Published 25 May 2011
The Business Times
By Joyce Hooi
$100 credit if 60-minute service guarantee not met
STANDARD Chartered bank customers will soon have a reason to tell the bank to take its time in approving their loan applications.
This will apply to home loan applications for all types of residential property, including private and Housing & Development Board housing, with a loan amount below $2.5 million and $800,000, respectively.
This 60-minute service guarantee does not, however, apply to equity loans, bridging loans, overdrafts or short-term loans.
‘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,’ said Alvin Lee, head of secured lending for Standard Chartered Bank, Singapore and South-east Asia.
The 60-minute time limit starts from the time that the sales staff submits the loan application along with supporting documents that are complete and accurate for processing. Customers can then expect to sign the letter of offer within 60 minutes from then.
This service guarantee is open to all customers who are new to the bank, as well as existing customers who are taking up their first mortgage loan or re-financing their mortgage loans with Standard Chartered.
If you have any questions related to real estate,
do not hesitate to contact Jack @ +65-9337-8483.