Mortgage Facility

A financing accorded for the purchase of property or refinancing of existing mortgage loan. We offer Mortgage Facility for both Residential and Commercial Properties.

Interest

Generally, interest rate type offered for Mortgage Facility covers 2 broad categories, which is Fixed or Floating/Variable Rate. The type of interest rate offered may differ from time to time. You should contact us to discuss which interest rate type suits your personal banking needs.

Some of the interest rate type that we offer are:

1. 3-month Compounded Singapore Overnight Rate Average (SORA)
   1. The 3-month Compounded SORA for a given business day is published by 9am on the next business day on the Monetary Authority of Singapore website.
2. Fixed Deposit Rate (FDR)
   1. The tenure of the FDR offered may differ from time to time. The actual tenure of the FDR and corresponding interest rate will be reflected in the Facility Letter for your acceptance.
   2. The FDR offered to you may be different for other borrowers with different interest rate packages or FDR tenure.
   3. FDR is a floating/variable rate and is subject to change from time to time at the bank’s sole discretion, depending on market conditions and/or any other factors impacting the benchmarked of FDR by giving you at least 30 days’ notice period.

Fees and Charges

You are liable for the fees and charges relating to the Mortgage Facility. Below are some of the fees and charges that may be applicable, but not limited to:

1. Legal fee, valuation fee and fire insurance premium relating to the purchase/mortgage of the property and/or discharge of mortgage with the bank.
2. Cancellation fee shall be payable on the amount of the Mortgage Facility cancelled or deemed cancelled by you after acceptance of our Facility Letter.
3. Partial or full redemption fee on the amount of the Mortgage Facility during lock-in period. The lock-in period will be stipulated in the Facility Letter.
4. Repricing/Restructuring fee may be applicable for any change in the existing Mortgage Facility for example revision of interest rate package or loan tenure.
5. Request for copies of loan related documents or statement of accounts. You may wish to refer to our Pricing Guide on the applicable fee.
6. An annual administrative fee for taking up the insurance policy with your own insurer.
7. Late fee and default fee is applicable on any late payments.

Repayments

After the Mortgage Facility has been disbursed, the bank will notify you on the actual instalment payable and the effective date. The bank will also notify you when there is a revision of the monthly instalment for the Mortgage Facility.

Any overdue instalment incurs interest at the default rate set out in the Facility Letter and applicable late payment fee.

For the full Mortgage Facility Terms, you may refer to https://av.sc.com/sg/content/docs/scb-mortgage-facility-tc.pdf.

Let’s get in touch and let us discuss with you the best financing that suits your personal banking needs. After the discussion, we will provide you with a copy of the Residential Property Loan Sheet which contains key features of the Mortgage Facility, loan tenure, interest rate, monthly instalment and information on the impact to the payment in the event of rising interest rate. This information will help you with the financing needs.

You are also encouraged to refer to the The Association of Banks in Singapore’s (ABS) Consumer Guide on Home Loans which is available on the MONEYSENSE and ABS websites before committing to a loan.

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.