HSBC SmartMortgage
HSBC's SmartMortgage links your home loan account with a current account, reducing interest on your home loan with interest earned on your current account.
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Benefits
- Reduce the interest payable on your home loanEarn interest on up to 70% of your outstanding loan amount or deposit balance, whichever is lower, with your current account. You can use it to offset part of the interest payable on your home loan.
- Pay off your home loan in less timeWith less interest payable, a larger portion of your monthly instalment will go towards your principal repayments, so you can pay off your home loan more quickly.
- Enjoy the flexibility to manage your finances, your wayYou can deposit funds into or withdraw funds from your current account at any time. As your current account is linked to your home loan, this gives you more control over how you manage your money and savings.
Illustration
| Example* | SmartMortgage | Conventional home loan | What you save |
|---|---|---|---|
| Interest payable over 2 years | SGD58,145 | SGD68,280 | SGD10,135 |
| Interest payable over 3 years | SGD85,555 | SGD101,030 | SGD15,475 |
| Loan tenor | 22 years and 4 months | 25 years | 2 years and 8 months |
| Example* | Interest payable over 2 years |
|---|---|
| SmartMortgage | SGD58,145 |
| Conventional home loan | SGD68,280 |
| What you save | SGD10,135 |
| Example* | Interest payable over 3 years |
| SmartMortgage | SGD85,555 |
| Conventional home loan | SGD101,030 |
| What you save | SGD15,475 |
| Example* | Loan tenor |
| SmartMortgage | 22 years and 4 months |
| Conventional home loan | 25 years |
| What you save | 2 years and 8 months |
*Important:
- The example assumes a loan of SGD1 million, with interest payable at 3.50% p.a. throughout the loan tenor, and an initial deposit of SGD200,000 in the current account.
- The example is for illustrative purposes only. It does not constitute an actual approval or an offer of any home loan facility by us. It should not be relied upon when making individual decisions on your home loan package. Credit facilities are granted at the sole discretion of HSBC.
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