you can even enjoy flexibility of switching funds
I am not into dual currency investment. The former Head of research of Std Chartd who is now with DBS said it is like Big - Small in casino. Very risky. I am happy with investment tools that give me returns of 5-15%.
No worry, not always. They can't match what I ask for. :o
Only benefit is that if you have SC mortgage loan, you earn STD$. The more loan you have, the more STD$ you earn! :cheers1:
Is it true? I am pte customer. No such privilige. Must ask RM. :mad:
Originally Posted by Regulators
Stanchart can match almost any bank rate in the market if you are a preferred banking customer with them. they are actually quite flexible
devilplate
29-05-11, 19:06
No worry, not always. They can't match what I ask for. :o
Only benefit is that if you have SC mortgage loan, you earn STD$. The more loan you have, the more STD$ you earn! :cheers1:
Ooo...looks like many bros here wif stanchart....:D
Loan, fd, investment....earn points...19500pts=$100 rebate:D :D :D
devilplate
29-05-11, 19:08
If I were you, I would not buy into any of the stanchart funds, I would but it direct from fundmart and you can even enjoy flexibility of switching funds
Yes....i m wif fundspermart.....my rm not vy happy to noe abt it....lol
It's ok. My rm is gd n let him earn some commission. Fortunately, they do not hve lethman brother.
If I were you, I would not buy into any of the stanchart funds, I would but it direct from fundmart and you can even enjoy flexibility of switching funds
Always have free dinings.
Ooo...looks like many bros here wif stanchart....:D
Loan, fd, investment....earn points...19500pts=$100 rebate:D :D :D
devilplate
30-05-11, 12:10
It's ok. My rm is gd n let him earn some commission. Fortunately, they do not hve lethman brother.
fundsupermart just reduced their sales charge to 0.6% for 250k and above:cheers6:
seem that all the SCB have locked in period...
btw, i got a very stupid question ...whart is a locked in period ?
Is it the period where you cannot make lump sum repayment..?
I thot of switching from my DBS to SCB...currently, mine is DBS 3m SIBOR +0.8, no lock in.
devilplate
09-06-11, 09:21
seem that all the SCB have locked in period...
btw, i got a very stupid question ...whart is a locked in period ?
Is it the period where you cannot make lump sum repayment..?
I thot of switching from my DBS to SCB...currently, mine is DBS 3m SIBOR +0.8, no lock in.
actually u shd consult ur banker regarding all these details....
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