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Standard Chartered Home Loan Interest Rates 2021
Standard Chartered Bank Housing Loan Interest Rate
Current Standard Chartered Bank Home loan interest rates for Apr 2021 starts at 7.99% p.a. for a maximum tenure of 20 years. Processing fee on its housing loans is Upto 1.00%, Minimum ₹ 5,000 Maximum ₹ 10,000.
Loan Amount | Standard Chartered Bank Home Loan Floating Rate | Rate for Female Borrower | Home Saver | Repo Rate |
---|---|---|---|---|
Upto ₹ 28 Lakh | 7.99% | N/A | 9.30% | |
₹ 28 Lakh - ₹ 75 Lakh | 7.99% | N/A | 9.40% | |
₹ 75 Lakh - ₹ 1.50 Cr | 7.99% | N/A | 9.45% | |
Above ₹ 1.50 Cr | 7.99% | N/A | 9.45% |
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Standard Chartered Bank Home Loan Interest Rates
Standard Chartered Bank offers various products on home loan. Standard Chartered Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.
Features
- Standard Chartered Bank Home Loan Interest Rate starts from 7.99%.
- Standard Chartered Bank charges a processing fees of Upto 1.00%, Minimum ₹ 5,000 and Maximum ₹ 10,000.
- Loan Tenure of Home Loan ranges from 5 years to 20 years.
- Lowest EMI per lakh on home Loan from Standard Chartered Bank is ₹ 836 per lakh offered at the lowest interest rate of 7.99% at the longest loan tenure of 20 years.
- Standard Chartered Bank allows prepayment of home loans with Nil charges on floating rate loans.
- Standard Chartered Bank has an average customer rating of 4.8/5.0 from customers who have taken a home loan from the bank.
Standard Chartered Bank Home Loan Rate
Current Standard Chartered Bank home loan interest rates are in the range of 7.99% to 7.99%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.99%. The table below gives the interest rates on various housing finance schemes of Standard Chartered Bank.
Standard Chartered Bank Home Loan Scheme | Interest Rates |
---|---|
Standard Chartered Bank Home Loan Floating | 7.99% |
Home Loan Standard Chartered Bank | Interest Rates |
---|---|
SCB Home Loan Fixed | 7.99% |
Factors affecting Standard Chartered Home loan interest rates Standard Chartered interest rate is dependent upon a variety of factors. The Important ones are mentioned below:
- Repo Rate: Repo rate is a monetary tool used by RBI to control inflation. Currently, the repo rate stands at 6.60% Any change in repo rate will change the RLLR and will translate into a similar change in the bank’s home finance rate.
- Loan amount: Standard Chartered Bank home loan rate depends upon the loan amount you apply for.
- Occupation: Standard Chartered Bank offers lower rate for salaried borrowers as compared to self employed borrowers.
- Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
- Gender: Standard Chartered Bank also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take a loan, adding a women co-applicant can help you get the lowest rates from Standard Chartered Bank.
- Type of loan: Standard Chartered Bank runs several special schemes for its borrowers. So for example if you opt for an overdraft scheme or a plot loan, you may required to pay a higher rate of interest vis-à-vis its regular home loan scheme.
- Existing customers: Standard Chartered Bank offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loans.
Compare Details of Banks (Function)
Standard Chartered Bank offers multiple home loan schemes at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a home loan.
Particulars | Standard Chartered Bank | SBI | HDFC |
Interest Rate | 7.99% - 7.99% | 6.95% - 7.25% | 6.70% - 7.40% |
Processing Fees | Upto 1.00% Min ₹ 5,000 Max ₹ 10,000 |
Min ₹ 10,000 | Min ₹ 3,000 |
Loan Tenure | 20 Years | 30 Years | 30 Years |
Maximum Loan Amount | ₹ 15 Cr | ₹ 7 Cr | ₹ 5 Cr |
Age | 21 - 65 Years | 18 - 70 Years | 24 - 65 Years |
Benchmark Rate | 3_month MCLR | RLLR | PLR |
Lowest EMI Per Lakh | ₹ 836 per lakh | ₹ 662 per lakh | ₹ 645 per lakh |
Standard Chartered Bank Home Loan Charges
Standard Chartered Bank Home Loan Processing Fee
The bank charges a minimum processing of ₹ 3,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Standard Chartered Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.
Standard Chartered Home Loan Documents
Documents for Salaried employees
- Filled up loan application form
- 2 Passport Size Photo
- ITR of last 2 years
- Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
- Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
- Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
Documents for Self-Employed
- Filled up loan application form
- 2 Passport Size Photo
- Identity Proof - Passport/ Driving License/ Voter ID/ PAN
- Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
- Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
Standard Chartered Bank Pradhan Mantri Awas Yojana
The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:
a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Standard Chartered Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme
b) Pradhan Mantri Gramin Awas Yojana: It focuses on homeless families and offers pucca houses with basic amenities.
c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.
d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.
e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.
f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.
Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.
Maximum Annual Percentage Rate (APR) | 8.04% to 8.04% |
Representative example of the total cost of the loan, including all applicable fees | Here is an illustration of the total cost of the loan:
|
FAQs
✅What is Standard Chartered Home Loan interest rate?
Standard Chartered Home Loan interest rate ranges between 7.99% to 7.99%.
✅Why should I opt for balance transfer to Standard Chartered Bank?
Standard Chartered Bank offers competitive Home Loan rates with the best EMI of ₹ 836 per lakh availed at a low-interest rate of 7.99% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 836 per lakh, you should consider the option for a loan transfer to Standard Chartered Bank from your existing bank. EMIs can be calculated through Standard Chartered Bank Home Loan EMI calculators.
✅Do I get tax benefits on a Home Loan from Standard Chartered Bank?
As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.
✅What is the effect of part prepayments on Standard Chartered Bank housing finance EMI ?
Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.
✅How to increase my eligibility on Standard Chartered Bank housing loan?
If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.
- Floating rate on Standard Chartered Bank housing loan is linked to its 3 Month MCLR Rate, which is currently at 6.60%. When Bank offers a Home Loan at %, it applies a premium of -6.6% to its MCLR Rate to arrive at this Home Loan rate.
- When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
✅What is the current Standard Chartered Bank Home Loan rate?
The current Standard Chartered Home Loan rate starts from 7.99% with a processing fee of Upto 1.00%, Minimum ₹ 5,000 and Maximum ₹ 10,000
Please select atleast 2 banks to compare
Overview | SBIx | HDFCx | Citibankx |
---|---|---|---|
Lowest Interest Rate | 6.95% - Details | 6.70% - PLRDetails | 6.65% - TBLRDetails |
Maximum Loan Tenure | 30 Years | 30 Years | 25 Years |
Maximum Loan Amount | Rs. 7 Cr | Rs. 5 Cr | Rs. 5 Cr |
Home Loan Charges | |||
Processing Fee | Min Rs. 10,000, Max Rs. 10,000 | Min Rs. 3,000, Max Rs. 10,000 | |
Foreclosure Charges | Nil | Nil | Nil |
EXCELLENT EXPERIENCE, RELATIONSHIP MANAGER KEPT ME INFORMED ABOUT EVERYTHING. CHANGING THE DIMENSIONS OF TAKING A LOAN . VERY EASY AND SIMPLE.Read more...
- 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.

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