Standard Chartered bank has announced a new programme that offers faster approval of mortgage applications.
The bank is now guaranteeing a 60-minute approval of home loan applications, failing which, the customer will have S$100 credited to their mortgage loan repayment account.
The new programme will apply to mortgage applications for all kinds of residential property, including HDB and private housing, with a loan amount under S$800,000 and S$2.5 million respectively.
However, the 60-minute service guarantee does not apply to bridging, equity, short-term or overdraft loans.
Alvin Lee, Head of Secured Lending for Standard Chartered Bank, Singapore and Southeast Asia, noted, “In this instance, introducing a service guarantee to approve home loans in one hour furthers our commitment and serves as a tangible promise to our customers as we deliver the quick turnaround they have asked for.”
The one-hour time limit begins from the moment the sales staff submits the mortgage application, along with the complete and accurate required documents for processing. The customers are then assured of signing the letter of offer within an hour from then.
The programme is offered to all customers who are new to the bank, as well as existing customers who are obtaining their first home loan or re-financing their mortgages with Standard Chartered.
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