The application for the mortgage Reduced Instalment Scheme will start on 9 November 2020 and end by 30 September 2021. Please refer to the FAQs below for more details. Please click here to apply.

1. With reference to the extension of support measures announced by MAS, how do I apply for a mortgage relief programme with Standard Chartered?

The application for the mortgage Reduced Instalment Scheme (RIS) will be offered from 9 November 2020. As such, we are unable to take in any application for now but do stay tuned for more updates on our website.

2. What is this new Reduced Instalment Scheme (RIS) you are offering?

The Bank is offering the RIS for retail mortgage loans. Under this scheme, you can repay 60% of your regular monthly instalment. The reduced instalment must at least cover your full monthly interest.

While this scheme can help ease your monthly instalments, do note that it comes with higher interest cost as you repay your mortgage for a longer period of time. You should opt for this scheme only if you really need to.

Please note that all requests are subject to the Bank’s review and approval.

3. What is the processing time for RIS?

It will usually take five business days for us to get back to you.

 4. My current mortgage loan is being deferred until Dec 2020. Am I able to extend the current deferment plan (ie Defer Principal / Defer Principal and Interest)?

We regret to inform you that we are unable to extend the current deferment plan.

You may apply for the RIS separately and if approved, it will be in effect after the current deferment plan ends. The application for RIS will start on 9 November 2020 and you can apply online via our website.

 5. What are the eligibility criteria for the RIS?

To be eligible for the scheme, you should meet the below criteria:

• The mortgage loan account repayment that are no more than 90 days past due at application; and
• All borrowers must provide documentary proof of at least 25% loss of income or loss of employment after 1 February 2020.

Please note that all requests are subject to the Bank’s review and approval.

6. How long is the tenure for RIS?

RIS will be granted for a period of nine months, not exceeding 31 December 2021, starting from the date that you take up the scheme.

7. What documents are required to take up RIS?

You are required to submit the following documents for our review:

• Salary slips for the latest month and on/after month of February 2020; this is to assess the 25% income drop.
• CPF Contribution Statement for the latest month and on/after month of February 2020 OR Employment Termination Letter (whichever is applicable); this is to confirm loss of employment.

8. Will my loan tenure be extended beyond my current remaining tenure?

Your loan tenure will not be extended unless a tenure extension is requested for. This will be subject to the Bank’s review.

 9. Why am I paying a higher repayment amount after RIS ends?

Under RIS, you can repay 60% of your regular monthly instalment. The reduced instalment must at least cover your full monthly interest.

As such, your principal outstanding amount will be stretched over a longer period of time, and the interests accumulated over your remaining loan amount will likely increase your repayment amount after the scheme has ended.

You will receive a letter on your new instalment amount once the scheme has ended.

10. Will there be any impact on my credit bureau report with the request for RIS?

No, your credit bureau record will only be affected if you make late payments to your monthly instalment payments.

11. What is the total interest I would have to pay before and after RIS?

Once your application is approved, we will provide you with a factsheet which will include information to help you understand your loan repayment clearly. Otherwise, you can email us at MortRelief@sc.com if you require more information on the estimated total repayment amount, including the total interest payment amount that you will make on your mortgage loan before and after taking up RIS.

12. I have an existing instalment that is overdue, and I would like to opt in for RIS. What will happen to my overdue instalments?

You can choose to:

• Repay the overdue instalments before taking up RIS; or
• Capitalise the overdue instalments.

Capitalisation means that any overdue payments including monthly instalments, interest at default rate, fees and charges will be added to your principal outstanding. Your principal outstanding will increase, and the interest will be charged on higher principal amount. While capitalisation can ease your monthly instalments, do note that it comes with higher interest costs, hence, you should opt for it only if you really need to.

 13. Will there be any administrative fees/charges for taking up RIS?

No, there will not be any administrative fee charges.

14. How can I update my email address with the Bank?

You can update your email address via Online Banking or on our Standard Chartered Mobile App.

15. Can I request for a mortgage repricing scheme, together with RIS concurrently?

We are sorry that this is not possible. We strongly encourage you to choose the plan that is most suited to your current needs.

Please call us at +65 6747 7000 if you want to reprice.

16. Can the Bank arrange for revised payments with CPF on my behalf?

Unfortunately, any arrangements for revised payments will need to be made by you directly to CPF using your SingPass account.

Log in to the CPF website, and under MY REQUEST-PROPERTY you will be able to amend the CPF payments.

Please note that CPF payments will only apply to Housing Loan (HL) payments. You will not be allowed to use CPF for Equity Loan (EL) payments.

17. Can I cancel the RIS and revert back to my regular monthly instalment before the end of the scheme?

Yes, you can cease the arrangement any time before the end of the scheme by giving us a written notice. However, do note that once the arrangement is ceased, we will not be able to extend the deferment period any further.

18. Can I request for RIS for my Equity Loan/Commercial Property Loan?

For RIS, we are able to accord for loans under:

• Residential property loans – for both owner-occupied and investment property loans
• Commercial and industrial property loans
• Mortgage equity withdrawal loans

Applications are subject to the Bank’s review and approval.

19. Will RIS be applicable for the Debt Repayment Plan (DRP)?

No, this scheme is only applicable to Housing Loan and/or Equity Loan for Private, HDB and Commercial Properties.

20. What if I fail to respond within the seven days stipulated in the Supplemental Facility Letter?

The RIS will take effect as per the terms specified in the letter and factsheet that you and any co-borrowers bind upon. If you do not agree to the terms set out in the letter, please notify us by replying to the email no later than seven days from the date of the letter.

21. I am facing financial difficulties repaying my monthly instalment for Mortgage Loan. Are there any other repayment options?

We hear you. Please reach out to us at +65 5081900 or email us at SG.COLL-IB@sc.com , we would be happy to discuss the repayment options for your mortgage loan.