Standard
Chartered Bank
Standard Chartered Bank opened its first overseas branch in Kolkata, India but is now headquartered at Mumbai. Today it is the largest foreign bank in the country. It took over the Grindlays Bank from ANZ Grindlays to be in a better position to deliver significant benefits in terms of network, products and services.
Sensing a huge pent-up demand in the real estate market in India, it offers Home loans at not just a low rate of interest, but also an unmatched level of service. Both Indian and NRI customers can opt for loans at floating and/or fixed rate of interest. A leading foreign bank in the country with presence in 15 cities across the country, Standard Chartered's assets in India are formidable.
Home Loan is available for construction / purchase of house / flat / plot or take over of an existing loan / renovation / improvement / extension of House.
Eligibility criteria for resident Indians:
- Minimum age 21 years as on the date of sanction.
- Steady source of income and stable job
- Individuals, salaried, professional and self-employed can gain from a flexible tenure from 5 years to 20 years and no guarantors as part of the eligibility criteria.
Eligibility criteria for NRIs:
- Minimum age 21 years and graduate
- Valid Indian Passport (for NRIs)/ valid foreign passport (for PIOs)
- Steady source of income.
- Valid job contract or works permit.
Rate of Interest:
Standard Chartered charges interest at the rate of 9.25 per cent on an ordinary home loan and at 9.75 per cent in case of the Home Saver, which is a special scheme for 20-year tenure.
Standard Chartered (Rate of Interest) |
Amount
|
< 20 lakhs |
> 20 lakhs |
Fixed |
10.5% |
13% |
Floating |
9.5% |
12% |
The interest is calculated on a daily reducing balance at monthly rests. You can convert from a fixed rate of interest to a variable rate or vice versa by paying a fee amounting to 1.5% of the principal outstanding.
The rate of interest is calculated on a daily reducing balance and is charged with monthly rests, Standard Chartered Grindlays offers the option of converting your fixed loan to floating loan and vice versa by paying a fee amounting to 1.5% of the principal outstanding.
Loan amount:
The minimum loan amount that can be availed of is Rs. 5 lakhs.
The loan amount can go up to Rs. 2.5 crore, depending on your repayment capacity, and the city where the loan is disbursed.
Your loan eligibility can be enhanced by including co-applicants with separate income sources. Immediate relatives and siblings can be co-applicants if they are co-owners to the property. You also have the option of including proprietor concerns, partnership firms, private limited companies, and closely held limited companies as co-applicants.
Repayment Terms:
- The repayment period extends up to 20 years for Resident Indians and up to 7 years for Non-Resident Indians.
- You can choose among the options of Post Dated Cheques (PDCs), Electronic Clearing System (ECS) and Standing Instructions on your Standard Chartered account to give repayment instructions.
- Once you have completed six months of repayment on your home loan, you are eligible to apply for a top up loan, over and above your existing home loan.
Processing Charges:
1.25 % of the loan amount works out as the processing charges. In case the loan is not sanctioned to you, the processing fees minus Rs. 2000 will be refunded to you.
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