Standard Chartered Bank introduced an innovation at property showflats yesterday. A new service initiative will allow potential homebuyers to obtain advice on housing loan tenor and quantum in 15 minutes. In addition, in-principle approval will immediately be granted to interested homebuyers.
The service will be offered this weekend as a value-added feature at Mi Casa in Choa Chu Kang. The bank revealed it is the first time that such service will be provided in the industry.
Developer Far East Organization will launch two new towers at the 457-unit Mi Casa, where the take-up rate of sales has been good since March.
According to Stanchart, if customers can provide information on their financial commitments, particularly their monthly income even without official documents, the bank can offer in-principle approval in 15-60 minutes. The customers can follow-up by sending the necessary documents to the bank, so that actual approval can be granted.
“If customers see a unit they like and want to book it before others see it, they want to know how much they can borrow and for how long,” explained Dennis Khoo, Standard Charter’s general manager of retail banking products.
In addition, Mortgage Protector, a new mortgage program with a fixed-rate package for two years at 2.4 percent with MortgageCover has been introduced by the bank as well.
Mr. Khoo revealed that because of the approval in principle and mortgage protector bundle, Standard Chartered Bank can provide a seamless process for loan application.