Standard Chartered Bank Home Loan

Table of Contents

• Standard Chartered Bank Home Loan Interest Rates
• Eligibility Criteria for Standard Chartered Bank Home Loan
• Standard Chartered Bank Home Loan Schemes
• Standard Chartered Bank Home Loan for NRI or PIO
• How to Apply for Standard Chartered Bank Home Loan
• Documents Checklist for Standard Chartered Bank Home Loan

Introduction

One of the largest international banks in India, Standard Chartered Bank’s relationship with the country dates back to more than 160 years. Starting their operations in India in 1858, today Standard Chartered Bank boasts of 100 branches spread across the country in 43 cities.

The key factors that add to the ease of the customer are:

• Effective door step services to provide fast and efficient processing of the loan application.
• Insurance of the property to provide peace of mind.
• Wide network of over 100 branches and 24/7 phone banking to reach them with ease.

Standard Chartered Bank Home Loan Interest Rates

Interest Rates are as of 2019

The cost of capital becomes an important factor to weigh for servicing the loan and your capacity to repay within the mutually agreed terms. The rate of interest applicable to your loan is the primary contributor to the cost of capital.

It is to your advantage to learn of the interest regime followed at the bank. Like all banks in India, SCB is also tuned to the MCLR pattern of interest application for all rupee credits. The following are the various prevalent rates that impact your cost of capital.

Interest is applied on a daily reducing balance at monthly rest. In SCB, you can opt for both the floating and fixed mode of interest application. Accordingly the interest rate charged by SCB in the home loan product applicable in 2019 is:

Eligibility Criteria for Standard Chartered Bank Home Loan

Standard Chartered Bank Home Loan Schemes

The different schemes offered by SCB are the Home Loan, The Home Saver Loan and the Cash back Home Loan. The loans are in the form of either Term or Overdraft as in the case of Home Saver Loan. The interest pattern followed at SCB is both floating and fixed type which can be switched on payment of applicable charges. It is time to recapitulate the interest rate applied at SCB.

It is also imperative to learn about the other charges.

Types of SCB Home Loan

SCB’s home loans are very much attuned to the requirements of customers who seek funds both for new or old home property and also for under construction projects to acquire their home of choice. Of the many generic offers that are common to the home loan product among the lenders, the feature that makes SCB unique is the loyalty program offered to their own customers in the form of attractive cashback, subject to meeting their norms.

SCB Home Loan: It is the primary home loan that offers tailor made home solutions to the customers. The redeeming features of the loan apart from the many purposes it serves are generous balance transfer facilities and top up at lower rates. It also offers the facility of refinance after 6 months of the acquisition of the property. The top-up equivalent to the loan amount at rates similar to the home loan provides for additional funds for use of the customer.

SCB Home Saver Loan: Since the interest on home loan is applied on reducing balance on monthly rests, you end up paying lower interest amount as you can park your funds in the account. It provides overdraft facility laced with easy access to your fund for withdrawal.

Cashback Home Loan: It is a unique loyalty program specifically for the SCB customers where the EMI of the home loan is serviced through a SB account with SCB. The cashback amount is credited to the SB account every 12 months subject to theterms and conditions.

Standard Chartered Bank Home Loan for NRI or PIO

SCB offers a home loan solution for the NRI component of their client base with features attuned to their requirements. Most of the features which the resident Indian enjoys are also intrinsic to the home loan solutions to the NRI. The major difference being that the loans are extended only to the salaried NRI and their repayment terms are lower. That apart, they get the benefit of matching interest rate and the Home Saver and Cash back options. Though there is no bar on the NRI procuring immovable property is India barring farm land, they need to comply with the rules defined by RBI and FERA regulations.

Housing Loan for High-net-worth Individuals

SCB offers its Premier Services specifically targeted towards the high-net-worth individuals with necessary embellishments suitable to the class.

Though there is no specific home loan designed for the Premier customers who are in reality HNWIs, the home loan features at SCB are eminently suited for this class of clients.

Amount of Loan permitted in this Scheme

It is already amply clear that among the host of services provided to the Premier customers, it is primarily aimed at providing personalized banking services apart for assisting them in wealth creation. Emerging out of this basic premise is that the home loan offered at SCB is quite generous with the maximum eligible amount being Rs. 35 C. A premier customer seeking home loan is expected to propose such high worth projects.

SCB Home Loan for NRI

The NRI customers bring hard foreign currency earnings which is mutually beneficial due the conversion differential. Thus among the other facilities provided to the NRI clients, home loan especially for their needs is one. The norms for the home loan are:

Home Saver Loan for NRI

Similar to the resident Indian, a NRI can avail of this unique opportunity by opting for this variant which helps is reducing the interest burden substantially. While you can park the funds in your hand, you can also have easy access to the fund and withdraw it when necessary. You are also given a free Global Debit Card.

Co-applicant in Home Loan for NRI

We have already seen that a co-borrower is compulsory for the NRI to avail of a suitable home loan. The norms at SCB pertaining to the provision are:

• For a married applicant, only spouse fulfill the requirement.
• If unmarried, any one of the family including parents and siblings residing in the location of property.
• Similarly the Power of Attorney holder should be located in the same center.
• The POA holder can be the co-applicant or any close relative or friend.

How to Apply for Standard Chartered Bank Home Loan

On completion of the process of selection and ascertaining the loan eligibility that matches your repayment capacity, the corollary is to put in your formal application for the processing of your loan. At SCB, you can call any of their phone banking numbers for door step assistance. You can also mail them for similar response. The final option is to visit any of their 100 branches in India, but the one closest to you.

Under normal circumstances, the processing of your application is completed in 5 working days after you have furnished all the documents.

You are free to check out Housing.com for your suitable home loan solution offering the widest choice in the one stop destination.

Documents Checklist for Standard Chartered Bank Home Loan

Documentation is an importance part of your application process. The list of documents required for processing are:

Note: The documents listed above are only indicative and not exhaustive. The final say rests with the bank.