Get help on Mortgage matters

You may check the amount by logging on to Online Banking / SC Mobile app or the CPF website with SingPass.

To make changes to your monthly CPF payment arrangements, please login to CPF website > ‘Tools and Services’ > ‘Forms and E-applications’ > ‘Manage CPF usage for your home’ > ‘Apply Online’. It typically takes 1 working day for the CPF board to effect the revised amount. For more information, please contact the CPF board.

If your mortgage loan is based on the 3-month Compounded SORA, your interest rate will be repriced on the 1st business day every three months.

For mortgages on 3-Month Compounded SORA packages, you should get a letter or eAdvice from the Bank every 3 months updating you of any rate changes and the monthly instalment will only take effect in 2 months’ time which will enable you to make any changes to your existing standing instructions.

For example, if there is a change of interest rate on 1 March 2022, you will receive the first notice in March. However, the change in monthly instalment amount will only take effect on 1 May 2022 to give you time to change any standing instructions you may have. Any subsequent notices will only serve as a reminder.

Please refer to your Base Rate Change Letter for the full information on the effective date of your interest rate and monthly instalment amount change.

Online Banking and SC Mobile app
Step 1: Log in to Online Banking or SC Mobile app
Step 2: Under “Help & Services”, select “Mortgage Management”
Step 3: Select “Mortgage Repricing”
Step 4: Select the loan account
Step 5: Review the request and click ‘Next’ to submit your request

Click here for the full list of available Digital Services.

Email
Simply email our Mortgage team at SG.MRU@sc.com

Repricing allows you to enjoy the new loan package within a month, while refinancing typically takes about 3 months. This means you could start enjoying interest savings earlier when you opt for repricing.

Repricing could involve a repricing admin fee of about $1,000 whereas refinancing requires you to pay legal and valuation fees, usually above $2,000. The engagement of law firm and valuation company will not be required if you choose to reprice, which saves you valuable time and money.

• Your mortgage loan can be redeemed in part, either by serving us a 1-month notice in writing or paying 1 month’s interest in lieu of notice. Your partial prepayment must also be a minimum of S$10,000.

• Please note that there will be a 1.50% partial redemption fee payable on the amount of the Mortgage Facilities prepaid during the Lock-In Period.

• To proceed with a redemption, click here to retrieve a redemption form.

Yes, you may redeem your loan in part using CPF and there will not be a requirement to serve a 1-month notice in writing. You can proceed to put forth the instruction via the CPF website using your SingPass or visit any CPF branch office.

• You may redeem your loan in full by serving us a 2 month’s notice in writing or 2 month’s interest in lieu of notice.

• Please note that there will be a 1.50% full redemption fee payable on the amount of the Mortgage Facilities redeemed during the Lock-In Period.

• To proceed with a redemption, click here to retrieve a redemption form.

• You may use CPF to redeem your loan in full. However, 2 month’s notice in writing will still need to be served to us. Otherwise, a 2 month’s interest in lieu of notice will be incurred.

• We will appoint a law firm to process the full redemption if you have not done so. If you prefer to appoint your own law firm, please note that your choice of law firm is subject to our approval.
• In the event that your appointed lawyer(s) are not in our panel list, you may incur additional costs – as you will have to bear the fees of both your and our lawyers for the full redemption.

A fire insurance for a residential property provides coverage against the loss or damage to the insured property as a result of fire and extraneous perils as stated in the policy. The policy is commonly referred to as Mortgagee Interest Policy (MIP).

Under the Land Titles (Strata) Act (Chapter 158), the Management Corporation of the property (MCST) must insure “Damage Policy”, a fire insurance policy which ensures that the entire development, including its common property is protected.

As the Damage Policy and MIP serve different protection needs and purposes, there is no duplication of protection.

Sum insured is the reinstatement cost needed to rebuild a home after a fire, and not the market value of the property. (The land value is not included because in the event of a total loss, the land will still be present)

The Sum Insured Value (SIV) is determined by the Bank.
For private apartments with strata-title, SIV is based on the reinstatement value or outstanding loan amount, whichever is lower. For private apartments without strata-titled & landed property, SIV is based on the reinstatement value.

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