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Standard Chartered Home Loan

Standard Chartered Housing Loan 2021

Last Updated 08th Dec 2021

Standard Chartered Bank is a large Foreign Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.99% with quick approval and online process. Home Loan in Standard Chartered Bank is quite popular with its special features and attractive rates under various Standard Chartered Bank home loan schemes for different income and occupation groups. Some of the key features of Standard Chartered Bank housing loan are:

  • Standard Chartered Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Standard Chartered Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Standard Chartered Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Standard Chartered Bank Home Loan Details

Standard Chartered offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Standard Chartered

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 20 years
Interest Rate 6.99%
Interest Rate Linked To MCLR
Processing Fee Upto 1.00%, Minimum ₹ 5,000 and Maximum ₹ 10,000
Lowest EMI Per Lakh ₹ 775
  • Purpose of Loan: Standard Chartered house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Standard Chartered Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 20 years.
    • Interest rates in the range of 6.99% to 6.99%.
    • Standard Chartered home loan EMI per lakh starts from ₹ 775. However, you can calculate your home loan EMI using Standard Chartered home loan calculator 2021.
  • Special schemes: Standard Chartered offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Standard Chartered Bank Home Loans

Some of the features and benefits of Standard Chartered Bank Home Loans are listed as follows:-

  • Standard Chartered Bank Home Loan Interest Rate starts from 6.70%.
  • 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 30 years.
  • Lowest EMI per lakh on home Loan from Standard Chartered Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 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.

How to Get Easy Home Loan from Standard Chartered Bank?

Getting a home loan from Standard Chartered is fairly easy with an online application process. 5 Steps for Standard Chartered Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Standard Chartered and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Standard Chartered or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Standard Chartered’s representative will visit your home or office to collect your documents.
  • Step 4: Standard Chartered will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Standard Chartered and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Standard Chartered Bank Home Loan Documents Required

To apply for a home loan in Standard Chartered, the bank asks you to submit the following Standard Chartered Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Standard Chartered account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Standard Chartered Bank Home Loan EMI Calculator

Standard Chartered home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Standard Chartered Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Standard Chartered Bank Home Loan Eligibility Calculator

Standard Chartered Bank Home loan eligibility calculator is an online tool that helps the Standard Chartered home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Standard Chartered Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Standard Chartered?

To apply for Standard Chartered Bank Home Loan, you will be required to submit Standard Chartered home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Standard Chartered Bank ?

Below-mentioned is the reason why you must avail a home loan from Standard Chartered

Can I apply for an Standard Chartered home loan online?

Yes, you can apply for a Standard Chartered home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Standard Chartered home loan scheme?

Choosing the best Standard Chartered home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Standard Chartered home loan scheme is based on one’s needs.

Is Standard Chartered good for a home loan?

Standard Chartered is one of the best home loan lenders in the country. Currently, Standard Chartered home loan interest rate 2021 starts at 6.50%.

How can I check my Standard Chartered home loan status?

One can check their Standard Chartered home loan status on Standard Chartered’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Standard Chartered mobile app

What is the eligibility for a Home Loan of Standard Chartered Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Standard Chartered Bank Home Loan procedure?

There are two methods to complete the application for Standard Chartered Bank Home Loan Process online:

  • Apply online at Standard Chartered Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under Standard Chartered Bank house loan?

Standard Chartered Bank offers you a longer tenure of 20 years to repay your loan with the benefit of paying less EMI per month.

Does Standard Chartered Bank check CIBIL for home loan?

Yes, to avail home loan from Standard Chartered Bank, you must fulfill Standard Chartered Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Standard Chartered Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Standard Chartered Bank can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Standard Chartered Bank is 3 Month MCLR . MCLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In MCLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Standard Chartered Home Loan News - Dec 2021
  • 2021-08-23 : Standard Chartered revises the home loan interest rate
    Standard Chartered Bank has reduced its interest rate on home loans. Earlier the interest rate was 7.99% now a borrower can avail at 7.49%. There are no prepayment charges on a home loan of Standard Chartered Bank.
  • 2021-08-09 : Standard Chartered sees a jump of 57% in profit in H1
    Standard Chartered posted a higher profit jump by 57% jump in first-half pretax profit. The lender has announced a $250 million share buyback, also they will resume dividend payments by unveiling a 3 cents per share interim payout.
  • 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.
*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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