MortgageKLIBOR Home Financing From Standard Chartered Bank Standard Chartered Bank revolutionises consumer lending with a new concept of Home Loan or Financing called MortgageKLIBOR.
MortgageKLIBOR is the FIRST conventional home loan that is pegged to KLIBOR which is consistently lower than Base Lending Rate (BLR) from past history. With lower financing rate consumer would potentially enjoy greater savings.
KLIBOR stands for Kuala Lumpur Inter-Bank Offered Rates. Its interest rates are derived from the activities of borrowing and lending funds between banks. Standard Chartered MortgageKLIBOR is pegged to the three-month KLIBOR.
From now until 30th September 2009, Standard Chartered Bank is running a promotion on MortgageKLIBOR Home Loan. In this promotion, Standard Chartered offer home loan rates of KLIBOR + 0.86% for the forst 2 years and KLIBOR + 1.16% thereafter.
With this promotion consumer will enjoy interest rate as low as 2.99% per annum for the first 2 years and 3.19% from year 3 onwards based on the current 3-month KLIBOR of 2.13% p.a.(ends 30 September 2009).
Compare with other home loan using conventional BLR base which currently at BLR (5.55%) – 2.3%, consumer could potentially save montly rate of 0.26%. For a loan of RM400,000, consumer could save RM1040 per annum which is great.
KLIBOR contains published rates that consumer would be able to find in any major local newspaper. Standard Chartered sets its quarterly rate by adopting the 3-month KLIBOR rate on the last business day of the previous quarter.
With this promotion also consumer will enjoy,
- Full price transparency, interest rates pegged to 3-month KLIBOR
- Low home loan interest rate at 3 month KLIBOR + 0.86% pa for the first 2 years and 3 month KLIBOR + 1.16% pa thereafter
- Valuation, legal fee and stamp duty will be absorbed by banks
- No hidden fees and charges
- This offer is valid for minimum loan size of RM100,000 and subjected to 5 years lock-in period
- Applicable for completed and under constuction property
- Only valid for loans under personal names only.
- Separate pricing is will be offer for properties under company name.
- No set up, maintenance fees or processing charge
- Flexibility of a prepayment facility to reduce loan principal
- Automatically receive pre-approved Standard Chartered Credit Card
For more details information, kindly refer to Standard Chartered website.
Application form can be downloaded here.