Standard Chartered Bank Home Loan
Max Tenure
nil*
Best Rate
8.55%
Processing Fee
nil*
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About Standard Chartered Bank
Headquartered in London, Standard Chartered Bank PLC is a multinational and financial services company. It has more than 1,200 branches across more than 70 countries. The bank has been operating in India since 1858. It offers a wide range of financial products and services to meet the financial requirements of the people.
How to Apply for Standard Chartered Bank Home Loan?
What Is a Home Loan?
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
An Introduction to Standard Chartered Bank Home Loans
Standard Chartered Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Standard Chartered Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Standard Chartered Bank Home Loans are tailor made, catering to the needs of various customers.
Advantages of Standard Chartered Bank Home Loans
- Attractive interest rates with floating and fixed type based on your preference
- Low processing fees
- Less paperwork
- No prepayment charges
- No hidden charges
- Low processing fees
- Easy home loan balance transfer
- Transparent application process
- Insurance protection
Features of Standard Chartered Bank Home Loan
Key Highlights
| Eligibility Criteria | Salaried and Self-Employed |
|---|---|
| Loan Tenure | Up to 25 years |
| Loan Amount | Up to 15 crores depending on your repayment capacity |
| Interest Rate | 8.55% - 9% |
| Processing Fees | Up to 1% of the loan amount |
| Prepayment Charges | Nil |
Objective:
Standard Chartered Bank home loan aims to help millions of people achieve their dream of owning a house.
Loan Amount:
Up to 15 crores depending on your repayment capacity
Loan Tenure:
Up to 25 years of repayment period is available under Standard Chartered Bank home loan scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
Up to 1% of the loan amount depending on the scheme you choose
Interest Type:
Floating and Fixed
Home Loan Transfer:
You can transfer your home loan from other bank to Standard Chartered Bank at ease.
Insurance Protection:
Home loan protector insurance saves your family from the burden of repayment in the event of unfortunate death.
Top Up Home Loan
Standard Chartered Bank allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.
Eligibility Criteria:
To avail the home loan from Standard Chartered Bank, you need to have the following eligibility criteria.
- You should be less than 70 years old at the time of loan maturity.
- Steady source of income
Interest Rate
The interest rate on Standard Chartered Home Loan ranges between 8.55% - 9%. However, the interest rates are subject to change at the sole discretion
Documents Required to Apply for Standard Chartered Bank Home Loans
Important documents to be submitted while applying for home loan with Standard Chartered Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
- Property tax receipt
- Proof of business address for non-salaried individuals
- Personal assets and liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
EMI Payment Methods
Your Standard Chartered Bank home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Standard Chartered Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Standard Chartered Bank account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Standard Chartered Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Standard Chartered Bank account at your nearest Standard Chartered Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
How to Apply for Standard Chartered Bank Home Loan?
You can either apply online or visit a nearby Standard Chartered Bank branch for the application. You can also download the home loan application form from the Standard Chartered Bank official website, complete the form and submit it the bank representative.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
Summary of Standard Chartered Bank Home Loans
With attractive interest rates and low processing fees, Standard Chartered Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Standard Chartered Bank home loan without any penalty. Standard Chartered Bank home loan is the best option to buy or construct your dream house.
Standard Chartered Bank Home Loan FAQs
1. What are processing fees on Standard Chartered Bank Home Loans?
0.50% - 1% of loan amount is charged as processing fees.
2. Is there penalty for prepaying the Standard Chartered Bank Home Loan?
No penalty is levied for prepaying the Standard Chartered Bank Home Loan.
3. Can I get Standard Chartered Bank Home Loan without a Guarantor?
Standard Chartered Bank home loan requires a guarantor.
4. What is the maximum loan repayment period for Standard Chartered Bank home loans?
The maximum repayment period is 25 years.
5. How Can I apply for Standard Chartered Bank home loan?
You can either apply online or visit a nearest Standard Chartered Bank branch and take the help of the bank’s representative.
6. What is the maximum loan amount provided by Standard Chartered Bank?
You can get loan amount up to 15 crores under Standard Chartered Bank housing loan scheme.
7. Can I get tax benefits from Standard Chartered Bank Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.