Standard Chartered Home Loan
Standard Chartered Bank is ready to help you finance your own dream home by helping you take out an easy home loan with attractive features for all salaried, non-salaried and self-employed professionals. It can be used for the purchase of new houses, plots available for construction of flats/houses and construction or renovation of existing houses. The main aspects include low-interest rates, easy documentation and a quick approval approach- all of which help prospective customers by cutting down on the waiting time needed.
It is not just limited to home loans. Standard Chartered also provides existing home loan customers the opportunity to avail a top-up loan – whether to buy a car, finance the education of a child or to just meet your immediate needs, all at attractive interest rates. Read on to understand how you can take advantage of Standard Chartered Home Loans to fulfill your dream of owning a house.
Standard Chartered Home Loan Features and Benefits
Standard Chartered Bank is committed to serving its customers as fast as possible – This means, once you fill out the loan application, you stand to get your application processed faster than most other banks, and also benefit with their doorstep delivery services. The home loan also comes with the added benefit of Insurance – to protect you from any eventuality to life or property.
You can also avail tax benefits as per Sec 24 (b), 80C of the Income Tax Act, 1961. They also have a very competitive team ready to help you – with their banking helpline 24×7, through their wide network of branches. The bank Home Loan amount is decided depending on the borrower’s repayment capacity and the city where the loan is being disbursed. The minimum loan amount that can be availed is Rs. 10,00,000/-, whereas the maximum limit may go up to Rs. 35 Crore. The processing fees may vary from 0.5-1% of the sanctioned loan amount – and depends on the scheme you choose.
Co-applicants could include your spouse, parents, or children. Siblings can be co-applicants if they are co-owners to the property. You can also include proprietor concerns, partnership firms, private limited companies and closely held limited companies as co-applicants.
Standard Chartered Home Loan Rate of Interest
Standard Chartered Bank provides a preferential rate of interest starting at 8.71% p.a. and can go all the way up to 8.9%. A unique Home Saver option is offered by the bank to pay off the loan faster while allowing you save from paying huge interests. The interest on Standard Chartered Bank home loans are all calculated using the daily reducing balance method and charged monthly. The loan tenure starts from 5 years and can go up to 25 years.
Standard Chartered Home Loan Eligibility Criteria
The following criteria have to be fulfilled to qualify for a Standard Chartered Bank Home Loan-
1) Age – not lower than 21 years on the date of application, and not over 60 years at loan maturity.
2) The applicant must have at least two years of work experience.
3) The annual salary of the salaried applicant must be at least Rs. 4,80,000/-.
4) Minimum annual earnings have to be at least Rs. 6,00,000/- per year for a self-employed person.
To increase your eligibility, you could make your earning spouse or family member a co-applicant. In this situation, a sum of both your incomes could work in favour.
Standard Chartered Home Loan Charges and Documents
The processing fee for a Standard Chartered home loan is from 0.5 – 1% of the sanctioned amount. There are no part pre-payment charges on floating rate loans to individuals. Also, if the part pre-payment is less than 25% of the principal outstanding in a calendar year, there is zero charge. However, if the part pre-payment is above 25% of principal outstanding in a calendar year, there is 2.5% charge levied on the sum being paid.
There is no pre-closure fee on floating rate loans to individuals. For Home Loans, it is 2.5% of the principal outstanding. For loans against property, it is 4% of the principal outstanding. For loans against property- the principal outstanding refers to the principal outstanding at the time of closure and the amount part pre-paid in the same calendar year which has not been charged.
Documents Required (Salaried / Self-employed):
- Photo Identity
- Proof of Residence
- Proof of Age
- Self-attested financial documents-
2 months’ salary slip (if variable components are present in salary structure)
Latest Form 16
Bank statements for the last 3 months
Latest 2 Income Tax returns and the computation of income (individuals and firm)
Latest 2 years Profit & Loss statements, balance sheets and capital account statements as certified by a Chartered Accountant.
Latest audit reports of 2 years
- For self-employed- Turnover > 1,00,00,000; For self-employed professionals- Gross receipts > 25,00,000. Bank statements of the primary bank account needed for the last six months.
- For Partnership Firms- Partnership deed.
- For private limited firms- the shareholding pattern or Memorandum and Articles of Association – as attested by the Chartered Accountant are needed. A list of directors is also compulsory.
If you wish to transfer your already existing home loan from another bank to Standard Chartered Bank, you can do so with ease. This would also ensure that you pay a lower rate of interest.
All the documents listed below must be self-attested-
- Copies of Property paper (first and last pages to be self-attested)
- Existing details of the Home Loan
- Sanction Letter
- An original list of documents as held by the competitor Bank
- Latest Outstanding of the loan to be transferred
- Other existing loans declaration
The processing fee levied at the time of application is non-refundable. If the bank is unable to process your application, then a refund of the processing fees after deduction of Rs. 2000/- from the amount is standard. Customers also have the option to change the interest rates from fixed to variable, or vice versa with a surplus charge. Loan applications are processed within five working days after the submission of relevant documents.