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Terms and Conditions of Priority Mortgage Refinancing Promotion

  1. This Priority Mortgage Refinancing Promotion (“Promotion”) is available from 8 April to 31 May 2019, both dates inclusive (“Promotion Period”), unless otherwise extended or terminated in accordance with these terms and conditions. This Promotion is open to select Personal Banking and Priority Banking customers (collectively, “Existing Customers” or “you”) of Standard Chartered Bank (Singapore) Limited (or “us” or “we” or “our” or “Bank”). By participating in this Promotion, you agree to be bound by these terms.

Eligibility and Promotion Mechanics

  1. You will qualify for this Promotion if you meet all of the following criteria:
    1. you apply to us directly during the Promotion Period to refinance an existing mortgage loan, or you express interest to participate in this Promotion by leaving your details on our website at sc.com/sg/promotions/pbm-refinance during the Promotion Period;
    2. the mortgage loan you apply to refinance for must be a residential or commercial property loan granted by another financial institution under your personal name (the “Refinanced Loan”), and the quantum of the Refinanced Loan (as approved by the Bank) must be at least S$1.5 million;
    3. the Refinanced Loan must be approved by the Bank and you must sign and return the Bank’s Letter of Offer (as defined below) for the Refinanced Loan (“Acceptance”) to the Bank on or before 15 June 2019, and the Refinanced Loan must be successfully disbursed in accordance with the terms set out in the Bank’s Letter of Offer;
    4. you must be a Priority Banking customer at the point of Acceptance. If you are not an existing Priority Banking customer, you must sign up for and successfully establish a Priority Banking relationship with us before Acceptance. Please visit sc.com/sg/priority/ for more details on signing up for Priority Banking; and
    5. you must not terminate your Priority Banking relationship before the Cash Credit (as defined in Clause 4 below) is credited in accordance with Clause 5 below.
  1. For the avoidance of doubt, all applications for the refinancing of the Refinanced Loan, which are referred to the Bank by agencies (as determined by the Bank in its sole and absolute discretion), will not qualify for this Promotion.
  2. If you satisfy the qualifying criteria set out in Clause 2 above, you will be eligible to receive S$1,600 (the “Cash Credit”) per Refinanced Loan.
  3. The Cash Credit will be credited by the Bank to the repayment account set up in connection with the Refinanced Loan, one (1) week from the disbursement of the Refinanced Loan.


  1. For clarity, the Cash Credit is the same as the “Cash Rebate” found in the Bank’s letter of offer for the Refinanced Loan (“Letter of Offer”) and you will have to reimburse the Bank in full, the Cash Credit, if any of the following shall occur:
    1. the Refinanced Loan is prepaid/repaid in full within the Reimbursement Period; and/or
    2. an event of default occurs in relation to the Refinanced Loan or any Security Document.
  2. For the purposes of this Promotion:
    1. “Reimbursement Period” is defined as 36 months from the date of first disbursement of the Refinanced Loan or any part thereof.
    2. “Security Document” refers to any and every document legal or otherwise from time to time executed to secure, inter alia, obligations of the Borrower(s) / Mortgagor(s) / Guarantor(s) (as defined in the Letter of Offer) under the Letter of Offer or in connection with the Refinanced Loan granted by us to you including without limitation any mortgage, deed of assignment, pledge, debenture, lien, charge, guarantee and indemnity.
  3. Unless otherwise stated, this Promotion is not valid with other offers, discounts, rebates, vouchers, privileges, or promotions. For the avoidance of doubt, if you attempt to utilise this Promotion for a loan which has been referred by any agent or broker for us, you will not be eligible for this Promotion.
  4. The Cash Credit is strictly non-assignable, non-transferable, and non-exchangeable (for cash or credit or otherwise).
  5. We reserve the right not to pay Existing Customers the Cash Credit if:
    1. the Refinanced Loan applied for is cancelled and/or terminated before disbursement and/or is not successfully disbursed; or
    2. at the point of crediting the Cash Credit, the total value of Eligible Deposits (as defined below) and/or Eligible Investments (as defined below) maintained with the Bank does not meet a minimum of S$200,000, or the Existing Customer does not maintain a minimum of S$1.5 million in housing loans with the Bank (or the Existing Customer fails to satisfy such other requirement as may be imposed by the Bank from time to time). For the avoidance of doubt, the aforementioned minimum of S$1.5 million in housing loans shall not include the Refinanced Loan; or
    3. the Existing Customer terminates his/her Priority Banking relationship or withdraws, cancels or otherwise reduces his/her Eligible Deposits or Eligible Investments with the Bank within three (3) months from the date of establishment of the Priority Banking relationship with the Bank.

For the purposes of this Promotion, “Eligible Deposits” refers to current/cheque account(s) and/or savings account(s) with the Bank, and “Eligible Investments” refers to investments product(s) available with or through the Bank, but do NOT include: (i) foreign currency exchange transactions; and (ii) investments using the Central Provident Fund Investment Scheme / Supplementary Retirement Scheme.

  1. We reserve the right to determine at our sole and absolute discretion whether Existing Customers have complied with all the requirements of this Promotion to be entitled to the Cash Credit.
  2. We reserve the right to vary, modify, revise, add or delete any of these terms and conditions, including modifying, terminating, shortening, suspending, extending or withdrawing the Promotion and/or replacing or substituting the Cash Credit with any other item (which may or may not be of equivalent or similar value), without prior notice or reason. We will not be obliged to disclose our reason in doing so. You understand and agree to be bound by any such variation.
  3. Our decision in all matters arising out of or in connection with this Promotion (including eligibility) is final and conclusive and no correspondence will be entertained. The Bank’s decision on all matters related to this Promotion will be final and binding on all Existing Customers who participate.
  4. In the event of any inconsistency between these terms and any brochures, marketing or promotional materials relating to the Promotion, these terms shall prevail to the extent of such inconsistency. In the event of any inconsistency between these terms and the Bank’s Letter of Offer, the latter shall prevail to the extent of such inconsistency.
  5. Except for death or personal injury caused by the negligence of the Bank, to the fullest extent permitted by law, the Bank and members of the Bank’s group shall have no liability in respect of, and will be indemnified from and against, any liability, loss, claim, damage or costs of any kind (including legal costs) to any person or entity, in whole or in part, directly or indirectly, whether by reason of the acceptance, possession, use or misuse of the Cash Credit.
  6. These Priority Mortgage Refinancing Promotion Terms and Conditions are to be read in conjunction with our Customer Terms, Mortgage Facility Terms, any other specific product terms that may be applicable in relation to this Promotion, and the Priority Banking Services and Privileges International Terms and Conditions (collectively, “Other Terms“). If there is any inconsistency between the Other Terms and these terms, these terms prevail only to the extent of such inconsistency.
  7. A person who is not a party to these terms has no right under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of the Promotion Terms and Conditions.
  8. These terms are governed by and shall be construed in accordance with the laws of the Republic of Singapore and you agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore.
  9. All information is correct at the time of publication.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.