Standard Chartered Bank Home Loan - Features & Benefits

Great savings: We offer variable and semi-fixed rate housing loans with just a one-time processing fee. No hidden charges.

Tailored to your needs: You have a requirement, we have a product! Loans available for ready/under construction flat or house, home extension and renovation.

Flexible tenures: Standard Chartered offers home loans for salaried and self-employed customers with a wide range of tenure

Refinancing options: Stuck with a High Interest home loan? Transfer your existing loan to a lower interest Standard Chartered Bank Home Loan and save money

Details: Standard Chartered offers loans for salaried and self-employed individuals with a wide range of tenure, from 5 years to 25 years

Additional Benefits

Insurance Products:

  • Home Loan Protector

Home Loan Protector is a product, which protects your family from the burden of repayment of the home loan in the unfortunate event of your death.

  • Home Protector

HHP plan combines property and home content insurance in one policy. You can choose to take insurance for combinations of these components or for a single component. Home contents offers insurance for the belongings of the customer inside the house. Home Protector covers the property from damage due to natural calamities.

Refinance your loan

  • Transfer your existing high interest loan to a lower interest Standard Chartered Bank home loan (as per the applicable current rates) and save on interest. We will also finance the prepayment charges if you so wish.

Tax Benefits

  • Interest paid on the Home Loan,

As per Sec 24(b) of the Income Tax Act, 1961 a deduction up to Rs. 200,000/- towards the total interest payable on the home loan towards purchase / construction of house property can be claimed while computing the income from house property. (The deduction amount is Rs 30,000/- in case of loans taken prior to March 1, 1999). The interest payable for the pre-acquisition or pre-construction period would be deductible in five equal annual instalments commencing from the year in which the house has been acquired or constructed.

In case of self-occupied property, this deduction is allowed only for one such self-occupied property. The interest towards home loan taken for purchase, construction, repairs, renewal or reconstruction of house property is eligible for deduction under section 24(b).

  • Principal repayment of the Home Loan

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to Rs. 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.

Top Up Loan

A Home Loan with Standard Chartered Bank lets you do more than just buy a home. We also offer our existing Home Loan customers a Top Up Loan, which is a loan facility over and above their existing loan. So, if you have taken a Home Loan with us and are now in need of additional funding, a Top Up Loan is the answer for you. Whether you want to buy a new home theatre system, renovate your home, or finance your child’s education, a top up on your Home Loan allows you to meet your needs at attractive interest rates.

Features

  • A Home Loan customer who has been making repayments for more than 6 months is eligible to apply for a top up
  • You can apply for a top up of up to 100% of the original loan amount disbursed*
  • The top up tenure can be up to the outstanding tenure on your existing home loan
  • Advantages
  • Lower Costs: Compared to other alternatives such as personal loans, a top up gives you a better deal when it comes to interest rates and processing fees, so you can leverage your existing home loan to help you save costs
  • Convenient Repayment Plan: A Top Up Loan allows you to repay over a longer tenure compared to a personal loan, helping you to keep your monthly outflow low.
  • You also have the option of transferring your existing loan to Standard Chartered Bank and availing a Top Up Loan along with the transfer. Call our phone banking lines now to learn more.

* Other restrictions also apply

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Loan Application

 

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Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

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The Education Loanaims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
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Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.

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