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Standard Chartered Home Loan Eligibility Calculator

Standard Chartered Bank Home Loan Eligibility in India 2021

Last Updated 07th Apr 2021

Eligibility CriteriaStandard Chartered Bank Home Loan
Eligible Age of Borrower21 - 60 years
  • Standard Chartered Bank home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • Standard Chartered calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from Standard Chartered Bank by adding earning family members as co-applicants or by applying for a longer tenure loan.
Home Loan Eligibility Calculator

Standard Chartered Home Loan Eligibility

Standard Chartered offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Standard Chartered housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

Standard Chartered Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum age limit to get Standard Chartered Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Standard Chartered Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Standard Chartered Home Loan Eligibility based on Salary

  • Net income: Your net monthly income determines how much Standard Chartered Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.75% offered by Standard Chartered Bank, the loan amount that you will be eligible for would be ₹ 26,79,865 to ₹ 38,88,407 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 53,59,730 to ₹ 77,76,814 for the same property at the same rate depending on your age at the time of loan application. However, Standard Chartered Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years38.88 Lakh58.33 Lakh77.77 Lakh
30 years38.88 Lakh58.33 Lakh77.77 Lakh
35 years38.88 Lakh58.33 Lakh77.77 Lakh
40 years38.88 Lakh58.33 Lakh77.77 Lakh
45 years34.03 Lakh51.04 Lakh68.06 Lakh
50 years26.80 Lakh40.20 Lakh53.60 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Standard Chartered Bank home loan eligibility.

  • Nature of employment: Standard Chartered Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Standard Chartered Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Standard Chartered Bank based on Value of Property

  • Value of property: Standard Chartered Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Standard Chartered Bank's legal team.

The housing loan eligibility calculator of Standard Chartered Bank can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Standard Chartered Home Loan

  • CIBIL Score: Standard Chartered considers credit score as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. Higher credit score increases your chances to get loan approval from Standard Chartered However, low CIBIL score reduces your chances to get a home loan. Standard Chartered requires a minimum credit score of 650 to be eligible for a home loan.

Standard Chartered Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Standard Chartered to determine your home loan eligibility. Standard Chartered Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for Standard Chartered Bank home loan is 0.65. Calculate your eligibility with Standard Chartered Bank home loan calculator and apply for eligible loan amount hassle free.

Standard Chartered Bank Home Loan for Women Eligibility

Standard Chartered Bank offers the same rates to women borrowers starting at 6.75% with similar eligibility criteria for home loan. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

How can I Check my Standard Chartered Home Loan Eligibility ?

To check Standard Chartered Bank home loan eligibility perform the following steps:-

  • Go to the Standard Chartered Bank website
  • Now navigate to the option Standard Chartered Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also you can contact the bank by calling on their customer care number 011-39404444 / 011-66014444.

Other Loan Calculators

FAQs

What is the criteria to get Standard Chartered Bank home loan?

The basic criteria to get a home loan from Standard Chartered Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Standard Chartered Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Standard Chartered Bank?

The minimum salary required to avail home loan from Standard Chartered Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Standard Chartered Bank.

Is Standard Chartered Bank good for home loan?

The lowest interest rate provided by Standard Chartered Bank is 7.99% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Standard Chartered Home Loan News - Jun 2021
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-02-22 : Standard Chartered digital initiatives bolstered bank loan and deposits portfolio
    Digital initiatives like Video KYC and Virtual credit card aided Standard Chartered Bank to increase its loan and deposits portfolio. The digital initiatives have helped Bank in providing efficient and seamless banking services to all its clients especially the new-age ones.
  • 2019-07-12 : Standard Chartered Bank revises MCLR rates across loan tenures
    Standard Chartered Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across loan tenures for the month of July. The move is supposed to make customer loans like home loans and mortgage loans cheaper. For one-year, the MCLR rate has been revised to 9.45%. For one-month and three months, the rate has been revised to 9.05% and 9.40% respectively. The rates are effective from July 8, 2019.
  • 2019-05-10 : Standard Chartered Bank revises MCLR rates across loan tenure
    Standard Chartered Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and one month the rate stands at 8.40% and 9.05% respectively. For 3 months, the rate has been revised to 9.40%. While for 1 year the rate now stands at 9.45%. The revised rates are effective from May 7, 2019.
  • 2018-11-16 : Standard Chartered Bank hikes Floating Home Loan rates
    Standard Chartered Bank has increased its floating Interest Rate on home loan by 50 basis points. The new rate for the Home loan is now 9.25%, which was 8.75% earlier. These rates are effective from November 9, 2018. There is no change in the processing fees.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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