Urban Money

Standard Chartered Bank Loan Against Property

Standard Chartered Bank
4.5

Standard Chartered Bank has the outright solution for your financial needs with their loan against property. Customers can apply for Standard Chartered Bank Loan Against Property online and cater to fast application processing. The bank offers Standard Chartered Bank loan against property interest rate at 6.99% if they apply via an online channel and 10.10% on the loan amount. The repayment tenure can be extended up to 20 years.

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Loan Against Property Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Standard Chartered Bank Loan Against Property Interest Rate

9% - 11%

Up to 1%

₹3L - ₹20Cr

Tenure(5 - 15 Years)

Details

Features and Benefits of Standard Chartered LAP

Given below are the multiple attractive features and benefits of Standard Chartered LAP. 

  • Preferential Standard Chartered Loan Against Bank interest rate starts from 6.99% per annum.
  • The minimum loan amount availed can be ₹25 lakhs.
  • The maximum loan amount offered is ₹20 crores.
  • The tenure for loan repayment can be extended up to 20 years.
  • Simplified documentation process.
  • Quick application process and free processing.     
  • The pricing is 0.10% higher than the existing for self-employed employees.
  • Loan amounts offered go up to 80% to 90% of the property’s value.
  • Offers top-up facility on LAP as per the existing track record of the loan.
  • LAP is available against both commercial and residential property.
  • Lease rental discount is also available based upon rental eligibility of up to ₹10 crores.
  • Provides pricing benefits on Standard Chartered Loan Against Bank interest rate on lending for priority sectors.

Standard Chartered Bank Loan Against Property Overview

Standard Chartered Bank has the outright solution for your financial needs with their loan against property. Customers can apply for Standard Chartered Bank Loan Against Property online and cater to fast application processing. The bank offers Standard Chartered Bank loan against property interest rate at 6.99% if they apply via an online channel and 10.10% on the loan amount. The repayment tenure can be extended up to 20 years.

  • Home Saver facility available on Standard Chartered Loan Against Property.
  • Pricing benefits for priority sectors’ lending.
  • Funds cover up to 90% of the property value.

Standard Chartered Loan Against Property Eligibility Criteria

The following are the Standard Chartered Loan Against Property requirements:

  • The minimum age of the applicant should not be less than 21 years.
  • The maximum age limit is 60 years.
  • The CIBIL score of the borrower should be 700 or above.
  • Should be a salaried employee working in a reputed private firm/government organisation or a self-employed person with a minimum of three years of business operation.
  • The self-employed individual should have a profitable business.
  • The minimum annual turnover for the entity should be ₹100 lakhs.

Miscellaneous Fees and Charges

The Standard Chartered loan against property will require the applicants to pay some fees and other charges for the loan against the property amount. These charges are mentioned in the table below.

Fees Type Charges and Description
Processing Fees Up until 1% of the sanctioned funds
Pre-Closure Fees On Outstanding Amount
  • 24 months since onboarding: 4%
  • 25-60 months since onboarding: 2%
  • 60 months since onboarding: 0% 
Part Payment Penalty 2% of the part paid amount
EMI Cheque Bounce Charges ₹495/instance
Penal Interest Up to 24% per annum

Standard Chartered Loan Against Property Interest Rate

Standard Chartered offers one of the most competitive and affordable loan against property interest rates. The preferential Standard Chartered loan against property interest rate starts from 6.99% per annum for online applications only. As of Jan 2022, the bank offers a Standard Chartered loan against property interest rate starting at 10.10% per annum on the funds. This interest rate is applicable for salaried individuals, self-employed individuals, and self-employed professionals.

Factors Affecting Standard Chartered Loan Against Property Interest Rate

The Standard Chartered Loan Against Property interest rate is one of the most attractive and affordable rates offered by any international bank. But these interest rates can be affected by the following factors:

Credit/CIBIL Score The more the loan amount, the better will be the interest rate and vice versa.
Type of Employment and Income Salaried, self-employed individuals or professionals, part-timers, etc. can affect the interest rate.
LAP Repayment Tenure  For short repayment tenure, applicants will get a high interest rate on the LAP amount.
Loan Amount  The higher the loan amount, the higher will be the interest rate and vice versa.
Property Type and Conditions The type of property and the condition it is in can influence the interest rate on LAP.
Debt Ratio  The monthly income versus the monthly bills decides the debt ratio. The bank often looks at it as 42%.

Documents Required for Standard Chartered Loan Against Property

To apply for Standard Chartered loan against property, the applicant needs to submit the documents required by the bank to process their application. Identity, address and age proofs are required for all types of LAP applicants. The other documents required by each of them are mentioned in the table below. 

For Salaried Applicants
  • Identity Proof of the applicant
  • Residence Proof of the applicant
  • Age Proof of the applicant
  • Self-Attested Financial Documents
  • Past 2 months salary slips (if there is any variable component in their salary structure)
  • Form-16 (the latest year)
  • Last three months’ bank statement
For Self-Employed Applicants 
  • Identity Proof of the applicant
  • Residence Proof of the applicant
  • Age Proof of the applicant
  • Income Tax Returns (ITRs) for the last 2 years 
  • Calculation of their income (individuals and firms) 
  • Last 2 years' profit and loss statement 
  • Balance Sheets with all the schedules 
  • Chartered Accountant (C.A.) certified 
  • Capital Account Statements 
  • Audit Reports of the latest 2 years (For self-employed individuals, turnover with more than ₹1 crore)
For Self-Employed Professionals  
  • Gross Receipts of more than ₹25 lakhs 
  • Last 6 months bank statement from the applicant's primary bank account 
  • The partnership firms need to submit a copy of their partnership deed. 
  • The private firms need to submit the list of directors and shareholding pattern, or C.A. Attested Articles of Association and Memorandum.
Property Documents Required
  • Copies of Property Papers (the first and last page of the paper should be self-attested).
  • Details of existing home loan facility (sanction letter, list of original documents asked by the bank from which the existing loan is sanctioned, the latest outstanding loan amount)
  • Declaration for other existing loans.

EMI Calculation for Standard Chartered Loan Against Property

EMIs on Standard Chartered loan against property is calculated based on a few details as follows:

  • Loan Amount
  • Loan Against Repayment Tenure
  • LAP interest rate

Standard Chartered Loan Against Property Customer Care Number

The loan against property applicants can contact Standard Chartered with their queries and to get more information via the contact details mentioned below.

Global Head Office Address Standard Chartered Bank, 1 Basinghall Avenue, London, EC2V 5DD
Indian Head Office Address 30 Central Market West Ground floor, Punjabi Bagh, New Delhi, Delhi – 110026
E-mail ID straight2bank.ke@sc.com
 

Standard Chartered Contact Number

Here is the contact information of Standard Chartered Bank.

Global Contact Number +44 (0)20 7885 8888
Allahabad, Amritsar, Bhopal, Bhubaneshwar, Chandigarh, Cochin/Ernakulam, Coimbatore, Indore, Jaipur, Jalandhar, Kanpur, Lucknow, Ludhiana, Nagpur, Patna, Rajkot, Surat 39401616 / 66011616
Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune 39401616 / 66011616
Gurgaon, Noida 011–39401616 / 011 – 66011616
Jalgaon, Guwahati, Mysore, Thiruvananthapuram, Visakhapatnam, Proddatur, Dehradun, Saharanpur, Siliguri 1800-425-0109, 1800-3000-1616

FAQs

From refinancing to reducing your interest, we have the answers right here.

Will applicants have to pay an application fee for Loan Against Property?

No, applicants can apply for Standard Chartered Bank loan against property free of cost.

What is the maximum amount that can be availed for loan against the property?

Standard Chartered offers loans of up to 90% of the property’s value. Hence, the maximum loan amount that you can avail for your property is ₹20 crores.

Does Standard Chartered Bank have a fixed rate of interest on a loan against property?

Yes, Standard Chartered Bank offers both fixed and floating Standard Chartered Bank loan against property interest rates.

How to check loan against property status in Standard Chartered Bank?

To check the loan against property status in Standard Chartered Bank, the applicant can either visit the official website, call their loan customer care service, or visit the nearest branch with the application and reference number given after successfully submitting the application.

Does Standard Chartered Bank check the CIBIL score for loan against property?

Yes, the Standard Chartered Bank checks the CIBIL/Credit score of the applicant. The score determines the creditworthiness and repayment ability of the applicant for the bank.

What is the maximum and minimum loan against the property amount I can get from Standard Chartered Bank?

The minimum loan amount for a Standard Chartered loan against property is ₹25 lakhs, and the maximum loan amount can be ₹20 crores.

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