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Frequently Asked Qusetions
Q. How do I apply for a Standard Chartered Home Loan?
You can get in touch with us by calling in at our Phonebanking Nos, or write to us at India.Mortgage@standardchartered.com, or visit our Branches
Q. What are the documents that I need to submit when I apply for the loan?
The primary documents that have to submitted are:
Application form with self attested photograph
- Identity, Age & Residence Proof
- Bank Statement
- Income Documents
- Processing Fee Cheque
There may be additional documents that are needed, details of which would be given to you at the time of application.
Q. What is the maximum loan amounts that can be availed?
The loan amount can go up to Rs. 5 crores, depending on your repayment capacity, and the city where the loan is disbursed.
Q. Who all can be co-applicants on the home loan?
You can include your immediate relatives (spouse, parents, or children) as co-applicants on the loan. 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.
Q. What is the amount of processing fees that I have to pay?
Processing fee would vary from 0.5 % - 1.50% of the sanctioned loan amount depending upon the scheme you opt for.
Q. Will SCB refund my processing fee?
If we are unable to sanction the loan to you, the processing fees minus Rs. 2000 will be refunded to you. In case your loan has been sanctioned, the processing fees will not be refunded.
Q. How long does it take to get a sanction for the loan?
After you have given us all the relevant documents, you can get a sanction for the loan within 4 working days, under normal circumstances.
Q. What are my options for repayment?
You can choose among the following options to give repayment instructions:
- Post Dated Cheques (PDCs)
- Electronic Clearing System (ECS)
- Standing Instructions on your Standard Chartered account
Q. If the property is under construction, and I have not taken full disbursal, what options do I have regarding payment of EMI?
You have the option of paying either pre EMI (interest on the amount of loan disbursed thus far) or full EMI during this period.
Q. How is the interest on my loan calculated?
The interest is calculated on a daily reducing balance and is charged with monthly rests.
Q. If I opt for a fixed rate loan, does the interest rate remain fixed for the tenure of the loan?
Yes.
Q. Can I convert from a fixed rate of interest to a variable rate or vice versa?
At the discretion of SCB, you have the option of changing your interest type from Fixed to Variable or vice-versa provided you pay 1.5% of the principal outstanding at the time of exercising the option.
Q. Having taken a home loan, can I take a top-up loan without offering any additional security?
Yes. Once you have completed six months of repayment on your home loan, we offer you the option of applying for a top up loan, over and above your existing home loan.
Q. Can I make part prepayments on my home loan account?
Yes. You can make part prepayments by paying a fee of only Rs. 600 per payment.
Q. How long do I have to wait after my loan is booked before I can make a part prepayment?
6 months.
Q. What are the charges on preclosure of the loan?
The applicable charges are 2.5 % on the principal outstanding post adding any part payments made in the last 180 days.
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