Standard Chartered Launches an Interest-Only Home Loan Product

Table of Content

• Standard Chartered Bank Home Loan Eligibility Criteria for Salaried and Self-Employed Borrowers
• Calculators & Widgets
• Borrow up to 70% of your residential or commercial property’s market value for personal expenses.
• Terms and Conditions
• Get a more comprehensive assessment of what you can afford based on your individual situation and relevant mortgage policies

I have taken my home loan from Standard chartered Bank. And there is a lot of miscommunication between the bank and the agencies. My personal loan is with STANDARD CHARTER bank.The loan amount was 2 lakhs and the rate of interest was 11% which is average in the market . The customer service and responsiveness was satisfactory. The pre closure is allowed only after 1 year here.They have sanctioned the loan with the committed time.

It may also enable you to plan a prepayment of the home loan if you foresee getting a surplus amount during the tenure of the home loan. With the HomeSaver Home Loan, a borrower gets the option of paying back his loan at half the cost and within half repayment tenure. Moreover, the salaried as well as self employed borrowers can either deposit or withdraw money without paying an additional charge. For that, a Transaction Account is linked to the home loan account wherein funds from the transaction account can be used to pay off the EMI of the home loan account. The monthly interest on this loan is charged on the daily reducing balance method. Standard Chartered is one such premium British multinational banking and financial services company.

Standard Chartered Bank Home Loan Eligibility Criteria for Salaried and Self-Employed Borrowers

Are the processing fees refundable in case my loan is not approved? The processing fees paid along with your loan application will not be refunded irrespective of your loan being approved or rejected. The banks calculate your loan eligibility based on how much you can pay. The banks have internal threshold on Fixed Obligation to Income Ratio . For instance, if your monthly income is Rs 1 lac and the FOIR is 40%, the bank will not sanction a loan your monthly payment exceeds Rs 40,000 per month.

Standard Chartered offers the lowest EMI at Rs 871 per lakh. This makes it highly convenient and pocket-friendly to get a home loan. Self-employed business owners having own business of Trading, manufacturing or service providers.

Calculators & Widgets

The loan amount can go up to INR 35 Crore, depending on your repayment capacity, and the city where the loan is disbursed. The above list of documents is an indicative list and is acceptable based on Standard Chartered Bank’s existing policy, as applicable at the time of loan application. Avail refinance on payments within 6 months of property purchase under the Home loan programme. Get home loans of up to INR 35 Crore with flexible tenure repayment of up to 25 years. Section 80C of the Income Tax Act allows home borrowers to claim a tax deduction of up to Rs 1.5 Lakh for the home loan principal repayment done in the financial year.

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Borrow up to 70% of your residential or commercial property’s market value for personal expenses.

There are many different factors and government regulations that can affect the maximum amount you can borrow. Our Instant Assessment will help you take all these into account. Under Section 24 of the ITR, you can claim a deduction of up to Rs 2 Lakh on the interest amount paid on a home loan, where the loan has been taken for purchase or construction.

What is the minimum loan amount to apply for a Home Loan from the bank? The minimum loan amount Standard Chartered Bank Home Loan is Rs.10 lakh. Eligibility CriteriaSalaried, self-employed professionals, and businessmen are eligible to apply for home loans from Standard Chartered.

Terms and Conditions

Additionally, Standard Charter also provides the option of including the borrower’s partnership firms, Pvt Ltd companies, or any other closely held companies as co-applicants. It is mandatory for an NRI applying for a home loan with Standard Chartered to have a co-applicant. While married applicants need to show their spouse as a co-applicant, unmarried applicants can show either their parents or brother residing in the city as a co-applicant where the loan is disbursed. Home taken for 15 year's , closed loan in12 year's with full arears. Loan Amount 18,20,000/- bank collected 43,00,000/- Document not released, for emergency to contact local person bank need. Same person with bitter realationship she does'nt want to come to bank but she signed on appliction no-objectin for collect document proof of Adhar card.

A home loan is an amount that an individual borrows from a bank or any other financial institution at a certain rate of interest which is required to be paid through EMI every month till the loan tenure. EMI is the amount calculated at the time of availing a home loan by lending institution against loan amount based on rate of interest and loan tenure. A culmination of all these features and services make Standard Chartered a premium and highly recommended banking institution for availing a home loan. Their flexible and convenient facilities have conferred them with unprecedented trust from their customers who rely on the prompt and concise communication by the bank. One can visit their nearest branch from their wide network of branches, speak with the relationship manager, or browse through the official website of the bank for further guidance on home loans. First of all , I want to start by saying, my home loan was processed by SCB.

They have contacted me and provided me all the details which is requried for the loan on time. I did not have a problem with the rate of interest and processing charges. Interest rate charged by SCB is a little higher when compared with other banks like ICICI bank and PNB. Processing fee charged by SCB is a bit high when compared with others. It was quite some time now since I had approached them for the same housing loan.

You cannot use the loan to purchase an under-construction property. Therefore, many banks offer the Pre-EMI option, where you pay just the interest on the disbursed amount until the construction is complete. Standard Chartered Bank recently introduced an interest-only home loan product.

Get a more comprehensive assessment of what you can afford based on your individual situation and relevant mortgage policies

With Standard Chartered Home loan EMI calculator, you can calculate the EMI amount that needs to be paid every month on housing loan thus helping you to take informed decisions while buying your dream house. This also helps in estimating Home loan amount that can be availed basis the cost of the property & home loan EMIs that needs to be paid every month. Home Loan EMI is the monthly payment that you make to repay your home loan within the given tenure. The amount repayable (principal amount + interest amount) is divided into equal instalment payable every month throughout the tenure of the loan. Magicbricks is a full stack service provider for all real estate needs, with 15+ services including home loans, pay rent, packers and movers, legal assistance, property valuation, and expert advice. As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has an active base of over 15 lakh property listings.

Once you enter the three components, the EMI Calculator will generate the EMI amount you have to pay, you may try different parameters as well to find an EMI option that best suits your financial planning. You can apply for a loan amount ranging from Rs 5 lakhs to Rs 35 crore based on your repayment capacity. While the loan amount varies with the repayment capacity of the borrower and his/her city, it ranges from Rs. 5 lakhs- Rs. 10 crores.

Loan tenure – It is the time in which you repay your housing loan. It is inversely proportional i.e higher the tenure, smaller will be home loan EMI. But remember that longer the tenure, higher will be interest outgo.