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Important Information

Relief Measures for Retail Mortgage

To support our existing mortgage clients who are impacted by the recent COVID-19 situation, we will be offering some relief measures for clients who may be having difficulties managing their mortgage repayments.

Please refer to the FAQs below for more details. To apply for our relief measures, please click here.

  1. I am facing financial difficulty due to the COVID-19 situation. How can the Bank help me?
    We offer 2 relief schemes for retail mortgage loans:

    • Deferment of Principal (DP):
      We can defer repayment of your principal amount till 31 December 2020, where you are required to service only the interest amount till 31 December 2020 to help reduce your monthly repayment commitments, or
    • Deferment of Principal and Interest (DPI):
      We can defer your full monthly instalments till 31 December 2020. This means that during this deferment period, you are not required to service the monthly instalments of your Mortgage Loan.Please note that all requests are subject to our review.
  2. What documents are required to take up the relief schemes?
    No documents are required. Please click here to apply.
  3. What kind of property loans are eligible for the relief measures?
    Our relief schemes are available for retail mortgage loans – these include residential, commercial and industrial property loans granted to individuals. Both housing loan and equity loans are eligible.
  4. How long is the period for the DP/DPI?
    For DP:
    It will be until 31 December 2020, where you will be servicing only the interest amount.
    For DPI:
    We can defer your payment up to 31 December 2020.
  5. What is the processing time for the relief schemes?
    We are currently experiencing a high volume of requests and seek your patience and understanding. We will endeavour to process your request as soon as possible.
  6. Will my loan tenure be extended beyond my current remaining tenure?
    No, unless a tenure extension request is requested, which is subject to our review.
    For DP:
    We will re-amortise the principal repayment amount deferred over the remaining loan period and your monthly repayment amount after the deferment period could be higher.
    For DPI:
    We will re-amortise the principal repayment amount and interest accrued during the deferment period over your remaining loan period. Your monthly repayment amount after the deferment of monthly instalment period could be higher.You will receive a letter on your new instalment amount once the interest-only period / deferment of monthly instalment period has ended.
  7. Will there be any administrative fees/charges for taking up the schemes?
    No administrative fees will be charged for the schemes.
  8. What is the total interest that I would have to pay before and after restructuring?
    Please refer to the factsheet that will be sent to your registered email address with us once the loan is approved.
  9. How can I update my email address?
    You can update your email address via Online Banking or the Standard Chartered Mobile App.
  10. Will there be any impact on my credit bureau report with the request for the DP/DPI?
    No, your credit bureau report will not be impacted.Please note that you are required to continue servicing the existing obligations until the request is approved.