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Standard Chartered Home Loan Interest Rates 2020

Standard Chartered Bank Housing Loan Interest Rate

Last Updated 07th Aug 2020

Current Standard Chartered Bank Home loan interest rates for Sep 2020 starts at 9.40% p.a. for a maximum tenure of 20 years. Processing fee on its housing loans is Upto 1.00%, Minimum ₹ 5,000 and Maximum ₹ 10,000.

Loan AmountStandard Chartered Bank Home Loan Floating RateHome Saver
Upto ₹ 28 Lakh9.40%9.30%
₹ 28 Lakh - ₹ 75 Lakh9.40%9.40%
₹ 75 Lakh - ₹ 1.50 Cr9.40%9.45%
Above ₹ 1.50 Cr9.40%9.45%

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 9.40%.
  • 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 ₹ 926 per lakh offered at the lowest interest rate of 9.40% 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 9.40% to 9.40%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 9.40%. 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 Floating9.40%

Standard Chartered Bank Bank Home Loan Charges

Standard Chartered Bank Home Loan Processing Fee

Standard Chartered Bank home loan processing charges are upto 1.00% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 5,000 and has capped the maximum processing fees at ₹ 10,000. 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 Bank Home Loan Prepayment

Standard Chartered Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Standard Chartered Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Standard Chartered Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Standard Chartered Bank.

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.

Illustration on Standard Chartered Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)9.4% to 9.4%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 5 years to 20 years
  • Standard Chartered Bank Home Loan Interest Rate: 9.40% to 9.40%
  • Processing Fee payable to Standard Chartered Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 1.00%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 926 for a 20 years ₹ 1 Lakh loan at 9.40% (lowest rate, longest time period) to ₹ 2,095 for a 5 years ₹ 1 Lakh loan at 9.40% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 35,718 for 5 years loan to ₹ 1.32 Lakh for 20 years loan

Standard Chartered Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Standard Chartered Bank.

FAQs

What is Standard Chartered Home Loan interest rate?

Standard Chartered Home Loan interest rate ranges between 9.40% to 9.40%.

Why should I opt for balance transfer to Standard Chartered Bank?

Standard Chartered Bank offers competitive Home Loan rates with the best EMI of ₹ 926 per lakh availed at a low-interest rate of 9.40% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 926 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.

How will Standard Chartered Bank housing loan rate of interest change in the future?

  • Floating rate on '.Standard Chartered Bank.' housing loan is linked to its '.3 Month.' '.MCLR.' Rate, which is currently at '.8.70.'%. When Bank offers a Home Loan at '..'%, it applies a '.premium of -8.7.'% 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 9.40% with a processing fee of Upto 1.00%, Minimum ₹ 5,000 and Maximum ₹ 10,000

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Standard Chartered Bank Home Loan News - Sep 2020
  • 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.
  • 2018-11-10 : Standard Chartered Bank revises MCLR rates
    Standard Chartered Bank has revised its marginal cost based lending rate (MCLR) by up to 10 basis points. The bank has changed the MCLR rate for six months and one year to 9.20% and 9.25% respectively as against 9.10% and 9.15% offered earlier. The new MCLR rates are effective from 7th November 2018.
  • 2018-08-09 : Standard Chartered Bank increases MCLR by upto 10bps
    Standard Chartered Bank has increased its MCLR for the month of August by upto 10 basis points. The rates continue to be in the range of 7.70% to 9.50%. Six month MCLR is now at 8.90% and that of one year is 9.15%, a hike of 10 basis points. The rates are effective from August 7, 2018.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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