A British Multinational banking and Financial Services Company, headquartered in London, it would not be wrong to say that Standard Chartered Bank is a name to reckon with. Yes, this renowned bank with a network of over 1200 branches across more than 70 countries is worldwide known for offering a diverse range of financial products and services to all its customers. However, if we talk about offering a home loan, there is no denying the fact that this leading bank makes sure that your dream of owning a beautiful home can easily be fulfilled. The bank offers loans for ready/under construction homes/flats, home extension, and renovation with flexible tenures to salaried and self-employed individuals. In case you are looking for more details about the Standard Chartered Bank Home Loan, just go to the page below.
Standard Chartered Bank Home Loan Interest Rate Details
Find the details about the latest Standard Chartered Home Loan Interest Rate and more details on the home loan.
| Particulars | Details |
|---|---|
Interest Rates | Starting at 8.65% p.a. |
Loan Amount | Up to ₹35 crores |
Tenure | Up to 25 years |
Types of Standard Chartered Bank Home Loans
Home Loan
- Purchase or construction of a new house
- Renovation or extension of an existing property
Loan Details:
- Minimum Loan Amount: ₹10 lakh
- Maximum Loan Amount: ₹35 crore
- Loan Tenure: Up to 25 years
Home Saver Loan
A smart home loan variant that comes with an overdraft facility. An overdraft account is opened along with the home loan, allowing the borrower to deposit surplus funds. The deposited amount is deducted from the loan's outstanding principal when calculating interest, effectively reducing interest outgo.
Loan Details:
- Minimum Loan Amount: ₹10 lakh
- Maximum Loan Amount: ₹35 crore
Eligibility: All Indians are eligible for this loan.
Interest-Only Home Loan
This loan offers the flexibility to pay only the interest component during the initial period (up to 12, 24, or 36 months), followed by full EMI payments thereafter. This option is available only for ready-to-move residential properties.
Loan Details:
- Minimum Loan Amount: ₹35 lakh
- Maximum Loan Amount: ₹3.5 crore
- Loan Tenure:
- Up to 25 years for self-employed individuals
- Up to 30 years for salaried individuals
Eligibility: Only Salaried and Self-Employed borrowers are eligible.
Standard Chartered Bank Home Loan Eligibility Criteria
General Home Loan Eligibility
- Eligible Applicants:
- Individuals: Both salaried (government or private sector employees) and self-employed individuals (business owners filing Income Tax Returns) are eligible.
- Residency Status: Available to both Resident and Non-Resident Indians (NRIs).
- Age Requirement: Applicants should be between 21 and 65 years of age.
- Eligible Entities:
- Partnership Firms and Private Limited Companies: These entities can also avail home loan schemes offered by Standard Chartered Bank.
Interest-Only Home Loan Eligibility
- Eligible Applicants:
- Resident Indians: This product is available exclusively to Resident Indian individuals.
- Property Type: Offered only for ready-to-move-in residential properties.
- Repayment Tenure: Up to 30 years for salaried individuals and up to 25 years for self-employed individuals.
- Special Condition for Bengaluru: In Bengaluru, the Interest Only Home Loan is offered exclusively to salaried clients.
Please note that these criteria are subject to change. It's advisable to consult directly with Standard Chartered Bank or visit their official website for the most current information.
Documents Required for Standard Chartered Bank Home Loan
Basic Documents (for all applicants)
- Photo Identity Proof
- Proof of Residence
- Proof of Age
- All documents must be self-attested
For Salaried Individuals
- Last 2 months' salary slips (mandatory if salary includes variable components)
- Latest Form-16 (previous financial year)
- Bank statements of the salary account for the last 3 months
For Self-Employed Individuals / Professionals
- Latest 2 years' Income Tax Returns and computation of income (for both individual and firm)
- Latest 2 years' Profit & Loss statements, Balance Sheets, and Capital Account Statements, duly certified by a Chartered Accountant.
- Audit Reports for the last 2 years
(Mandatory for self-employed individuals with turnover > ₹1 crore, or professionals with gross receipts > ₹25 lakh) - Statements from the main business bank account for the past six months.
Additional Documents Based on Business Type
For Partnership Firms: Copy of the Partnership Deed
For Private Limited Companies:
- Shareholding pattern or Memorandum & Articles of Association, attested by a C.A.
- List of Directors
Documents About Your Property: Please provide the following documents related to your property. All copies should be self-attested:
- Copies of property papers (first and last page)
- Details of any existing home loan facility
(Note: Items marked B & C below can be submitted before loan disbursal.)- Sanction letter for the existing home loan
- Original list of documents held by the existing (competition) bank
- The latest loan outstanding statement for the loan being transferred
- Declaration of any other existing loans
Note: The above is an indicative list of documents and may vary. Documents are accepted by Standard Chartered Bank’s prevailing policy at the time of your loan application.
How Can You Calculate EMI for Standard Chartered Bank Home Loan?
With the help of a Standard Chartered Bank Home Loan EMI calculator, you can easily know the exact values of your monthly installments that you need to give to the respective bank each month. This smart and time-saving device saves a lot of time, and with its quick process, it lets you know the results in the most hassle-free manner. All you need to do is just enter a few credentials, such as: Loan Amount, Tenure, and Interest Rates, into the device to get to know the EMIs on different home loan interest rates for different loan tenures.
Example :
You plan to avail a 25-year home loan of Rs. 45 lacs to buy a home at the interest rate of 8.65% p.a. up to 10.20% p.a., depending upon the applicant’s profile. What will be the EMI for the month? You can check the table below to find the payout in each year for 25 years.
| Loan Tenure | Interest Rate - 8.65% p.a. | Interest Rate - 10.20% |
|---|---|---|
5 | Rs 92,650.06 | Rs 96,055.14 |
10 | Rs 56,155.22 | Rs 59,967.33 |
15 | Rs 44,709.84 | Rs 48,909.31 |
20 | Rs 39,480.31 | Rs 44,023.94 |
25 | Rs 36,691.22 | Rs 41,527.68 |
Fees/Charges of Standard Chartered Bank Home Loan
Processing Fees | 1% of the loan amount |
Pre-closure fees | NIL |
Part pre-payment Fees | NIL |
CERSAI fees | Applicable charges as prescribed by the CERSAI authority. |
Annual fees | Not Applicable |
EMI cheque bounce charges | 495/- per instance |
Penal Charges | 24% p.a |
Document Retrieval Charges | 300/- per instance. |
Conversion/Switch Fee | Up to 1% of the principal outstanding |
Features & Benefits of Standard Chartered Bank Home Loan
- Tailor-Made Solutions -Avail home loans of up to INR 35 Crore with flexible repayment tenures of up to 25 years, designed to meet your specific needs.
- Home Loan Balance Transfer with Top-Up- Transfer your existing home loan and enjoy reduced EMIs with our simplified balance transfer option. For any additional financial support, you can also opt for the Top-up loans.
- Home Loan Programme -Get refinance benefits on payments made within 6 months of property purchase under our specially designed home loan programme.
- Home Saver- A smart financing solution that helps you repay your loan faster while reducing your interest burden, giving you greater control over your finances.
- Attractive Interest Rates- Enjoy competitive interest rates on home loans up to INR 35 Crore, making home ownership more affordable.
- Insurance Protection- Safeguard your family's financial future with insurance products that cover both life and property, protecting against unforeseen events.
- Tax Benefits- Avail tax deductions as per Section 24(b) and Section 80C of the Income Tax Act, 1961, on both interest and principal repayment.
- Reach Us Anytime- Connect with us through our 24x7 Phone Banking Helpline or visit any of our extensive network of branches for assistance.
Conclusion
Standard Chartered Bank Home Loans offer a comprehensive and flexible financing solution customised to meet the diverse needs of both salaried and self-employed individuals. With affordable interest rates, high loan amounts, extended repayment tenures, and value-added features like the Home Saver and Interest-Only Home Loan options, borrowers can benefit from both convenience and financial efficiency. Backed by a trusted global banking brand, Standard Chartered ensures a smooth and transparent loan process, making homeownership more accessible and stress-free.
FREQUENTLY ASKED QUESTIONS
1. What is the latest interest rate on the Standard Chartered Bank Home Loan?
The Standard Chartered Bank Home Loan interest rate starts at 8.65% p.a.
2. What is the minimum loan amount I can apply for under the Standard Chartered Bank Home loan?
The minimum loan amount available is ₹10 lakh under the Standard Chartered Bank Home loan.
3. What are the processing fees for a Standard Chartered Bank Home Loan?
Standard Chartered Bank Home Loan processing fees range from 0.50% to 1% of the loan amount, depending on the specific loan scheme chosen.
4. Are processing fees under the Standard Chartered Bank Home Loan refundable if my loan application is rejected?
No, processing fees are non-refundable regardless of the loan application's approval status.
5. Are there any prepayment charges on the Standard Chartered Bank Home Loan?
There are zero prepayment charges on Standard Chartered Bank Home loans with floating interest rates. For fixed-rate loans, prepayment charges may apply as per the bank's policy.
6. What is the maximum Standard Chartered Bank Home Loan tenure available?
The loan tenure can extend up to 25 years, depending on the applicant's eligibility and the bank's terms.
