Priority Banking
Tax Loan
Upon the maturity date of the HIBOR fixing period, we will choose the lower mortgage interest rate, by comparing the HIBOR-based mortgage interest rate and interest rate cap, as the mortgage interest rate. This way, you won't have to worry about interest rate increase.
Example:
Upon the maturity date of the HIBOR fixing period (assuming it's 10 November, 2008), we will compare the following interest rates:
Mortgage Interest Rate Cap:
(P)-1.5%p.a.=3.75%p.a.
(P)-1.5%p.a.=3.75%p.a.
Interest rate of HIBOR-based Mortgage Plan: 1.75%p.a.
Therefore, 1.75%, which is the lowest interest rate, will be chosen as the mortgage interest rate for that fixing period
The above example is for reference only. Result will be different due to various factors. Assumption: Prime rate (P) is 5.25% p.a.; mortgage rate of HIBOR-based Mortgage Plan is "1-Month HIBOR" (1M-HIBOR) + 0.7% which is equivalent to 1.75% p.a. as of 10 November 2008. Application of mortgage services is bound by the related terms and conditions. Standard Chartered Bank (Hong Kong) Limited ("the Bank") reserves the right of final approval. For details, please contact our staff.
Terms and Conditions of Standard Chartered HIBOR-based Mortgage Plan:
On maturity day of the HIBOR fixing period of the HIBOR-based Mortgage Plan, mortgage interest rate under "HIBOR-based" and "Prime-based" will be compared automatically and the lower rate will be picked as the interest base rate until the next maturity day.
Above information is for reference only. Related application is bound by relevant terms and conditions. The Bank reserves final right of approval.