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Get more out of your mortgage with a lower interest rate and monthly instalment

Save on legal and valuation fees you would typically incur when refinancing with another bank

Fast application process –
Start enjoying potential savings sooner

Hassle-free experience
with minimal documents needed

Ready to reprice your mortgage and start saving?
Leave your details below and our Mortgage Retention Officer will be in touch within 3 business days.

Let’s Get In Touch

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Application Eligibility

  • You should have an outstanding loan balance of S$100,000 and a remaining loan tenure of at least 5 years.

Documents

For SingPass holders applying with MyInfo

Owner Occupied Property

  • IRAS Tax Portal Page
    • Step 1: Login to myTax Portal at IRAS Website using your Singpass
    • Step 2: Under Property, click View Property Summary
    • Step 3: Click Save as PDF / Print to save as a PDF copy

Investment Property or Owner Occupied Property with Equity Loan

There are 2 ways for us to assess your repricing application:

1. Debt Reduction Plan (DRP) – You may reprice your loan with fewer documents without going through the full Total Debt Servicing Ratio (TDSR) assessment if you repay 3% of your total outstanding loan amount upfront or in monthly instalments over 3 years; or

2. Total Debt Servicing Ratio (TDSR) assessment

Investment Property only
DRP No document required as we will retrieve all personal and declaration data using Myinfo
TDSR
  • Latest payslip (for salaried borrower only)
Investment Property with Equity Loan or Owner-Occupied Property with Equity Loan
DRP
  • CPF Withdrawal details on Principal and Accrued
    • Step 1: Login to my CPF Online Services at CPF Website using your Singpass
    • Step 2: Under my cpf, go to My dashboards
    • Step 3: Select Home ownership
    • Step 4: Select Principal amount and accrued interest
    • Step 5: Click on the PDF icon on the top right corner to save as PDF copy
  • CPF Withdrawal details on Monthly Instalment
    • Step 1: Login to my CPF Online Services at CPF Website using your Singpass
    • Step 2: Under my cpf, go to My dashboards
    • Step 3: Select Home ownership
    • Step 4: Select Monthly CPF deduction
    • Step 5: Click on the PDF icon on the top right corner to save as PDF copy

For Owner-Occupied Property with Equity Loan, please also provide:

  • IRAS Tax Portal Page
    • Step 1: Login to myTax Portal at IRAS Website using your Singpass
    • Step 2: Under Property, click View Property Summary
    • Step 3: Click Save as PDF / Print to save as a PDF copy
TDSR
  • CPF Withdrawal details on Principal and Accrued
    • Step 1: Login to my CPF Online Services at CPF Website using your Singpass
    • Step 2: Under my cpf, go to My dashboards
    • Step 3: Select Home ownership
    • Step 4: Select Principal amount and accrued interest
    • Step 5: Click on the PDF icon on the top right corner to save as PDF copy
  • CPF Withdrawal details on Monthly Instalment
    • Step 1: Login to my CPF Online Services at CPF Website using your Singpass
    • Step 2: Under my cpf, go to My dashboards
    • Step 3: Select Home ownership
    • Step 4: Select Monthly CPF deduction
    • Step 5: Click on the PDF icon on the top right corner to save as PDF copy
  • Latest payslip (for salaried borrower only)

For Owner-Occupied Property with Equity Loan, please also provide:

  • IRAS Tax Portal Page
    • Step 1: Login to myTax Portal at IRAS Website using your Singpass
    • Step 2: Under Property, click View Property Summary
    • Step 3: Click Save as PDF / Print to save as a PDF copy

Application Eligibility

  • You should have an outstanding loan balance of S$100,000 and a remaining loan tenure of at least 5 years.

Documents

For SingPass holders applying with MyInfo

Owner Occupied Property

  • IRAS Tax Portal Page
    • Step 1: Login to myTax Portal at IRAS Website using your Singpass
    • Step 2: Under Property, click View Property Summary
    • Step 3: Click Save as PDF / Print to save as a PDF copy
  • Passport
  • Utility bill/bank statement reflecting the subject property address as your mailing address

Investment Property or Owner Occupied Property with Equity Loan

There are 2 ways for us to assess your repricing application:

1. Debt Reduction Plan (DRP) – You may reprice your loan with fewer documents without going through the full Total Debt Servicing Ratio (TDSR) assessment if you repay 3% of your total outstanding loan amount upfront or in monthly instalments over 3 years; or

2. Total Debt Servicing Ratio (TDSR) assessment

Investment Property only
DRP
  • Passport
TDSR
  • Passport
  • Latest payslip (for salaried borrower only)
Investment Property with Equity Loan or Owner-Occupied Property with Equity Loan
DRP
  • Passport

For Owner-Occupied Property with Equity Loan, please also provide:

  • IRAS Tax Portal Page
    • Step 1: Login to myTax Portal at IRAS Website using your Singpass
    • Step 2: Under Property, click View Property Summary
    • Step 3: Click Save as PDF / Print to save as a PDF copy
TSDR
  • Passport
  • Latest payslip (for salaried borrower only)

For Owner-Occupied Property with Equity Loan, please also provide:

  • IRAS Tax Portal Page
    • Step 1: Login to myTax Portal at IRAS Website using your Singpass
    • Step 2: Under Property, click View Property Summary
    • Step 3: Click Save as PDF / Print to save as a PDF copy

Fees and Charges
Repricing Fee Administrative fee of S$1000
Late payment fee S$50 for SGD loans
Default rate 5% above SGD Prime lending rate* on the overdue instalment amount for SGD loans

Interest Rates and Payment

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 months Compounded SORA packages, you should get a letter from the Bank or eAdvice in the SC Online Banking inbox every 3 months updating you of any rate changes and the monthly instalment will only take effect in 2 month’s 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.

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.

Loan Redemption

• 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.

• When you redeem your Mortgage Facilities, you will have to pay all fees (such as legal fees, including our legal fees and discharge of mortgage) relating to the discharge of the Mortgage Property. These fees will be billed directly to you by the chosen law firm. The legal fees for the discharge of property typically ranges from S$900 to S$1,200.

• The range given is only an indicative amount. Please check with the law firm directly for the actual costs before proceeding.

The Singapore Land Authority typically takes 3 weeks to 1 month to release the title deed to the lawyer. Thereafter, the lawyer should contact you for collection within a week.

Fire Insurance

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.

Yes. However, any request for a change in insurance company is subject to our approval. Please notify us about your intention to use your own insurance company.

You will need to provide the following documents to us 5 business days before the expiry of your insurance policy :

a. The original copy of a signed letter of undertaking for our safe-keeping
b. The original fire insurance policy, with
i) Us (the Bank) stated as the Mortgagee;
ii) A non-cancellation clause stating that we must be informed by the insurer prior to
any cancellation or any material changes proposed to be made to the policy; and
iii) the original receipt showing the premium was paid

Note: If the documents listed above are not furnished to us before the expiry of your insurance policy, the Bank will instruct Allianz Global Corporate & Specialty SE Singapore Branch to effect the fire insurance for you.

Please also note that there is an upfront administration fee of S$100. Thereafter, an annual administration fee of S$100 will be charged.

It is required because if there is a failure to service your loan as a result of damage to the mortgaged home, the bank can make a claim against the insurer on the MIP. The homeowner will remain liable for the outstanding property loan amount to the MIP Insurer.

Glossary

Click here for the full list.

Standard Chartered Bank (Singapore) Limited (the “Bank”) reserves the right to determine at its sole and absolute discretion all matters arising out of and/or in connection with the repricing application. The Bank’s determination of all matters relating to the repricing application shall be final, binding and conclusive and no correspondence will be entertained.

The repricing application is subject to the Bank’s approval and acceptance. The final approval of your repricing application is also subject to the Bank’s receipt and validation of all required documents.