Urban Money

Standard Chartered Bank Home Loan Calculator

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

The Standard Chartered Bank home loan calculator is an AI-powered self-help tool that allows users to compute the monthly EMI on their Home loan. The calculator features a straightforward interface that allows even  first-time users to perform the calculation with minimal effort. The Standard Chartered Bank Home loan calculator is a tool offered by one of the most renowned brands in the banking industry.

What are Standard Chartered Bank Home Loans EMI Calculator Features and Benefits?

The Standard Chartered Bank Home loan EMI calculator is an online tool that offers its users the following features and benefits.

  • The Standard Chartered Bank Home loan calculator is available online and can be accessed by even first-time users without any glitches. The user must mention the amount they want to borrow and the repayment tenure.
  • The Standard Chartered Bank home loan calculator is an AI-powered tool that leaves minimal scope for any inconsistency or error. It provides a better alternative than manual calculations. 
  • The home loan calculator is the tool that allows the user to mention multiple values in the calculations and reach the EMI amount that compliments their budget. It will help the user to plan the repayments of their loan better.

How Standard Chartered Bank Home Loan Calculator Works & Formula?

The Standard Chartered Bank Home loan calculator offers a convenient avenue for users to calculate their EMI payments on their home loans. The user must mention the loan amount they want to borrow from the bank and the loan tenure. After successfully mentioning these values on the calculator, one can review the following almost instantaneously.

EMI Amount: Refers to the monthly EMIs the borrower has to pay on the home loan.

Interest Component: Refers to the total interest amount the borrower has to pay on the home loan throughout the tenure.

Total Outflow: Refers to the total amount repaid against the home loan. It is the sum of principal and interest.

The Standard Chartered Bank Home Loan calculator employs the following formulae to compute the value of EMI against the provided values:

P x R x (1+R)^N / [(1+R)^N-1]

Where,

  • P is the Principal Amount
  • R is the Rate of Interest
  • N is the tenure of the Home Loan

For a better understanding let’s take an example. Suppose you want a home loan of Rs 40 Lakhs from Standard Chartered bank. The interest rate charged on loan is 8.65% per annum. And the repayment tenure is 15 years. So by applying the formulae mentioned above:

EMI Amount = 40,00,000*8.65*(1+8.65)^15/[{1+8.65)^15-1],

 The EMI on loan would be 39,742

How does EMI Calculation Help in Planning a Home Purchase?

The Standard Chartered Bank home loan calculator assists the user in deriving the EMI amount on the home loan from the comfort of their home. It helps the user in the following ways. For example,

  • The calculator enlightens the user of the complete repayment process as it provides a detailed breakdown of the EMIs regarding the composition of the principal and interest at different stages throughout the tenure.
  • The EMI calculation done for the home loan is facilitated through a sophisticated system. That is a better alternative than performing manual calculations, which are time-consuming and prone to errors and inaccuracies.
  • The EMI calculation helps the borrower to plan the repayment of the loan and map out their repayment strategy. One can easily compare the varying interest rates, loan tenures and amounts to find the one that complements their budgetary goals.
  • The EMI loan calculator allows the user multiple input values to find the best deal available. This is a crucial feature as it allows users to find the most budget-friendly option among the varying tenures and schemes.

Factors Affecting Standard Chartered Bank Home Loan EMI 

The following factors affect the home loan EMIs offered by Standard Chartered Bank:

  • Needless to say, the loan amount and EMI amount on the Standard Chartered Bank Home loan EMI share a directly proportional relationship. A substantial loan amount will increase the EMI payments.
  • The interest rate is the fee the bank charges against the home loan. A higher interest rate would increase the cost of the loan. The loan applicant must select a scheme that offers lucrative interest rates to reduce the loan cost.
  • The loan tenure is also an essential factor that impacts the EMI of the home loan. A lengthy tenure spreads out the repayment and minimises the cost of the EMI. One can select a long tenure to make the EMIs more manageable. 

Standard Chartered Bank Home Loan Amortisation Schedule

The table below showcases the repayment schedule of the loan amount of Rs 15 Lakhs. The interest rate charged for the loan is 6.70% per annum, and the repayment tenure is set at ten years.

Year Opening Balance EMI (Annual) Interest (Annual) Principal (Annual) Closing Balance 
2023 15,00,000 1,58,785 98,676  60,109  14,39,891
2024 14,39,891  1,58,785 94,523 64,262  13,75,629 
2025 13,75,629 1,58,785 90,083 68,702  13,06,927
2026 13,06,927 1,58,785 85,336 73,449  12,33,478
2027 12,33,478 1,58,785 80,261 78,524  11,54,953
2028 11,54,953 1,58,785 74,835  83,950 10,71,003
2029 10,71,003 1,58,785 69,034 89,751  9,81,252
2030 9,81,252 1,58,785 62,833 95,952  8,85,300
2031 8,85,300 1,58,785 56,203  1,02,582  7,82,718
2032 7,82,718 1,58,785 49,115  1,09,670 6,73,048
2033 6,73,048 1,58,785 41,537  1,17,248  5,55,800
2034 5,55,800 1,58,785 33,436  1,25,349  4,30,450
2035 4,30,450 1,58,785 24,775 1,34,011 2,96,440
2036 2,96,440 1,58,785 15,515  1,43,270  1,53,170
2037 153,170  1,58,785 5,616  1,53,170 0

Standard Chartered Home Loan EMI for ₹ 10 Lakh

The following table showcases the EMI amount for Rs 10 lakhs at different tenures:

Loan Amount  Interest Rate  Tenure  EMI 
10,00,000 8.65% 10  Rs 12,478.9
10,00,000 8.65% 15 Rs 9.935
10,00,000 8.65% 20  Rs 8,773 

Standard Chartered Home Loan EMI for ₹ 20 Lakh

The following table showcases the EMI amount for Rs 20 lakhs at different tenures:

Loan Amount  Interest Rate  Tenure  EMI 
20,00,000 8.65% 10  Rs 24,957
20,00,000 8.65% 15 Rs 19,871
20,00,000 8.65% 20  Rs 17,546 

Standard Chartered Home Loan EMI for ₹ 25 Lakh

The following table showcases the EMI amount for Rs 25 lakhs at different tenures:

Loan Amount  Interest Rate  Tenure  EMI 
25,00,000 8.65% 10  Rs 31,197 
25,00,000 8.65% 15 Rs 24,838
25,00,000 8.65% 20  Rs 21,993 

Standard Chartered Home Loan EMI for ₹ 30 Lakh

The following table showcases the EMI amount for Rs 30 lakhs at different tenures:

Loan Amount  Interest Rate  Tenure  EMI 
30,00,000 8.65% 10  Rs 37,346
30,00,000 8.65% 15 Rs 29,806
30,00,000 8.65% 20  Rs 26,320

Standard Chartered Home Loan EMI for ₹ 50 Lakh

The following table showcases the EMI amount for Rs 50 lakhs at different tenures:

Loan Amount  Interest Rate  Tenure  EMI 
50,00,000 8.65% 10  Rs 62,394
50,00,000 8.65% 15 Rs 49,667
50,00,000 8.65% 20  Rs 43,867

Comparison of Standard Chartered Bank Home Loan EMI with other Banks

The following table showcases a comparison between Standard Chartered Bank Home Loan Interest Rates with other lending institutions:

Bank  Interest Rate 
Standard Chartered Bank  8.65% Onwards
Union Bank of India  8.25% Onwards
HDFC Bank 8.60% Onwards 
SBI Bank 8.70% Onwards 
ICICI Bank  8.65% Onwards
Axis Bank  8.65% Onwards 

Frequently Asked Questions (FAQs)

What happens if Standard Chartered home loan EMI is missed?

If borrowers fail to make the EMI repayment, they will be offered a grace period of 2 months to honour their repayments.

Can I change my housing loan EMI date for Standard Chartered?

The borrower can change their EMI date by visiting the nearest branch of the Standard Chartered Bank and reaching out to the concerned executive.

How does your home loan repayment work in Standard Chartered?

Borrowers can make the repayments online through net banking facilities established by the bank.

What is the interest rate on housing loans in Standard Chartered?

The interest rate offered varies from applicant to applicant. Generally, the interest rate commences from 8.65% per annum.

What is the Standard Chartered home loan processing fee?

The processing fee on loan ranges from 0.5% – 1% of the loan amount.

Why should I calculate Standard Chartered housing loan EMI before taking a loan?

The Home loan EMI calculation provides the borrower with the EMI payable against the loan. This could help the borrower to plan the loan repayment better.