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Standard Chartered Bank Home Loan Balance Transfer

Home Loan Transfer to Standard Chartered Bank

Last Updated 07th Apr 2021

Interest Rate7.99%
Processing Fee₹ 5,000
Lowest EMI per lakh₹ 836
Loan Tenure20 years
  • Standard Chartered Bank offers home loan balance transfer facility at low interest rates starting at 7.99% for a tenure of upto 20 years.
  • Transfer home loan to Standard Chartered Bank to reduce EMIs and save more on interest.
  • Avail top up from Standard Chartered Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Standard Chartered Home Loan Transfer

Standard Chartered, the largest Foreign Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Standard Chartered Bank at lowest interest rates. To transfer your housing loan to Standard Chartered Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Standard Chartered.

Standard Chartered Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Standard Chartered Bank, compare and calculate all the costs of loan transfer. The table below mentions Standard Chartered Bank home loan transfer interest rate and other home loan transfer charges of Standard Chartered Bank.

Home Loan Rates 6.75%
Processing Fees Upto 1.00% Minimum ₹ 5,000 and Maximum ₹ 10,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Standard Chartered Bank Home Loan Transfer

To transfer your existing home loan to Standard Chartered Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Standard Chartered Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Standard Chartered Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Standard Chartered Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Standard Chartered Bank will be completed.

Eligibility for Standard Chartered Bank Home Loan Transfer

To transfer your home loan to Standard Chartered Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for Standard Chartered.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Standard Chartered Bank.
  • You must be an Indian resident and fulfil the age criteria of Standard Chartered Bank. The minimum & maximum age to avail a Standard Chartered Bank home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Standard Chartered Bank Home Loan Transfer

Here are key features of Standard Chartered Bank Home Loan Transfer:

  • Lower Interest Rates: Standard Chartered Bank offers lower home loan rates starting at 6.75% along with ₹ 5,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to Standard Chartered Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Standard Chartered Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Standard Chartered Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Standard Chartered Bank.

Document Required for Standard Chartered Home Loan Transfer

To avail of home loan balance transfer from Standard Chartered, you need to submit the following documents to Standard Chartered.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Standard Chartered?

Yes, transferring your home loan to Standard Chartered Bank is a good idea for home loan borrowers as Standard Chartered Bank provides lower home loan rates starting at 7.99%.

How can I transfer my Standard Chartered home loan from one branch to another?

To transfer your Standard Chartered Bank home loan from one branch to another, you can place your request through net banking/mobile banking. Standard Chartered Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for Standard Chartered home loan balance transfer?

Yes, Standard Chartered Bank charges home loan transfer fees such as ₹ 5,000 for Standard Chartered Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a Standard Chartered home loan balance transfer?

If you apply for a home loan transfer to Standard Chartered Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Standard Chartered Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Standard Chartered Bank home loan balance transfer?

To know your Standard Chartered Bank home loan status, you can call Standard Chartered Bank home loan customer care number or visit Standard Chartered official website to check the status.


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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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