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    Standard Chartered Bank Home Loan Reviews

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    Standard Chartered Bank Home Loan is Rated as "Pretty good" by 300 Users

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    Standard Chartered PLC is a British multinational banking and financial services company headquartered in Hong Kong, China. It operates a network of over 1,700 branches and outlets across more than 70 countries and employs around 87,000 people. It is a universal bank with operations in consumer, corporate and institutional banking, and treasury services. Standard Chartered Home Loan helps you buy your dream home with an easy financing solution featuring low interest rates and unrivalled levels of service. On BankBazaar, you can apply for a Standard Chartered Home Loan and get instant e-approval.


     

    You’re probably eligible for an Standard Chartered Home Loan if you are

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    Standard Chartered Home Loan Minimum Age

    At least 21 years old

    Standard Chartered Home Loan Maximum Age

    Less than 65 years old

    Standard Chartered Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Standard Chartered Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Standard Chartered Home Loan amount eligibility is based on these factors

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    Standard Chartered Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    Standard Chartered Home Loan Maximum Loan to 80% of property value

    Loan capped @ 80% of property value

    Standard Chartered Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Standard Chartered Home Loan amount by these steps

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    Standard Chartered Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Standard Chartered Home Loan Maximum Tenure

    Choose longer tenure loan of 5 years to 20 years

    Standard Chartered Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Standard Chartered Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Approved Building Plan
    • 4. Last 3 months bank statements
    • 5. Documentation for salaried applicants:

      - Last 3 months salary-slips

      - Form 16 or Income Tax Returns

    • 6. Documentation for self-employed applicants:

      - Last 2 years Income Tax Returns

      - Last 2 years CA Certified Profit & Loss Account


     

    Standard Chartered Home Loan Interest RatesUpdated on 04 Dec 2016

    Standard Chartered Home Loan Details
    Interest Rate 9.35% to 9.45%
    Processing Fees 0.5% - 1.50% of the Loan Amount
    Loan Tenure 5 years to 25 years
    Partial pre-payment Charges Nil
    Pre-closure Charges Nil

     

    Overview:

    Founded in 1969, the Standard Chartered Bank is considered to be one of the leading International banks with a strong presence in a number of countries, particularly in the Asian continent. Originally, the bank was the product of the amalgamation of two entities- the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. Herein, the Chartered Bank first opened its branches in Mumbai (the erstwhile Bombay), Kolkata and Shanghai in 1858. Today, Standard Chartered Bank has a rich history in the Indian sub-continent, spanning 150 years and inclusive of 99 branches in 42 cities. This makes the Standard Chartered Bank, India’s largest international bank with a staunch local following.


    Home Loans from Standard Chartered Bank:

    There are quite a few perks associated with the Standard Chartered Bank Home Loan- international standard of service, customer comfort and a hassle free, transparent application process being the expected highlights. The bank assures its prospective customers that their application for the home loan will be processed within the span of 5 days, failing which the customer is liable to receive a refund of Rs.5,000 (terms & conditions apply, of course). The Standard Chartered Home Loan interest rates are very competitive and offer the salaried and self-employed applicants a wide range of repayment tenures, starting at 5 years to 20 years. Listed below are a comprehensive inventory of the various features and benefits of the Standard Chartered Bank home loan.


    Why Apply for a Standard Chartered Bank Home Loan?

    Applying for a home loan from Standard Chartered Bank, one of the premier banking organizations in the world, is a study in convenience and professionalism. Primarily, a home loan of this nature addresses these fundamental concerns that impact almost all home buyers-

    1. Will the home loan suit me?- Of course, the Standard Chartered Bank Home Loan adapts to your specific requirements and conforms to your primary need for the loan- be it for the purchase of a ready or under construction flat or house, extensions to your existing home or its renovation.
    2. What about repayments? - Flexible tenure, robust customer service and a ‘customer first’ attitude. Incidentally, Standard Chartered Bank has built a worldwide reputation in this regard.
    3. What about savings?- Save on taxes, variable and semi-fixed rate housing loans and one-time processing fee, some of the obvious ways that you save money with the Standard Chartered Home Loans.

    Features of the Standard Chartered Bank Home Loans

    1. Save More- These home loans come in variable and semi-fixed rate formats that include a one-time processing fee and absolutely no hidden charges.
    2. Enjoy Flexible Tenures- As mentioned above, salaried and self-employed customers can enjoy a range of repayment tenures, starting from 5 years to 20 years.
    3. Cost Effective Refinancing Option- Shift your existing home loan over to Standard Chartered Bank and enjoy the immensely pocket-friendly Standard Chartered Home Loan interest rates.
    4. Top-Up Loans- Regular repayments for more than 6 months entitles a prompt customer to a potential ‘Top-Up’ loan. The amount covered under this option could match the originally disbursed loan amount by up to 100%.
    5. Protection for your Family- The ‘Home Loan Protector’ option protects your family from the unforeseen burden of coping with the home loan repayment schedule, in the event of your untimely demise.
    6. Avail Added Protection with ‘Home Protector’- This option combines the dual benefits of property and home content insurance into one unbeatable policy.
    7. Loans Suited to your Express Requirements- Whether it’s needed for renovations or enlargement of your home, purchase of readymade apartments or those that are still in the inception or construction stage, if you need a home loan- Standard Chartered Bank is the door to knock!
    8. Tax Benefits- Save tax under Sec 24(b) of the Income tax Act, 1961 for interest paid on the home loan. Also, claim tax savings under Sec 80CCE for the principal repayment of the home loan.
    9. Apply Online- Save time, money and effort, while getting an instant response when you apply online for the Standard Chartered Bank home loan.

    Eligibility for the Standard Chartered Bank Home Loans:

    In order to qualify for this loan, the following criteria must be fulfilled-


    1. The age of the applicant not be lower than 21 years at application, and over 60 years at loan maturity.
    2. For salaried applicants, the gross annual salary must not be lesser than Rs.1,80,000. The same stands at Rs.2,50,000 for a self-employed applicant.
    3. Both the salaried and self-employed applicant must have been employed/in business for a minimum of 2 years.
    4. Minimum home loan offered is Rs.5,00,000 and the maximum offer is Rs.1,00,00,000. The applicable tenure is 5-20 years.
    5. The various documents to be submitted include-
      • Application form with photograph
      • Identity & residence proof
      • Last 3 months salary slip
      • Form 16
      • Last 6 months bank salaried credit statements
      • Processing fee cheque
      • Education qualifications certificate & proof of business existence (for self employed)
      • Business profile (for self-employed)
      • Last 3 years profit/loss & balance sheet (for self-employed)

    Standard Chartered Home Loan Interest Rates

    The applicable Standard Chartered Bank Home Loan interest rate is 9.35% to 9.45%. This interest rate applies for loan tenures ranging from 5 to 25 years.

    Basic FAQ:

    Frequently asked questions about SCB home loan.

    1. What documents must I submit at the time of loan application?
      • Application form with self-attested photograph.
      • Bank Statements & Salary Slips (Income Documents)
      • Associated Property Papers
      • Identity, Age and Permanent Address Proof
      • A Cheque covering the Processing Fee
    2. What are the maximum and minimum loan amount availability?

      The loan amount ranges from a minimum of Rs.5 lakhs to a maximum of Rs.10 crore.

    3. How much will the processing fee amount to?

      Depending upon the chosen home loan scheme, the processing fee ranges from 0.5%-1.50% of the sanctioned amount.

    4. Whom can I choose as co-applicants on my home loan?

      The obvious choice would be your spouse, parents or children. You could also choose your siblings as co-applicants if they currently are the co-owners of the property in question. Alternatively, you can also choose partnership firms, private limited companies or proprietorship concerns as co-applicants on the home loan.

    5. Is the processing fee subject to refunding?

      If your loan application is rejected, the processing fee (minus Rs.2000) will be refunded to you. However, if your loan is approved, the processing fees will not be refunded.

    6. How long will it take, from the point of application, to the approval of the loan?

      Your loan will be approved or not, within 5 working days.

    7. What are the various modes of repayment of the monthly instalments?
      • Electronic Clearing System (ECS).
      • Standing instructions on your Standard Chartered Bank account.
    8. How if the Standard Chartered Bank Home Loan interest calculated?

      This calculation is done on the basis of daily reducing balance and is charged per a monthly cycle.

    The Standard Chartered Bank Home Loan offers the convenience, transparency and short turn-around times that can be expected from an internationally acclaimed bank. This loan is highly customizable, scalable and has additional provisions that protect your family against the burden of loan repayment in the unfortunate event of your premature death. All in all, a solid home loan plan for your ideal, dream home.

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