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Standard Chartered Bank Home Loan
Standard Chartered Bank is a UK based renowned banking and lending company. The bank provides affordable home loans to salaried professionals and self-employed individuals and firms. The bank has numerous branches in more than 70 countries where it has a long list of satisfied customers. On Finance Buddha, you can compare the home loans of different banks with Standard Chartered Bank and apply for a home loan online.
Features of Standard Chartered Home Loan
- No hidden charges
- One time processing fees
- Variable and semi-fixed rate housing loans
- Low finance home loan
- Easy transfer options
- Flexible tenures
- Loans for self-employed and salaried professionals
- Loans available for every purpose
- Top up loans available
- Easy online application
- Protection to family in case of unexpected death
- Quick dispersal
- 24*7 customer support
- Loans available for renovation and home extension
Benefits of Standard Chartered Home Loan
- International service assurance
- Home Loan Protector and Home Protector (HHP) as insurance products
- Tax benefits according to the Sec 24(b) of the Income Tax Act, 1961
- An option to avail top-up of up to 100% of the principal loan taken
- Zero foreclosure charges
- Loan tenure can be up to 30 years
- Loan up to INR 150 million available
- Facility of co-applicants
- Daily reducing balance method used for calculating interest
- Option of changing loans from fixed to varied and vice-versa
Another feature of Standard Chartered Home Loan is the HomeSaver . You can pay the loan in half the time and at half the cost.
Standard Chartered HomeSaver Loan
One can connect the linked transaction account to the Home Loan account. The principal amount in your home loan can be cleared by the extra money on the linked account.
The applicable loan will be the difference in the surplus transaction account balance and the outstanding loan balance.
Features
- Pay loan in half the time at half the cost
- A free debit card to carry out your domestic transactions
- The interest is calculated on daily basis
- No fees on withdrawal or payment of funds
- Withdrawal or payment of funds at any time
Benefits
- Reduction of tenure up to 50%
- Saved amount on interest up to 54%
- Easy process to link your salary or savings account as linked account
- Withdrawal only on surplus amount in the linked account
Why should you choose Standard Chartered Bank Home Loan?
You should go for the Standard Chartered Bank Home Loan if you want a one stop solution for your home loan needs.
The home loan protector gives your family the relief from the burden of paying the loan amount in case of your unexpected death. The home protector gives security cover to the property and things inside the house. Tax benefits and top up loans are the features that will attract a customer.
HomeSaver gives you an option to pay the loan amount easily and swiftly. One-time processing fees are levied and variable interests can be adopted.
How to apply for Standard Chartered Bank Home Loan?
You can apply for Standard Chartered Bank Home Loan in a quick, burden-free way and directly through Finance Buddha. On Finance Buddha, we will ask you the fundamental points to evaluate your loan eligibility. Finance Buddha is an assessment site where you can discover your eligibility, loan amount you can avail, just by mentioning about your present organization, take home salary, existing EMI sum, salary account bank, preferable loan tenure and interest and residency.
You can discover, compare and apply for the loan directly through our website.
Through Finance Buddha, you also get rid of any kind of probability of getting your loan rejected due to low CIBIL score. Rather than going into the botheration of going to the bank just to check the qualification and going out personally, you can directly examine the best choice for yourself. Leave your queries to Finance Buddha and you will get a swifter and easier way to apply for your home loan.
Eligibility Criteria for Standard Chartered Home Loan
- Age of Applicant
- Min-21 years
- Max-60 years (at time of end of loan)
- Number of years in employment -2 years & above
- Net Yearly Salary or Income - INR 180,000/- & above (Salaried Professionals) INR 250,000/- & above (Self-Employed)
Salaried professionals must be getting salary in salary account on regular basis.
Professionals like doctors, engineers, etc must be drawing regular income from their professions. They must be filing income tax returns.
Businessmen must have their firms registered with government agencies, own a bank account. They must be drawing a regular income from their professions and filing income tax returns.
Documents Required for Standard Chartered Home Loan
- Loan application form
- Identity proof bearing signatures like Copy of Passport / Driving License/ Voter ID card / ID card issued by employer
- Address Proof which should not be more than three months old like Copy of Ration Card / Passport / Electricity or Phone Bill / Rent Agreement / Credit card statements / Property Papers
- Proof for Date of Birth (DOB)
- Bank Statement
- Documents for Income
- Cheque for Processing Fees
- Self-attested photograph
- Proof of shop or firm establishment (for businessmen)
- Office address Proof (for businessmen)
- Income Tax Returns (ITR)
Standard Chartered Bank Home Loan Interest Rates, Fees and Charges
| Interest Rates, Fees and Charges | |
| Interest Rate | 9.35% to 9.45% - Depends on your loan type, amount and tenure etc. |
| Pre-closure fees | 2.5% of the principal outstanding balance of loan at the time of closure |
| Part pre-payment Fees | Nil (if payment is lower than 25% of the principal outstanding balance |
| Processing Fees | Less than or equal to 1 % of the sanctioned amount |
| CERSAI cost | INR 500 |
| Switching or conversion cost | 1 % of the sanctioned amount |
| Cheque return charges (issued by customer) | INR 500 per return |
| Cheque return charges (deposited by customer) | INR 200 per return |
| No objection certificate (NOC) | Nil |
| Penal Interest | Yearly 24% |
| EMI cheque bounce rate | INR 495 per bounce |
| Document Retrieval charges | INR 300 |
Another feature of Standard Chartered Home Loan is the HomeSaver. You can pay the loan in half the time and at half the cost.
Frequently Asked Questions
What is the maximum amount of loan I can avail?
One can avail up to 10 Crore.
What is the minimum amount of loan that I can avail?
The minimum amount of loan that can be approved is 5 lakhs.
Can someone be the co-applicant?
Parent, children and spouse can be co-applicant. Your siblings can also be the co-applicants. For this, they need to also be the co-owners of the property on which the loan is to be taken.
What about the processing charges in case my loan does not get approved?
In case your loan is not approved, INR 2000 will be deducted and the rest of the amount will be refunded to you. If the loan has been sanctioned, no amount will be returned.
Can I take a top-up loan from the Standard Chartered Bank apart from the home loan?
Yes, of course. You can get a top-up loan apart from your sanctioned loan from the Standard Chartered Bank. However, this will also depend upon your case and the bank will take the final call for this.
How much can be the amount of top up loan that I can take?
You can get up to the 100% the amount of the original loan as a top up loan.
How can I make the payment for my home loan?
You can make payments by Electronic Clearing System (ECS) or via Standing Instructions in the Standard Chartered account.
How does the bank charge the rate of interest on the loan sanctioned?
The rate of interest is calculated by the Standard Chartered Bank on the daily reducing basis. However, it is charged on monthly basis.
I have not taken full dispersal and the land is not constructed yet. How will I have to pay the Easy Monthly Installments? (EMI)
In this case, you can pay pre-EMI. This means the EMI on the basis of the amount of loan that has been disbursed till now. Otherwise, you can pay full EMIs, too.
Does the bank offer conversion of fixed rate of interest to a varied rate of interest?
Yes, the bank offers the conversion. You can change the fixed lending rate to varied any time. Vice versa, you can change varied lending rate to fixed one too.
Are there any charges for the conversion of fixed rate of interest to a varied rate of interest?
Yes, there is a charge for the conversion of fixed rate of interest to a varied rate of interest. It is 1.5% of the total outstanding balance at that time.
Do I get the tax benefit if I avail this loan?
Yes, you do get a tax benefit under Indian Income Tax Act of 1961.
What benchmark is levied on the bank’s home loan?
6 Month MCLR is applicable on the home loan.
Reviews
Standard Chartered Bank gave me an option of Top up loan after six months where I could take more loan at a cheaper rate. The representative told me about this feature at the beginning and it made way to the expenses of a perfect holiday destination.
Ankit 5/5I had my personal account in the Standard Chartered Bank. I was getting married so wanted to get a home loan. However, I could not take the burden of an exorbitant loan too.
Sumit Saurabh 5/5Good service, easy processing, and faster dispersal; expect everything at its best at Standard Chartered Bank.
Prakash Puri 5/5Thanks to Finance Buddha, I was able to calculate my approximate EMI and know the loan tenure for this home loan.
Rahul Soni 5/5I am not too satisfied with the Standard Chartered Bank Home Loan. I availed this loan year back and since then, I have been visiting the bank on a regular basis. I wanted to get slight amendments done in my loan tenure and they were very slow.
Vivek Banarjee 5/5If you want a one stop for all your queries, then Standard Chartered Bank Home Loan is an all in one package. The bank offers so much at so normal rates. They also have risk cover for your land and property. Also, your family is ensured from a sudden burden of paying the loan if you die due to unexpected death.
Rajeev Samra 5/5I am happy with the Standard Chartered Bank Home Loan and for that, I would like to thank Finance Buddha. If it was not this website, I would have never come to know about the Standard Chartered Bank Home Loan. I was looking for other bank’s home loans, but through this portal, I got to know about the HomeSaver feature of the bank, which I believe is a great deal.
Rina Malhotra 5/5I am happy to be associated with Standard Chartered Bank. However, the branch that I visited did not have a very good customer support. Although the processing fees and rate of interest in fine, but I could feel a sense of disintegration among the employees.
Sutapa 5/5My loan transfer was processed swiftly and I paid normal shifting charges. Also, the processing fees is not exorbitant like many other banks.
Rohit Chadda 5/5When I took my home loan, I felt I have done the biggest mistake of my life. I was not able to understand the complicated terms and conditions offered to me. Then, a friend of mine suggested me the Standard Chartered Bank Home Loan and believe, I am grateful to him.
Abdul Rehman Khan 4/5I was scared to avail a bank loan because I have heard many bad things about the banking professionals. Believe me, my opinion has undergone a 360 degrees turn. I am satisfied with their lending rate of interest and also, they have a facility of a top up loan which gives extra loan at a lower cost. I like that thing.
Md.Tanveer Khan 5/5My loan was sanctioned by the the Standard Chartered Bank and I must say that I was very much satisfied to have made the right choice. The loan was processed very quickly and services were really good. Unlike many other banks who literally exploit the customer and ask him to bring a new document every day, I must say that this bank offered a vibe of change.
Sampath Jalan 5/5