|Standard Chartered Bank Home Loan 2020|
|Interest Rate||8.86% onwards|
|Loan Tenure||Up to 25 years|
|Loan-to-Value Ratio||Up to Rs. 35 Crore|
|Processing Charges||Up to 1% of the sanctioned amount|
Standard Chartered Bank provides home loans at a competitive interest rate starting from 8.86% onwards. The bank offers various home loan schemes which can be used for distinctive purposes as per the need of the customer.
Features and Benefits of Standard Chartered Bank Home Loan
- Long repayment period of up to 25 years
- Big loan amount of up to Rs. 35 crore
- Generous processing charges
- Add-on insurance benefit
- Available to both salaried and self-employed individuals
Standard Chartered Bank Home Loan Interest Rates
The rate of interest offered by Standard Chartered Bank starts from 8.86% onwards. The interest rate applicable on a home loan varies with the loan amount and the risk profile of the applicant.
Check Also: Home Loan Rates from Top Providers
Standard Chartered Bank Home Loan Processing Fee and Other Charges
|Processing Fee||Up to 1% of the loan amount|
|Part-Prepayment Charges||For Individuals: NIL|
● NIL for part pre-payments less than 25% of the principal outstanding in a calendar year.
● 2.5% of the entire amount being paid for part pre-payments greater than 25% of principal outstanding in a calendar year
|Foreclosure Charges||For Individuals: NIL foreclosure fees on floating rate loans to individuals|
For others: 2.5% of the principal outstanding
|Penal Interest||24% per annum|
|CERSAI Fees||Rs. 500|
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Standard Chartered Bank Home Loan EMI Calculator
Standard Chartered Bank Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Standard Chartered Bank home loan EMI calculator is an online tool, which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your EMI.
Standard Chartered Bank Home Loan EMI Calculation
The table below shows Standard Chartered Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||25 years|
|Rs. 30 lakh||8.86%||Rs. 30,714||Rs. 27,301||Rs. 25,505|
|Rs. 60 lakh||9.55%||Rs. 62,835||Rs. 56,124||Rs. 52,630|
|Rs. 90 lakh||10.00%||Rs. 96,714||Rs.86,852||Rs. 81,783|
|Rs. 1 crore||10.20%||Rs. 1,08,687||Rs. 97,831||Rs. 92,284|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Check Also: Home Loan Types
Standard Chartered Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Standard Chartered Bank.
|Eligible Profiles||● Salaried and Self-Employed Individuals|
● Private firms
● Partnership firms
|Age||Minimum: 23 years|
Maximum: 70 years
Standard Chartered Bank Home Loan Documents Required
Following are the documents required to successfully apply for Standard Chartered Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 2 months||2 years’ ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 3 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|● Property paper copies (first and last page to be self-attested)|
● Existing home loan facility details
● Sanction letter
● Other existing loans declaration
Standard Chartered Bank Home LoanHome Loan Schemes
Considering the distinct requirements of a varied customer base, Standard Chartered Bank offers customized home loan schemes to suit the needs of every applicant.
|Regular Housing Loan||Cashback Home Loan||Home Loan Top-Up||Balance Transfer Home Loan|
1. Regular Home Loan
This is a regular home loan scheme that can be availed to buy or construct a house.
Check Also: Home Construction Loan
2. Cashback Home Loan
This scheme allows customers to avail cashback facilities on home loans and get rewarded up to 2% cashback based on your repayment track. Cashback is credited to the Standard Chartered savings account.
3. Home Loan Top-Up
This scheme is available to all the existing home loan customers who need extra funds to cater to fulfill any personal or business needs. Customers can get a top-up amount equivalent to the existing home loan at home loan rates.
Check Also: Home Top Up Loan
4. Balance Transfer Home Loan
This scheme is available to customers who want to switch their home loan account from any other HFC to Standard Chartered Bank. Exclusive benefits and the top-up facility is also available under this scheme.
Check Also: Home Loan Balance Transfer Facility
5. Home Saver
This is a special home loan scheme that allows customers to pay back their home loan faster with reduced interest burden.
Apply for Standard Chartered Bank Home Loan on Paisabazaar.com
Customers can apply online for Standard Chartered Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan//
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Check Also: Home Loan Process
Standard Chartered Bank Home Loan Customer Care Details
Customers can reach out to Standard Chartered Bank on the below-mentioned contact numbers to get their home loan-related queries addressed.
- SMS to 9980033333
- You can follow the link: https://www.sc.com/in/contact-us/#talk-to-usto talk to a bank’s representative online.
Q1. Is the repayment tenure same for both salaried and self-employed customers?
The maximum loan tenure available for salaried and self-employed customers is 25 years and 20 years respectively.
Q2. Are there any tax benefits available to home loan customers?
Yes. You are eligible for tax benefits on the principal and interest components of your loan under the Income Tax Act, 1961.
Q3. Who can join me as a co-applicant of the home loan?
You can include your immediate relatives (spouse, parents, or children) as co-applicants in the loan. Siblings can be co-applicants only if they are co-owners of the property. Moreover, proprietor concerns, partnership firms, private limited companies, and closely-held limited companies can also join as co-applicants.