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 |
|
| 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 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.
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
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 |
|
| Part-prepayment Charges |
For home loans with floating interest rates: Nil For home loans with fixed interest rates:
|
| 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
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
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
1. Is the processing fees for availing Standard Chartered Home Loan refundable?
No, the lender does not refund the processing fees.
Also read: Best Home Loan Balance Transfer
2. Who can become a co-applicant of Standard Chartered Bank Home Loan?
Your spouse, parents, or children can act as co-applicants for Standard Chartered home loans. Siblings can also be co-applicants if they are co-owners of the property. Additionally, borrowers can include proprietorship and partnership firms, as well as private limited and closely held limited companies as co-applicants.