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Explore the intricacies of Standard Chartered home loans, a prominent Indian financial entity known for its dependable services. Whether you're a salaried worker, self-employed, or an NRI, Standard Chartered provides diverse home loan options to suit your requirements.
Within these pages, you'll attain a thorough grasp of Standard Chartered's home loan specifics, encompassing interest rates, eligibility criteria, the application procedure, and additional facets. Acquire the insights required to make informed choices for your home loan endeavour.
Standard Chartered Home Loan Details
Standard Chartered's home loan offerings are defined by attractive features and flexible options, simplifying a smooth and cost-effective journey towards homeownership. Now, let's explore the crucial details surrounding Standard Chartered Home Loans in more detail:
- Interest Rate The interest rate for Standard Chartered Home Loan starts at 8.75% p.a. (fixed for the first year). The actual interest rate will depend on your credit score, loan amount, and repayment tenure.
- Loan Amount The maximum loan amount that you can avail from Standard Chartered Home Loan is INR 35 crores. The minimum loan amount is INR 10 lakhs.
- Processing Fees The processing fee for Standard Chartered Home Loan is 1.5% of the loan amount. However, there is no processing fee for loans up to INR 20 lakhs.
- Prepayment/Foreclosure Charges There are no prepayment or foreclosure charges on Standard Chartered Home Loan. You can prepay your loan without any penalty.
- Maximum Tenure The maximum tenure for Standard Chartered Home Loan is 30 years. However, the actual tenure will depend on your age and repayment capacity.
- Rate Packages Available Standard Chartered Home Loan offers two rate packages:
- • Floating Rate Package The floating rate package has an interest rate that is linked to the MCLR (Marginal Cost of Funds Based Lending Rate). The MCLR is reset every month, so your interest rate will also change every month.
- • Fixed Rate Package The fixed rate package has an interest rate that is fixed for a certain period of time (usually 3 years or 5 years). After the fixed period, the interest rate will become floating.
Standard Chartered Home Loan Interest Rates
| Scheme | Interest Rate Range |
| Standard Chartered Home Loan | 8.75% to 9.75% p.a. |
| Home Saver | 8.75% to 9.75% p.a. |
| Interest Only Home Loan | 9.25% to 10.25% p.a. |
| Home Pack | 8.50% to 9.50% p.a. |
| Loan against Property | 8.75% to 9.75% p.a. |
Standard Chartered Bank Home Loan EMI Calculator
The EMI calculator functions by computing the monthly sum required for your Standard Chartered home loan, encompassing both the principal loan amount and interest. This calculation incorporates the interest rate and repayment duration to determine your monthly instalment.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
• P = Loan amount
• R = Interest rate
• N = Repayment period in months
Standard Chartered bank Home Loan Schemes
The bank provides competitive interest rates throughout its assortment of IndusInd Bank home loan plans. The interest rates can differ depending on the particular loan scheme and the selected repayment period. Here's an overview of the distinct home loan schemes offered by Standard Chartered:
1. Standard Chartered Home Loan
This is the bank's flagship home loan scheme, which offers competitive interest rates, flexible repayment tenures, and no prepayment charges.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 25,000 - INR 35,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 35 Crores
Interest Rate:
- 8.75% Onwards
Processing Fees:
0.5 to 1.0% of the loan amount + GST
2. Home Saver
This scheme allows you to prepay your home loan faster and save on interest costs. The interest rate on the overdraft facility is lower than the interest rate on the home loan, so you can save money on interest costs.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 35,000 - INR 50,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 25 Crores
Interest Rate:
- 8.75% Onwards
Processing Fees:
0.5 to 1.0% of the loan amount + GST
3. Interest Only Home Loan
This scheme allows you to pay only the interest component of your home loan for the initial few years, and then start repaying the principal amount later.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 25,000 - INR 35,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 35 Crores
Interest Rate:
- 9.25% Onwards
Processing Fees:
0.5 to 1.0% of the loan amount + GST
4. Home Pack
This is a bundled product that combines a home loan with a credit card and a savings account.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 50,000 - INR 75,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 35 Crores
Interest Rate:
- 8.50% Onwards
Processing Fees:
0.5 to 1.0% of the loan amount + GST
5. Loan against Property
This scheme allows you to borrow money against the security of your property.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 25,000 - INR 30,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 70% of the property value
Interest Rate:
- 8.75% Onwards
Processing Fees:
0.5 to 1.0% of the loan amount + GST
Moreover, there exists the option of a top-up facility for Standard Chartered home loans. This empowers individuals with existing Standard Chartered Home Loans to secure additional funds for purposes such as home improvements, education, or personal financial needs.By understanding the interest rates associated with different home loan schemes offered by Standard Chartered, as well as the option for top-up loans, borrowers can make informed decisions. This enables them to choose the best-suited solution that aligns with their financial goals and repayment capacity.
Standard Chartered Home Loan Eligibility
In order to be eligible for a Standard Chartered Home Loan, specific requirements need to be met. These eligibility conditions could vary based on the loan scheme and applicant category. Below are key factors assessed by Standard Chartered to establish eligibility for a home loan:
- Age
- Standard Chartered requires that you are at least 21 years old.
- Not more than 65 years old at the time of loan maturity. This is because the bank wants to ensure that you will be able to repay the loan before you reach retirement age.
- Income
- Standard Chartered requires that your monthly income must be at least 3 times the monthly EMI of the home loan. This is to ensure that you can afford the monthly repayments.
- Employment Type
- Standard Chartered requires that you are a salaried employee or a self-employed professional with a minimum of 2 years of continuous employment. This is to ensure that you have a stable source of income.
- Credit Score
- Standard Chartered requires that your credit score must be at least 750. This is to ensure that you have a good track record of repaying your debts.
- Property Documents
- Standard Chartered requires that you have a clear title to the property that you are buying.
- You must also provide the following property documents:
- - Sale deed
- - Property tax receipts
- - Encumbrance certificate
- - No objection certificate from the local authority
Meeting these eligibility criteria increases the likelihood of getting your Standard Chartered Home Loan approved.
Documents Required for Standard Chartered Home Loan Application
When applying for a Standard Chartered Home Loan, it's crucial to provide specific documents. The document requirements may vary based on the applicant category and loan scheme. Below is a list of common documents required by Standard Chartered for the home loan application procedure:
Documents Based on Loan Purpose
1. Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
- Driving License
2. Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills
- Rental Agreement
3. Income Proof
- Salary slips
- Bank statements
- Income tax returns
- Audited financial statements for self-employed individuals
4. Property Documents
- Sale agreement
- Property title deed
- Approved building plan
- Property tax receipts
5. Other Documents
- Passport-size photographs
- Bank statements
- Employment proof
How to Apply for a Standard Chartered Home Loan
The process of applying for a Standard Chartered Home Loan is straightforward, especially due to the convenience of online application options. Presented below is a detailed, step-by-step manual to guide you through the Standard Chartered Home Loan application:
1. Research:
Understand the various Standard Chartered Home Loan schemes and choose the one that suits your needs.
2. Check Eligibility:
Use Standard Chartered’s online eligibility calculator to determine your loan eligibility.
3. Gather Documents:
Collect all the necessary documents as per the loan scheme and applicant type.
4. Online Application:
Visit Standard Chartered’s official website or use reliable platforms like NoBroker to apply online. You can also check your Standard Chartered home loan status online via the official website.
5. Fill Application Form:
Provide accurate details and upload the required documents.
6. Application Review:
Standard Chartered will review your application and may request additional documents if necessary. Then you have to wait for the Standard Chartered home loan status.
7. Loan Approval and Disbursement:
Once the application is approved, the loan amount will be disbursed to your bank account. By adhering to these procedures, you can smoothly and effectively finalize the application process for a Standard Chartered Home Loan.
By adhering to these procedures, you can smoothly and effectively finalize the application process for a Standard Chartered Home Loan.
Standard Chartered Home Loan Customer Care
For any inquiries or if you need help with Standard Chartered Home Loan, feel free to contact their customer support team. Below are the contact details for Standard Chartered Home Loan Customer Care:
| Toll-Free Number (India) | 1800 345 1000, 1800 345 5000 |
| customer.Care@sc.com | |
| Address | Standard Chartered Bank, Customer Care Unit, 19, Rajaji Salai, Chennai 600 001. |
Conclusion
Standard Chartered Home Loans provide an outstanding opportunity for individuals to realize their dream of homeownership. With competitive rates, flexible loan options, and a wide range of schemes, Standard Chartered effectively caters to diverse borrowers' needs. By reading this piece, you've gained a comprehensive grasp of Standard Chartered home loan details, interest rates, eligibility criteria, the application process, and customer support options. Utilize the insights shared here as you embark on your journey towards homeownership with Standard Chartered Home Loans.
