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| Standard Chartered Bank Home Loan Highlights 2023 | |
| Interest Rate | 8.75% p.a. onwards |
| Loan Tenure | Up to Rs 35 crore |
| Repayment tenure | Up to 25 years |
| Processing Charges | 0.5% to 1% of the sanctioned loan amount (based on the scheme chosen) |
Note: Interest rates as of 7th June 2023
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Table of Contents
Standard Chartered Bank Home Loan Interest Rate
Standard Chartered Bank offers home loans at 8.75% p.a. onwards. The final home loan interest rates offered would depend on the credit profile of the customer.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card co-branded with SBM Bank India Ltd.
Compare Interest Rates on Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.50% - 10.15% | 8.50% - 10.05% | 8.50% - 10.05% |
| HDFC | 8.50% - 10.35% | 8.50% - 10.60% | 8.50% - 10.70% |
| LIC Housing Finance | 8.45% – 10.35% | 8.45% – 10.55% | 8.45% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.75% - 14.50% | 8.75% - 13.00% | 8.75%-11.35% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 8.60% - 10.65% | 8.60% - 10.65% | 8.60% - 10.90% |
| Union Bank of India | 8.50% – 10.75% | 8.50% – 10.95% | 8.50% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| Tata Capital | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
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Standard Chartered Bank Home Loan Processing Fee and Other Charges
Processing fee
Standard Chartered Bank charges a non-refundable processing fee of up to 1% of the sanctioned loan amount, based on the home loan scheme chosen.
Foreclosure charges/Part-prepayment charges
| Foreclosure Charges | Floating rate: NIL
Fixed rate: 2.5% of outstanding principal |
| Part-prepayment Charges | Floating rate: NIL |
| Fixed rate:
For part prepayments less than 25% of the principal outstanding: NIL For part pre-payments greater than 25% of principal outstanding: 2.5% of the entire amount being paid |
Other fees and charges
| CERSAI Charges | Actual fee as applicable by CERSAI Department |
| EMI cheque bounce charges | Rs 495 per instance |
| Penal interest | 24% p.a. |
| Document retrieval charges | Rs 300 per instance |
| Conversion/Switch fee | Up to 1% of the principal outstanding |
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Types of Standard Chartered Home Loan
Home Loan
- Purpose: Regular Home Loan facility for purchasing/ building a new house or renovating/extending an existing house.
- Amount: Rs 10 Lakh to Rs 35 crore
- Tenure: Up to 25 years
Home Saver
Standard Chartered Bank Home Saver is a home loan variant with overdraft facility, wherein an overdraft account is opened along with the home loan account. This facility is also available for Home Loan Balance Transfer and top up loan customers.
Loan amount: Rs 10 Lakh to Rs 35 Crore
Interest Only Home Loan
Standard Chartered Bank offers Home Loans with a moratorium period labeled as Interest Only Home Loan where customers have the facility to pay only the interest amount for up to 12, 24 or 36 months and full EMI amounts thereafter. This facility is only available for ready to move residential properties.
Loan amount: Rs 35 Lakh to Rs 3.5 Crore
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Standard Chartered Home Loan Eligibility Criteria
- Indian Resident
- Salaried and self employed individuals
- Private firms
- Partnership firms
- In Bengaluru, the Interest Only Home Loan will be offered to only salaried clients of Standard Chartered Bank.
Along with the above-mentioned eligibility criteria, Standard Chartered Bank may also consider the credit score, occupation profile, employer’s profile, etc of its home loan applicants, just like other lenders do for evaluating the home loan eligibility of their applicants.
Documents Required for Standard Chartered Bank Home Loan
List of common documents required for all individuals:
- Duly filled and signed application form with photographs
- KYC Documents: Photo identity, Residence proof, Age proof
List of Property Documents required for all individuals:
- Self attested copy of property papers
- Existing home loan facility details
- Sanction letter
- Original list of documents held by the competition bank
- Latest outstanding of the loan sought to be bought over
- Other existing loans declaration
List of Financial Documents required for salaried individuals:
- 2 months salary slip (If variable components present in salary structure)
- Latest year Form-16
- Bank statements for the last 3 months
List of Financial Documents required for self-employed professionals/individuals:
- Latest 2 years IT returns and computation of income (firm and individuals)
- Latest 2 years P&L statements, balance sheets (along with all the schedules) and capital account statements, certified by a C.A
- Latest 2 years audit reports
- For self employed, the turnover should be more than Rs 1 Crore.
- For self employed professionals, the gross receipts should be more than Rs 25 Lakh, and bank statements of the primary bank account for the last 6 months.
List of Financial Documents for Partnership firms:
- Partnership deed
List of Financial Documents for Private limited firms:
- Shareholding pattern or memorandum and articles of association, attested by a C.A.
- List of directors
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Standard Chartered Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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