Standard Chartered Bank Home Loan

Features:                                       

• One time processing fees & no hidden charges.
• Loan is available for a purchase of constructed house/flat, to purchase a flat under construction, home extension and renovation.
• Provides facility for refinance of home loans, & also can provide finance for the prepayment charges.
• Bank provides maximum loan up to Rs 10.2 crores
• Loan repayment period varies from 5 to 20 years
• Quick service as loan gets sanctioned within 4 working days.
• After the 6 months of repayment, any customer is also eligible to apply for top up loan on the existing home loan.

Charges:

• Loan processing charges:Varies between 0.5% to 1.50% of the sanctioned loan amount.  
• Pre closure charges: 2.5 % on the principal outstanding plus any part payments made in the last 180 days.
• Prepayment charges: Nil Up to 25% of the outstanding loan amount and above that the bank charges 2.5% of the amount being paid
• Conversion charges i.e. switching home loan from fixed to floating or vice versa costs 1.5% of the principal outstanding.

 Interest Rates:

• Interest is calculated on a daily reducing balance method.
• Home loan rates vary according to Base rate which currently 9.50% p.a. with effect from 22.07.2011 & Benchmark prime lending rate which is also known as MVRR, Mortgage Variable Reference Rate which is 19% effective from 1.03.2011

Documentations:

Salaried

• KYC Documents is ID & address proof which can be copy of passport or Voter’s Id Card
• Identity proof: Pan card, Ration card with photo, Employer’s issued photo id
• Age proof: Passport, Pan card, Birth certificate, School leaving certificate, Voters Id card.
• Residence proof: Copy of latest telephone bill, Latest electricity bill, Valid registered Rental Agreement, Pan intimation letter, Medical Insurance policy, latest bank statement, credit card statement
• Signature Verification proof: Copy of valid passport, copy of pan card or loan processing self cheque if amount is > Rs 10000
• Salary slip : Latest 2 month salary slip, salary certificate from employer, last 3 months bank statements with salary credit.
• For Pvt. Ltd employees ITR & Form 16
• For Public Ltd. Employees either ITR of Form 16
• Appointment letter or revised cost to company, if job change or increment happened in last 3 months

Self Employed

• KYC Documents is ID & address proof which can be copy of passport or Voter’s Id Card
• Identity proof: Pan card, Ration card with photo, Employer’s issued photo id
• Age proof: Passport, Pan card, Birth certificate, School leaving certificate, Voters Id card.
• Residence proof: Copy of latest telephone bill, Latest electricity bill, Valid registered Rental Agreement, Pan intimation letter, Medical Insurance policy, latest bank statement, credit card statement
• Signature Verification proof: Copy of valid passport, copy of pan card or loan processing self cheque if amount is > Rs 10000
• Latest 2 year ITR & CA certified computation of income
• For turnover >40 lakh latest 2 year’s audit report with financials & annexures/schedules.
• Qualification proof for self- employed professionals- CA, Doctor, Architect etc.
• Bank statement for latest 6 months for current & saving A/C