Standard Chartered Bank Home Loan


Standard Chartered Bank provides home loans with interest rates starting from 8.60% per annum for loan amounts up to Rs 35 crore, with repayment tenures of up to 30 years. The bank offers a Home Loan Programme, allowing customers to refinance payments within 6 months of property purchase. Additionally, the bank provides a home loan with an overdraft facility called 'Home Saver' and a unique feature called 'Interest Only Home Loan,' where the borrower only needs to service the interest component during the initial years (1-3 years) of the home loan.

Standard Chartered Bank Home Loan Highlights
Interest Rate 8.60% p.a. onwards
Repayment Tenure Up to 30 years
Processing Charges 0.5% to 1% of the sanctioned loan amount (based on the scheme chosen)
Loan Amount
  • Minimum loan amount: Rs 10 lakh
  • Maximum loan amount: Rs 35 crore

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan offered by Standard Chartered
Processing Fees & Charges
Eligibility Criteria
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

 

Standard Chartered Bank Home Loan Interest Rate

Standard Chartered Bank offers home loan schemes starting with interest rates from 8.60% per annum. However, the final interest rates offered by the lender depend on the credit profile of the loan applicant.

Types of Standard Chartered Bank Home Loans

Home Loan

  • Purpose: Standard Chartered Bank provides its regular home loan facility to prospective borrowers for various purposes, including the purchase or construction of a new house, as well as for home renovation or extension of their existing homes.
  • Loan Tenure: Up to 25 years
  • Minimum Loan Amount: Rs 10 lakh
  • Maximum Loan Amount: Rs 35 crore

Interest Only Home Loan

  • Purpose: Standard Chartered Bank provides Interest Only Home Loans, allowing borrowers to pay only the interest amount during an initial 'interest-only period' of up to 12, 24, or 36 months. After this period, borrowers need to pay full EMI amounts. This option is available only for ready-to-move residential properties.
  • Minimum Loan Amount: Rs 35 lakh
  • Maximum Loan Amount: Rs 3.5 crore
  • Repayment tenure: Up to 25 years (for self-employed) and 30 years (for salaried)

Home Saver

  • Purpose: Standard Chartered Bank's Home Saver is a special type of home loan that comes with an overdraft feature. This means you get an extra account alongside your loan. If you have any extra money, you can put it into this account. The bank then uses this money to reduce the amount you owe on your loan, which can help you save on interest.
  • Minimum Loan Amount: Rs 10 lakh
  • Maximum Loan Amount: Rs 35 crore

Also Read : Best Home Loan EMI Calculator

Fee and Charges for Standard Chartered Bank Home Loan 

Foreclosure/Part-prepayment charges

Particulars Rates
Processing Fees Standard Chartered Bank applies a processing fee of up to 1% of the sanctioned loan amount, depending on the chosen home loan scheme.
Foreclosure Charges
  • For floating interest rate home loans: Nil
  • For fixed interest rate home loans: 2.5% of outstanding principal
Part-prepayment Charges

For home loans with floating interest rates: Nil

For home loans with fixed interest rates:

  • For part prepayments less than 25% of the principal outstanding amount: No charges apply.
  • For part prepayments exceeding 25% of the principal outstanding amount: A fee of 2.5% of the total amount being paid is charged.
Penal interest 24% p.a.
EMI cheque bounce charges Rs 495 per instance
Document retrieval charges Rs 300 per instance
CERSAI Charges Actual fee as applicable by CERSAI Department
Conversion/Switch fee Up to 1% of the principal outstanding

Also read: Best Home Loan Fees and Charges

Eligibility Criteria for Standard Chartered Home Loan 

The eligibility criteria for prospective applicants seeking home loans from Standard Chartered Bank include:

  • Indian residents, whether salaried or self-employed, are eligible for this home loan facility.
  • The Interest Only Home Loan option is exclusively available to salaried clients of Standard Chartered Bank in Bengaluru.
  • Both partnership firms and private limited companies can access the home loan schemes provided by Standard Chartered Bank.

In addition to the mentioned eligibility criteria, Standard Chartered Bank may also take into account factors such as credit score, occupation profile, employer's profile, etc., when assessing the eligibility of home loan applicants, similar to other lenders' practices.

Also Read : Best Home Loan Eligibility

Documents Required for Availing Standard Chartered Bank Home Loan

Prospective borrowers applying for home loans from Standard Chartered Bank need to submit the following documents:

List of Financial Documents required for self-employed professionals/individuals:

  • Latest 2 years IT returns and computation of income for both the firm and individuals
  • Latest 2 years Profit & Loss statements, balance sheets (including all schedules), and capital account statements, certified by a Chartered Accountant
  • Latest 2 years audit reports
  • For self-employed individuals, the turnover should exceed Rs 1 Crore
  • For self-employed professionals, the gross receipts should exceed Rs 25 Lakh, along with bank statements of the primary account for the last 6 months.

List of Property Documents required for all individuals:

  • Sanction letter
  • Self-attested copy of property papers
  • Details of existing home loan facility
  • Latest outstanding loan statement
  • Declaration of other existing loans
  • Original documents held by the previous lender

List of common documents required for all individuals:

  • KYC Documents: Photo identity, residence proof, age proof
  • Duly filled and signed application form with photographs

List of Financial Documents required for salaried individuals:

  • Latest year Form-16
  • 2 months salary slip (If variable components present in salary structure)
  • Bank statements for the last 3 months

List of Financial Documents for Partnership firms:

  • Partnership deed

List of Financial Documents for Private limited firms:

  • List of directors
  • Shareholding pattern or memorandum and articles of association, attested by a C.A.

Also Read : Best Home Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.