Standard Chartered Bank Home Loan
About Standard Chartered Bank Home Loan
Standard Chartered Bank is one of the major multinational banks to offer Home Loans in India. Employing more than 87,000 people, Standard Chartered Bank has an extensive network of more than 1,000 branches spread across 70 countries in the world.
With its headquarters in London, Standard Chartered Bank PLC is a British banking and financial services company. It has a reputation for providing seamless customer support service, and a flexible suite of financial products for more than 150 years.
Standard Chartered Bank Home Loan
Loan turnaround period
8 - 15 days
Loan to value (LTV)
Get loan up to 85% of project cost
Who can apply?
Up to 4 applicants are allowed as co-applicants
840 Per Lakh
Why Standard Chartered Bank Home Loan?
Choose Home Loan by Standard Chartered Bank if you are looking for additional benefits such as doorstep customer service, insurance cover to protect your property and loan, along with the attractive rate of interest and swift disbursement. Standard Chartered Bank is a name to reckon with in the Home Loan sector, particularly for the younger generation. With about 100 branches in over 42 cities in India, they have a decent presence in the larger towns.
Features and Benefits of Standard Chartered Bank Home Loan
Standard Chartered Bank is one of the premier foreign banks that brings along a variety of Home Loans for buyers. Briefly the benefits of applying for a Standard Chartered Home Loan can be listed as:
- Easy application process and documentation
- Facility of online application
- Swift loan processing and quick approval
- Doorstep customer service
- Home Loan is available for a minimum amount of 5 Lakhs to a maximum of 35 Crores.
- There are no hidden charges
- Attractive interest rate available.
- Insurance cover for loan as well as property.
- Diversified products with a wide range of repayment options.
- Gain cash-back on Home Loan.
- Free debit cards and Credit Cards on specific Home Loan products.
- Other mortgage loan options like Home Saver and Loan Against Property are also available.
- You get income tax benefits on the repayment of Home Loan instalments and interest.
Standard Chartered Bank Home Loan Interest Rates
Standard Chartered Bank offers Home Loans at attractive interest rates starting from 8.91%. You can expect competitive rates according to the market. You can check the available rate for your profile by filling a form on MyMoneyMantra.
Standard Chartered Bank Processing Fees and Other Charges
Processing fees - Up to 1% of the sanctioned amount
- Nil on Home Loans with floating rate of interest.
- In case of other categories of Home Loan, the following rules apply.
1. No pre-payment charges when the pre-payment amount is less than 25% of the principal outstanding in a calendar year.
2. 5% of the entire amount you are paying, when the pre-payment exceed 25% of the principal outstanding in a year.
Conversion Fees - Customers can opt to switch between fixed rates and floating rates (and vice versa) by paying 1% of the principal outstanding amount.
Cheque Dishonour Charges or EMI Bounce Charges - 495 per instance.
Property Insurance - Premium directly payable to the insurance provider.
Documents Retrieval Charges - 300 per instance
CERSAI Fees - 500
Penal Interest - 24% per annum
Types of Home Loans Offered by Standard Chartered Bank
Standard Chartered Bank offers various kinds of loans to salaried and self-employed individuals depending on their eligibility.
1. Standard Chartered Home Loan - Home Pack
- Standard Chartered Home Pack is a regular Home Loan for purchase or construction of a house or an apartment.
- You can also avail this loan facility for a second-hand residential property.
- Salaried individuals, self-employed persons, partnership firms, and private limited companies are eligible for this Home Loan.
- You get cashback up to 2% based on your repayment record. Standard Chartered Bank credits this amount to your savings account.
- It entitles the borrower to receive a free-for-life Credit Card and a mortgage-reduced term assurance/householder package for insurance needs.
- This product comes with a free of cost current or savings account.
- You get 500 rewards points on your Credit Card.
- When you avail the Home Pack, you get a full waiver on the processing fees for your Personal
- One can apply for Home Loan of up to 35 Crores with flexible repayment tenure of up to 25 years. The margin is in the range of 10% to 25% depending on the loan amount.
- Doorstep service is available at each step.
- Income tax benefits are available under Sec 24 and Sec 80C of the IT Act 1961.
2. Home Loan Balance Transfer with Top-Up
- The eligibility criteria are the same for all Home Loans. However, to be eligible for Home Loan Balance Transfer, you should have an impeccable repayment record with your existing bank.
- You can transfer your existing Home Loan to Standard Chartered Bank and take the benefit of the attractive interest rates.
- Eligible borrowers can avail Top-Up facility subject to satisfying criteria like monthly stable income, repaying capacity, and market value of the property.
- Like Standard Chartered Home Loan, SC Balance Transfer is also eligible for insurance cover for loan and property.
3. Home Loan Refinance
- Home Loan Refinance allows applicants to refinance the payments made within 6 months of purchase of property.
- You can also get a Top-Up for an amount equivalent to the Home Loan amount at specified Home Loan interest rate. However, eligibility is subject to satisfying factors like income, repayment capacity, Loan-to-Value (LTV) ratio, and so on.
- Insurance cover available on loan is another highlight of this product.
4. Home Saver
- Home Saver Loan by Standard Chartered helps you save money on your Home Loan account. You get the advantage of simplified interest calculations on daily balances.
- Home Saver is basically an overdraft type of account where you can deposit and withdraw funds whenever you need it. You can deposit surplus amount in your Home Loan account and reduce interest component. It allows you to withdraw this additional amount whenever you need it. Home Saver Loan thus makes your loan less expensive and affordable.
- With SC Home Saver Loan, you get a free international debit card to use for your daily expenses.
- You also become eligible for Life Insurance for the value of the Home Loan and cover you against any eventuality to life and property.
- You also get all regular benefits of Standard Chartered Home Loans such as eligibility for Top-Up Loan, doorstep customer service, tax benefits under Section 24 and 80C of Income Tax Act 1961.
Standard Chartered Bank Home Loan Eligibility
Both salaried and self-employed individuals (professionals and non-professionals) are eligible for applying for Standard Chartered Bank Home Loan. The regular eligibility criteria are as follows.
- Applicant should be in the age group of 21-60 years.
- Salaried individuals and self-employed persons having a steady and monthly source of verifiable income are eligible to apply for Standard Chartered Home Loan.
- The minimum annual turnover for self-employed individuals is 1 Crore.
- The Gross Receipts should be more than 25 Lakhs for self-employed professionals.
Enhance Your Home Loan Eligibility with Co-applicant
Applicants can enhance their eligibility limits by bringing in an eligible co-applicant. Standard Chartered Bank considers the income of the co-applicant while determining the overall eligibility. The advantage of having a co-applicant is that you not only get better interest rate but also higher tax benefits for both co-applicants.
Who is eligible to become a co-applicant for Standard Chartered Home Loan?
- Co-owners: All the co-owners of property are the co-applicants to the Home Loan.
- Parents - Son: A son can include the name of his father as a co-applicant if the property is in his name. In case property is in the father's name, it is advisable to get the NOC from the other legal heirs before proceeding to apply for the Home Loan.
- Parents - Daughter: Banks do not accept married daughters as co-applicants unless they are co-owners of the property.
- Siblings: Generally, Standard Chartered Bank does not accept siblings as co-applicants. However, if the property is in joint names, they have to join as co-borrowers.
- Spouse: The spouse is an ideal co-applicant irrespective of the fact whether the spouse is earning or not.
- Unrelated Persons - It is very rare to find such a combination. It is possible that two partners of a firm can join and purchase a house or office for business purposes (non-residential property loan). One should have the partnership deed ready for perusal. In case of a Private Limited Company, you should produce the Memorandum and Articles of Association or the shareholding pattern. Standard Chartered Bank requires you to furnish the list of directors of the company.
Documents Required for Standard Chartered Bank Home Loan
1. Common Documents for Salaried and Self-employed Individuals
- Photo Identity Proof
- Residence Proof
- Age Proof
2. Financial Documents for Salaried Individuals (self attested)
a. Income Proof - Salaried Individuals
- Last 2 months' salary slip
- Last 3 months' bank statements
- Form 16 for the latest year
3. Financial Documents Required for Self-employed Professionals/Individuals (self attested)
- Financial statements of latest 2 years including Profit & Loss Statements, capital account statements, and balance sheets, duly certified by a Chartered Accountant
- Audit reports of latest 2 years
- Last 6 months' bank statements of primary bank accounts of self-employed individuals and professionals, showing minimum turnover of 1 Crore and gross receipts of 25 Lakhs respectively.
- IT returns and computation of income of last 2 years (for firm and individuals both)
- Statement of Account for one year to establish continuity of income
- A copy of partnership deed for partnership firms
- For private limited companies - Shareholding pattern, list of directors, memorandum and articles of association, duly attested by a C.A.
4. Property Documents (self attested)
- Copies of property papers
- Sanction letter
- Details of existing Home Loan
- Declaration of other existing loans
- Original documents list held by competition bank
- Details of outstanding loan amount sought to be transferred
- Other existing loans declaration
Other Products by Standard Chartered Bank
- Payroll Overdraft
- Personal Loan
- Credit Cards
Standard Chartered Bank Home Loan - The Role of CIBIL Score
Your Home Loan eligibility depends on your credit score. A higher CIBIL score entitles you to get many benefits such as better interest rates, higher loan eligibility, and so on. You can avail Standard Chartered Bank Home Loan with CIBIL score 650 or above.
Why Apply for Standard Chartered Bank Home Loan via MyMoneyMantra?
MyMoneyMantra is a reputed Home Loan service provider. You can search and locate best loans online without any delay. Applying for a Standard Chartered Bank Home Loan via MyMoneyMantra is indeed easy as well as hassle free.
- The customer-friendly website is designed to help you apply for Home Loan with ease.
- You can use our online EMI Calculator to check out the prospective EMI you are required to pay if you wish to go ahead with the chosen Home Loan. You can effortlessly calculate and compare several combinations.
MyMoneyMantra enables you to check interest rate according to your credit score. You get the benefit of a lower Home Loan rate if you have a good CIBIL score.
How to Apply for Standard Chartered Bank Home Loan on MyMoneyMantra?
- Visit www.mymoneymantra.com
- Select "Home Loan" under Loans section
- Enter and submit the required details
- Accept the terms and conditions and proceed
- Enter the OTP sent on your mobile number
The above steps ensure that no one else uses your personal information to make a loan query. You can now choose the loan provider as Standard Chartered Bank Home Loans.
- Keep your documents ready for verification.
- The Home Loan specialists at MyMoneyMantra will help you with the Home Loan application process by picking up your documents and submitting them to the concerned bank.
- The marketing team from Standard Chartered Bank Home Loans will contact you to verify the documents.
- On completion of the verification process, the bank would proceed with the processing of the Home Loan.
- Standard Chartered Bank provides the loan offer letter that contains the terms and conditions of the sanction.
- Go through the terms and conditions, accept them, and return one copy of the letter duly signed.
- The loan will be disbursed to your bank account.
Standard Chartered Bank Home Loan - Customer Care
There are various methods to get in touch with Standard Chartered Bank.
- The Click to Chat option on the website is a simple way to get valuable information about various loan options.
- You can also directly phone the Personal Banking Segment at the phone numbers: 66014444 and 39404444. These are common lines in Tier 1 and Tier II cities.
- People in smaller cities like Jalgaon, Guwahati, Cuttack, Mysore, Thiruvananthapuram, Visakhapatnam, Mathura, Prodattur, Dehradun, and Saharanpur can dial the toll-free number 1800-345-1000. If you are in Siliguri, dial 1800-345-5000.
Standard Chartered Bank Home Loan Latest News
23 April, 2018 - Standard Chartered Bank Launches Retail Digital Banking Initiatives
Standard Chartered Bank launched its retail digital banking initiatives for providing its customers with a seamless digital banking experience including - opening accounts in real time, interacting with relationship managers digitally.
20 March, 2018 - Mahindra & Mahindra and Standard Chartered Bank Become Partners to be the First Indian Corporate to complete domestic payments
Mahindra & Mahindra Limited has partnered with Standard Chartered Bank, to become the first corporate in India to complete domestic payments successfully via the SWIFT India platform. SWIFT India will bring efficiency in processes through using a single banking and payment platform for global as well as domestic flows.
Get a Free Credit Card With Standard Chartered Bank Home Loan
Now, Standard Chartered Home Pack Loan borrowers can get a lifetime free Credit Card. They also get the facility of opening a savings or a current account thereby entitling them to a free debit card as well. Activate the Credit Card as soon as possible to get 500 rewards points. You can redeem them for attractive
Standard Chartered Bank Rewards Good Behaviour
Standard Chartered Bank recognises good repayment behaviour by offering a cashback up to 2%. The cashback amount will be credited directly to your savings account if your repayment record is good.
8 Feb, 2018 - SCB in partnership with Siliguri Greater Lions Eye Hospital Launches Vision Centre
Standard Chartered Bank in partnership with the Siliguri Greater Lions Eye Hospital,announced the launch of a vision centre in Siliguri. The bank has launched 5 vision centres in Assam, Arunachal Pradesh, and West Bengal as a part of its Seeing is Believing (SiB) project, fortreating blindness and visual impairment.
Standard Chartered Bank Home Loan - Frequently Asked Questions
How much Home Loan amount (LTV) can I get from Standard Chartered Bank?
Depending on the product you choose, Standard Chartered Bank gives Home Loans from 75% to 90% of the value of the property. Reserve Bank of India has stipulated the standard margin for Home Loans.
How do you calculate Standard Chartered Home Loan EMI?
By using MyMoneyMantra's EMI calculator, you can calculate the prospective Home Loan EMI. All you have to do is to enter the following information:
- The loan amount
- Rate of Interest
- Number of EMIs
You get an exhaustive amortisation schedule providing all the information you need.
What are the benefits of having a Home Saver Home Loan Account with Standard Chartered Bank?
The Home Saver Home Loan account is like an overdraft account that allows you to deposit and withdraw funds whenever you need. Deposit your surplus funds in the Home Loan account and save on the interest component. You get a free debit card, cheque book, and internet banking facilities in the Home Saver Home Loan account. Anyone who has surplus amount can make use of this facility to lower their loan obligation.
How does the Home Pack Home Loan product benefit me?
The Home Pack product entitles the borrower to a free lifetime credit card. Also, the borrower gets insurance for the Home Loan and property. You also get an opportunity to open a savings or current account with Standard Chartered Bank that entitles you to receive benefits like the free debit card, cheque books, and so on.
How do I determine my Home Loan eligibility?
Many factors determine your Home Loan eligibility. They are as follows.
- Your income - Higher the income, higher is the loan eligibility
- Age - Lower the age, the longer is the loan tenure
- Co-applicant's income
- Number of dependents
- Repayment history
- CIBIL Score
- Value of property - Necessary to maintain the LTV ratio
- Purpose of loan - Loan against property requires you to maintain higher margin
You get a minimum of 5 Lakhs and a maximum of 35 Crores when you avail a Home Loan from Standard Chartered Bank.
Can I move my existing Home Loan to Standard Chartered Bank?
Yes, it is possible to transfer your existing Home Loan to Standard Chartered Bank. Availing an HLBT has many benefits.
- Attractive and best interest rates that can help you save money
- Simple procedure
- Opportunity to get additional Top-Up loans
- Customised repayment options
- No hidden charges
Is it possible to apply for Standard Chartered Bank Home Loan online?
Yes, you can apply for Standard Chartered Bank Home Loan online. However, the best way to apply for a Standard Chartered Bank Home Loan is through MyMoneyMantra. You get the benefit of free counselling from MyMoneyMantra. You can compare various loan products online and make the right choice.
Can I improve my Home Loan eligibility
You can improve your loan eligibility considerably.
- Close your existing Personal Loans and improve your net take-home pay.
- Maintain an excellent repayment record.
- Bring in a co-applicant with sufficient income.
Can I apply for the Standard Chartered Bank Home Loan with 600 CIBIL Score?
Yes, you can apply for the Standard Chartered Bank Home Loan. Standard Chartered considers Home Loan applications of borrowers having CIBIL score of 550 and above, provided the CIBIL report does not show serious irregularities.
Is there an insurance cover for my Home Loan?
Yes, you get insurance cover when you apply for the Standard Chartered Bank Home Loan. You get insurance for the home as well as for the Home Loan. The property insurance covers loss to property due to various factors such as fire, earthquakes, floods, and so on. The Home Loan insurance provides coverage up to the loan outstanding amount in the case of the untimely demise of the Home Loan borrower prior to the settling of the Home Loan.
Does Standard Chartered Bank implement the Prime Minister AwasYojana?
No, Standard Chartered Bank is a foreign bank. It does not implement the PMAY.
Does Standard Chartered Bank offer cashback in your Home Loan account?
Yes, Standard Chartered Bank rewards good credit behaviour by offering cashback up to 2% when you maintain an impeccable repayment record. It is an incentive to borrowers to develop good credit habits.
Does Standard Chartered Bank offer loans to non-individuals?
Yes, Standard Chartered Bank offers loans to partnership firms and companies subject to specific terms and conditions. These entities can avail loan against property in the name of the firms for business purposes.
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Total Interest Payable
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(Principal + Interest)