“MortgageOne is a unique product proposition that will change the way home loans are financed,” the bank said in a statement on Tuesday.
For existing home loans offered in the market, clients pay interest on the full loan outstanding amount. With the new solution, clients will pay interest only on the difference between the loan balance and the funds held in the customer’s current account linked to MortgageOne, according to the statement.
MortgageOne allows clients to pay off their loan much faster than a regular mortgage and at a lower effective interest rate. The linked current account allows the clients to meet their transactional needs, at any point in time.
Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, said: “If you look at the pace of change around us, be it in the financial sector or any other sector -- we are experiencing the fastest pace of change that we have ever seen in the past.”
Aditya Mandloi, head of retail banking at Standard Chartered Bangladesh, said: “MortgageOne will deliver a customised solution for our clients. It will cater to the home financing needs and savings appetite of our clients, going beyond the one-size-fits-all approach. MortgageOne offers lower net effective interest rate and flexibility in managing funds.”