Standard Chartered Home Loan-2025
Standard Chartered Bank housing loan offers flexible and affordable options for purchasing, constructing, or renovating homes. With competitive interest rates, easy eligibility, and personalized repayment plans, Standard Chartered Bank home loan simplifies the journey to owning your dream home.
Standard Chartered Bank has a legacy of over 160 years in India, making it one of the oldest and most trusted foreign banks in the country. Headquartered in London, the bank operates across 53 countries globally, providing a wide range of financial services, including credit cards, loans, accounts, deposits and NRI banking.
Among these, its home loan is one of the key offerings, designed to help individuals turn their dream of owning a home into a reality.
In this blog, we will walk you through a comprehensive guide on Standard Chartered Bank home loans, focusing on their interest rates, eligibility criteria, the application process and other important details. Keep reading to know more!
Standard Chartered Bank Home Loan Interest Rates
Finding out the current Standard Chartered home loan interest rate is crucial when buying a house. The interest rate significantly impacts your monthly payments and the total cost of your loan. With rates starting from 8.95% per annum, Standard Chartered offers competitive options to help you find a loan that fits your budget.
| Scheme | Interest Rate Range |
| Standard Chartered Home Loan | 8.75% to 9.75% p.a. |
| Home Saver | 8.75% to 9.75% p.a. |
| Interest Only Home Loan | 9.25% to 10.25% p.a. |
| Home Pack | 8.50% to 9.50% p.a. |
| Loan against Property | 8.75% to 9.75% p.a. |
Standard Chartered Home Loan Details
Standard Chartered’s home loan offerings are defined by attractive features and flexible options, simplifying a smooth and cost-effective journey towards homeownership. Now, let’s explore the crucial details surrounding Standard Chartered Home Loans in more detail:
- Interest Rate The Standard Chartered Home Loan interest rates starts at 8.75% p.a. (fixed for the first year). The actual interest rate will depend on your credit score, loan amount, and repayment tenure.
- Loan Amount The maximum loan amount that you can avail from Standard Chartered Home Loan is INR 35 crores. The minimum loan amount is INR 10 lakhs.
- Processing Fees The processing fee for Standard Chartered Home Loan is 1% of the loan amount. However, there is no processing fee for loans up to INR 20 lakhs.
- Prepayment/Foreclosure Charges There are no prepayment or foreclosure charges on Standard Chartered Home Loan. You can prepay your loan without any penalty.
- Maximum Tenure The maximum tenure for Standard Chartered Home Loan is 30 years for salaried individuals and 25 years for self-employed borrowers. However, the actual tenure will depend on your age and repayment capacity.
- Rate Packages Available Standard Chartered Home Loan offers two rate packages:
- Floating Rate Package The floating rate package has an interest rate that is linked to the MCLR (Marginal Cost of Funds Based Lending Rate). The MCLR is reset every month, so your interest rate will also change every month.
- Fixed Rate Package The fixed rate package has an interest rate that is fixed for a certain period of time (usually 3 years or 5 years). After the fixed period, the interest rate will become floating.
Standard Chartered Home Loan Eligibility
In order to be eligible for a Standard Chartered Home Loan, specific requirements need to be met. These eligibility conditions could vary based on the loan scheme and applicant category. Below are key factors assessed by Standard Chartered to establish eligibility for a home loan:
| Age | Must be at least 21 years old and not more than 65 years old at loan maturity |
| Income | Monthly income should be at least 3 times the EMI to ensure affordability |
| Employment Type | Must be a salaried employee or self-employed with a minimum of 2 years of continuous employment. |
| Credit Score | A minimum credit score of 750 is required. |
| Property Documents | Clear property title is needed along with the sale deed, property tax receipts, encumbrance certificate and no objection certificate from the local authority |
Meeting these eligibility criteria increases the likelihood of getting your Standard Chartered Home Loan approved. You can also check your eligibility for home loan with NoBroker Home Loan Eligibility Calculator.
Fees and Charges for Standard Chartered Bank Home Loan
Here is a breakdown of all the fees and charges associated with a Standard Chartered Bank home loan, helping you understand the costs involved before applying.
| Types of Fees | Amount |
| Pre-closure fees | NIL fees on floating rate loans to individuals |
| 2.5% of the principal outstanding (amount outstanding at the time of closure) in case of fixed/semi-fixed rate loans, and loans to non-individuals | |
| Part prepayment fees | NIL fees on floating rate loans to individuals |
| NIL for part prepayments less than 25% of the principal outstanding | |
| 2.5% of the entire amount being paid, for part pre-payments greater than 25% of the principal outstanding in a calendar year | |
| Processing fees | Up to 1% of the sanctioned amount |
| CERSAI fees | Actual fee as applicable by CERSAI Department |
| Annual fees | Not Applicable |
| EMI cheque bounce charges | ₹495 per instance |
| Penal charges | 24% p.a |
| Document retrieval charges | ₹300 per instance in case of property documents and photocopies of the same |
| NIL in case of Provisional Interest Certificate, Interest Certificate, No Objection Certificate, Amortisation Schedule | |
| ATM Usage, Cash Withdrawal or Balance Enquiry | Not applicable |
| Conversion/Switch Fee | Up to 1% of the principal outstanding |
| Debit card Fee/Monthly Statement/Multi City Cheque Book/Cheque Return Charges/Stop Payment Requests | Not applicable |
Documents Required for Standard Chartered Home Loan Application
When applying for a Standard Chartered Home Loan, it’s crucial to provide specific documents. The document requirements may vary based on the applicant category and loan scheme. Below is a list of common documents required by Standard Chartered for the home loan application procedure:
Documents Based on Loan Purpose
1. Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
- Driving License
2. Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills
- Rental Agreement
3. Income Proof
- Salary slips
- Bank statements
- Income tax returns
- Audited financial statements for self-employed individuals
4. Property Documents
- Sale agreement
- Property title deed
- Approved building plan
- Property tax receipts
5. Other Documents
- Passport-size photographs
- Bank statements
- Employment proof
How to Apply for Standard Chartered Bank home loan
The process of applying for a Standard Chartered Bank home loan is straightforward, especially due to the convenience of online application options. and you can easily do it online through the NoBroker platform. Follow these steps to initiate your Home Loan application:
Before applying, make sure to check the eligibility using the NoBroker Home Loan Eligibility Calculator. You can also use NoBroker Home Loan EMI calculator to figure out the right loan terms for your needs.
Step 1: Visit the NoBroker Platform:
Go to the NoBroker Home Loan page and navigate to the Home Loan section.
Step 2: Choose Standard Chartered Bank:
Select Standard Chartered Bank as your preferred lender from the list of available options.
Step 3: Fill in Details:
Provide essential information such as your name, contact details, income, employment/business details, and the desired loan amount.
Step 4: Submit Documents:
Upload the necessary documents, including proof of identity, address, income, property details, and more.
Step 5: Submit Application:
Review the application form and documents, then submit your application.
Step 6: Wait for Verification:
Standard Chartered Bank will verify your application and documents. You might be contacted for any additional information.
Step 7: Receive Approval:
Once your application is approved, you’ll receive an approval letter or communication from the bank.
Step 8: Loan Disbursement:
After completing all formalities, the bank will disburse the approved loan amount to your designated account.
By following these steps, you can smoothly complete the Standard Chartered Bank home loan apply online process via the NoBroker platform.
Standard Chartered bank Home Loan Schemes
Standard Chartered Bank offers different types of home loan schemes to suit different needs. The interest rates can vary based on the specific scheme and repayment period you choose.
Here is an overview of the different home loan schemes available at Standard Chartered:
1. Standard Chartered Home Loan
This is the bank’s flagship home loan scheme, which offers competitive interest rates, flexible repayment tenures and no prepayment charges. Under this scheme, you can refinance payments made within 6 months of the property purchase. Additionally, you can benefit from tax advantages under Sections 24(b) and 80C of the Income Tax Act, 1961.
Standard Chartered Home Loan |
|
|---|---|
| Applicant Type: | Salaried and self-employed borrowers |
| Eligibility | Age: 21 years – 60 years
Monthly income: INR 25,000 – INR 35,000. Employment Type: Salaried or self-employed. |
| Loan Tenure: | Up to 30 years |
| Maximum Loan Amount: | Up to 35 Crores |
| Interest Rate: | 8.75% Onwards |
| Processing Fees: | 0.5 to 1.0% of the loan amount + GST |
2. Home Saver
This scheme allows you to prepay your home loan faster and save on interest costs. The interest rate on the overdraft facility is lower than the interest rate on the home loan, so you can save money on interest costs. With a Home Saver loan, interest is calculated on daily balances and you can benefit from quicker processing with the bank’s doorstep services.
Home Saver |
|
|---|---|
| Applicant Type: | Salaried and self-employed borrowers |
| Eligibility | Age: 21 years – 60 years
Monthly income: INR 35,000 – INR 50,000. Employment Type: Salaried or self-employed. |
| Loan Tenure: | Up to 20 years |
| Maximum Loan Amount: | Up to 25 Crores |
| Interest Rate: | 8.75% Onwards |
| Processing Fees: | 0.5 to 1.0% of the loan amount + GST |
3. Interest Only Home Loan
This scheme allows you to pay only the interest component of your home loan for the initial few years, and then start repaying the principal amount later.
Interest Only Home Loan |
|
|---|---|
| Applicant Type: | Salaried and self-employed borrowers |
| Eligibility | Age: 21 years – 60 years
Monthly income: INR 25,000 – INR 35,000. Employment Type: Salaried or self-employed. |
| Loan Tenure: | Up to 30 years |
| Maximum Loan Amount: | Up to 35 Crores |
| Interest Rate: | 9.25% Onwards |
| Processing Fees: | 0.5 to 1.0% of the loan amount + GST |
4. Home Pack
This is a bundled product that combines a home loan with a credit card and a savings account.
Home Pack |
|
|---|---|
| Applicant Type: | Salaried and self-employed borrowers |
| Eligibility | Age: 21 years – 60 years
Monthly income: INR 50,000 – INR 75,000. Employment Type: Salaried or self-employed. |
| Loan Tenure: | Up to 30 years |
| Maximum Loan Amount: | Up to 35 Crores |
| Interest Rate: | 8.50% Onwards |
| Processing Fees: | 0.5 to 1.0% of the loan amount + GST |
Moreover, there exists the option of a top-up facility for Standard Chartered home loans. This empowers individuals with existing Standard Chartered Home Loans to secure additional funds for purposes such as home improvements, education, or personal financial needs.By understanding the interest rates associated with different home loan schemes offered by Standard Chartered, as well as the option for top-up loans, borrowers can make informed decisions. This enables them to choose the best-suited solution that aligns with their financial goals and repayment capacity.
How to Repay Standard Chartered Home Loan?
You can repay your Standard Chartered home loan in the following ways:
Standing Instruction (SI)
Standing Instruction is one of the convenient repayment methods, available for those with a Standard Chartered Bank account. Under this method, your EMI will be automatically debited from your specified account at the end of each monthly cycle.
Electronic Clearing System (ECS)
This option is available if you have an account with a bank other than Standard Chartered and want your EMIs automatically debited from that account at the end of each month.
Standard Chartered Home Loan Customer Care
For any inquiries or if you need help with Standard Chartered Home Loan, feel free to contact their customer support team. Below are the contact details for Standard Chartered Home Loan Customer Care:
Phone banking services are available from 8:00 a.m. to 8:00 p.m., while emergency services for unauthorised transactions, charge disputes and stop payments are provided around the clock. Here are the contact numbers you for reaching out to the team:
| Toll-Free Number (India) | 1800 345 1000, 1800 345 5000 |
| customer.Care@sc.com | |
| Address | Standard Chartered Bank, Customer Care Unit, 19, Rajaji Salai, Chennai 600 001. |
Conclusion
Standard Chartered home loans provide an ideal opportunity for individuals to realise their dream of homeownership. With competitive rates, flexible repayment options and higher sanction amounts, this bank effectively caters to diverse borrowers’ needs. By now, you must have a clear understanding of Standard Chartered Bank home loan, interest rates, eligibility criteria and the application process.
