What is Standard Chartered MortgageOne™ Zero Cost about?
Essentially, MortgageOne™ is an All-In-One account that integrates your savings, payroll, current and mortgage accounts into one convenient transactional account. With Zero Cost, financing your new house purchase is now flexible as the Bank will bear all legal, stamp duty and property valuation fees of the home loan for you!
With this home loan, you will be able to get financing of up to 90% of the property value for up to 35 years or up to 70 years, whichever is earlier. There is also a competitive refinancing rate for your current home loan.
The property must be completed and located within Klang Valley, Penang, Johor, Alor Setar (Kedah), Sungai Petani (Kedah), Seremban (Negeri Sembilan) and Nilai (Negeri Sembilan). We also would like to highlight that the Standard Chartered MortgageOne™ Zero Cost is only applicable for residential property with loan amounts of RM200,000 to RM3.5 million.
What's great about MortgageOne™ Zero Cost is that customers will get:
- Free legal fee for the loan documentation for the Facility (free stamp duty and registration fee, if applicable for the loan documentation);
- Free valuation fee on the property;
- Free legal fees, stamp duty and registration fees incurred for the Discharge of Charge/Receipt and Reassignment for the Property, and
- Free land search and bankruptcy search fees.
Additionally, there are also a few exclusions to this home loan such as the following:
- Legal fee, stamp duty and registration fee for the perfection and registration of the charge, if the initial loan documentation is in the form of an Assignment, are not covered
- Not open for the refinancing of existing completed residential mortgage facility owned by Non-Residents where the refinancing amount is in excess of the current outstanding home loan/ financing amount
- Not open for top-up loads/ financings below the minimum amount of RM200,000, conversion of, or refinancing and/or restructuring of existing mortgages with the Bank
Kindly note that the preparation and completion of security documentation under this campaign for Eligible Clients must be assigned only to the Bank’s Zero Cost listed panel law firms and valuers.
What interest rates can I get with Standard Chartered MortgageOne™ Zero Cost?
The interest rate you will get is a floating rate at a Standardised Base Rate (SBR) with a spread that covers all risks, costs, and some margins.
Nonetheless, MortgageOne™ Zero Cost offers some of the best bank mortgage rates in the market, as well as flexible repayment up to 35 years or 70 years old (whichever is earlier).
Can I make advance payments or withdrawals from Standard Chartered MortgageOne™ Zero Cost?
Yes, you can! MortgageOne™ Zero Cost provides the flexibility to make advance payments and withdrawals which can be made at any time with no notice and additional charges required.
However, it is important to note that the total amount you can withdraw is dependent on the tenure and facility limit available. You can also enjoy convenient banking via ATM facilities, chequebook, phone and internet banking.
How do I pay for my instalments?
There are a few easy ways. You can either pay via Interbank GIRO transfer, Standing Instruction or at Standard Chartered’s credit deposit machines.
Here’s a useful tip – you can consolidate all your deposits such as income, bonus and life savings into the MortgageOne™ account. This will make repayments much more convenient for you. Using the MortgageOne™ account, you can also make an 'Excess Payment'.
Excess payment is a very useful feature where you can pay extra on top of your standard instalments to reduce your total tenure and interest repayments, while also giving you the option to withdraw those payments easily for emergencies.
What are the fees and charges I should know?
There are several fees that you should know when applying for a MortgageOne™ Zero Cost home loan:
- Setup Fee of RM200 (+SST rate if applicable)
- Maintenance Fee of RM10 monthly (+SST rate if applicable)
- Cancellation Fee of 2.25% of the total facility
- Utilisation Fee of 1% p.a. on the unutilised portion of the Total Loan Limit Available at Last Due Date whenever the Utilisation Rate is 30% (“Trigger Level”) or below the Total Loan Limit Available at Last Due Date
Any other benefits I can enjoy from MortgageOne™ Zero Cost home loan?
Redraw Facility – withdraw excess cash paid into your home loan account for personal use at any time without restrictions and penalty.
Do I need an insurance policy?
A Fire Insurance policy is compulsory.
However, a Mortgage Reducing Term Assurance (MRTA) is optional but highly advised.
What documents do I need to prepare for this home loan application?
Property Documents:
- A copy of SPA / Deposit or Booking Receipts / Letter of Offer from the Housing Developer
- Photocopy of the Land Title (if applicable)
Salaried Employee:
- Copy of NRIC (Front and back)
- Latest 3-months salary slips AND bank statements
- Latest EPF statement via Standard Chartered’s handheld device; OR
- Borang B / BE with LHDN/IRD acknowledgment; AND
- Proof of payment /receipt of the refund
New Salaried Employee:
- Copy of NRIC (Front and back)
- Signed official HR Letter (less than 60 days) AND Latest 1-month bank statement; OR
- Signed Employment Contract (less than 45 days) AND Latest 1-month bank statement
Salaried applicant working abroad:
- Copy of NRIC (Front and back)
- Latest 3-months salary slips AND bank statements; OR
- Tax assessment form of the specific country; OR
- CPF statement (if applicable)
Commission Earner:
- Copy of NRIC (Front and back)
- 6 months commission statement AND bank statements; OR
- EPF / CPF statement if working in Singapore; OR
- Tax assessment form of the specific country if working abroad
Self-Employed:
- Copy of NRIC (Front and back)
- EPF statement (Shareholding <25%)
- Business Registration Certificate for Sole Proprietorship / Partnership of more than 2 years; OR
- Form 9, 24 & 49 for Private Limited Company; AND
- Latest 6 months company bank statements; AND/OR
- Borang B / BE with LHDN/IRD acknowledgement; AND/OR
- Company's latest Audited financial statements/balance sheet and Profit and Loss
Foreigners working in Malaysia:
- Copy of passport
- Valid work permit; AND
- Latest 3-months salary slips AND bank statements; OR
- Tax assessment
