Your current account and your home loan are linked together, with interest calculated on the difference between your loan balance and the money in your account. So you’ll take years off your mortgage and pay less interest as compared to a traditional home loan.
Since your payments go more towards your principle amount and less towards the interest, your loan tenure will be shorter.
Interest is calculated daily on the difference between your loan balance and the money in your account.
You can withdraw the interest you save plus the money in your account whenever you need it.
Loans up to AED 18 Million, Offered for residential, completed or under-construction properties as per our list of approved developments.
Since your payments go more towards your principal amount and less towards the interest, your loan tenure will be shorter.
Interest is calculated daily on the difference between your loan balance and the money in your account.
Loans up to AED 18 Million, offered for residential, completed or under-construction properties as per our list of approved developments.
You can withdraw the interest you save plus the money in your account whenever you need it.
24-hour Phone Banking, Online Banking and Mobile Banking, that allows you to manage your money and complete your trasactions anywhere in the world
There is no minimum balance requirement on the MortgageOne Account.
A monthly consolidated statement will be provided for MortgageOne, MOA, which will give details on your Account and Home Loan.
A flexible home loan that links your mortgage to a deposit account, helping you reduce interest costs by offsetting your savings against your loan balance.
Please enter an amount between AED 300,000 and AED 18,000,000, using numbers only.
Please enter an amount above AED 1000 using numbers only.
1st Year
2nd Year Onwards
Total Interest And Fee
Loan Tenure
Total Interest And Fee
Loan Tenure
Total Interest Saved
Total Loan Tenure Saved
| Tenure (in Years) | Effective Interest Rate | Total Interest Paid | Total Interest Paid | Net Amount Saved |
|---|
Disclaimer
The above table is indicative and for illustration purposes. The rates, caps and fees quoted are for illustration and are subject to change and may not apply to your loan. The computation of the numbers, benefits and savings is based on simulated figures and a number of underlying assumptions. These tables are for illustrative purposes only and should not be relied upon when making individual decisions on your home loan package. Please consult your Mortgage Advisor to ensure that you receive complete information on the options available to you.
All loans are granted at the sole discretion of Standard Chartered Bank.
Assumptions:
Your current account and home loan are linked together, with the money in your account offset against your loan balance up to a maximum cap of 50%.
The MortageOne Account is a Standard Chartered Bank (the “Bank”) current account and is linked to the Home Loan facility. MOA is available in AED only.
The current account and the Home Loan facility are linked together. The principal outstanding of the Home Loan will be offset against the balance in the current account on a daily basis for the purpose of calculating interest. This means you can pay off your Home Loan faster, because your payments are going more towards your principal amount and less towards the interest.
* Example:
| Standard Home Finance Product
First month repayment (without offset) |
Standard Home Finance Product
First month repayment (with offset of AED 400K in CA) |
| Instalment: AED 5,141.31
(= Interest AED 3,184.93 + Principal AED 1,956.38) Principal Outstanding: AED 998,043.62 |
Instalment: AED 5,141.31
(= Interest AED 1,910.96* + Principal AED 3,230.35**) Principal Outstanding: AED 996,769.65 * Interest is calculated on AED 600K (= 1Mil – 400K) ** Principal component is higher than standard mortgage product by AED 1,274, which is equal to the amount of interest saved by the client. |
*Rates and numbers are for illustration purposes only and do not take into account daily balance variations.
In the above example, when you pay your instalment, the instalment components are adjusted to accommodate the lower interest payable. Hence, interest payable is minimised and principal outstanding is reduced at a much faster rate. This will result in the loan amount being paid off in a shorter period of time.
Note: An offset cap is applicable on the Home Loan balance and it is based on the cap you select at the time of application. The offset is up to a maximum of 75% of the Home Loan balance.
An offset fee will be charged on the anniversary of the initial disbursal and for the duration of the Home Loan facility. The cap ranges and their corresponding offset fees are decided by the Bank.
The Withdrawal Facility is a key benefit of the MOA. The interest you save as a result of the offset, referred to as the Available Limit, will be available to you for withdrawal. This will increase your loan outstanding balance up to the Preset Safety Limit (defined as below under point no. 7).
UAE residents (Nationals and Expatriates) can apply for MOA subject to the provision of required documentation and criteria. In the event you become a non-resident you undertake to inform the Bank of the change in your residency status.
MOA is available for residential properties, completed and under construction financed by the Bank.
Fees and charges are subject to change. All fees and charges listed are inclusive of 5% Value Added Tax (VAT), where applicable.
Approval of Home Loans is at the sole discretion of Standard Chartered Bank.
This is to inform that by clicking on the hyperlink, you will be leaving sc.com/ae and entering a website operated by other parties.
Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.
The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.
Thank you for visiting sc.com/ae
Proceed to third party website