Standard Chartered - 10.10% for Loan Against Property - Loan Against Commercial Property

Standard chartered bank is the largest private bank in India that offers the lowest interest rates on loan against property.

Standard chartered offers loan starting from 10.10% p.a.*with quick approval and easy process.

Standard chartered offers the special features and attractive rates for different income and occupation.

Processing Fee	0.50% + GST of the loan amount
Max Tenure	15 years
Prepayment, Foreclosure	Allowed with Nil charges for floating rate loans to individuals.
Age	Min 21 And Max 60 years for Salaried. Min 21 And Max 65 years for Self Employed

 

Standard Chartered Bank has the following benefits:

1. Attractive Interest Rates.

2. Door Step Services.

3. Flexible eligibility criteria.

4. Easy Documentation.

 

Factors Affecting Standard Chartered Loan against Property Interest Rates

 

Loan amount: 

Property loan rates in Standard Chartered upon the loan amount you apply. 

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

Standard Chartered differential rates for customer’s different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

Standard Chartered Loan against Property Documents Required

For Self-Employed:

1. Filled up loan application form

2. Two Passport Size Photo

3. ITR of last 3 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

 

For Salaried employee:

1. Filled up loan application form

2. Two Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

Frequently Asked Questions:

 

Q. Can I foreclose my Mortgage loan? What are the charges applicable?

Ans. Yes, you can foreclose your Standard Chartered Bank loan against property anytime you want with Individual Borrower- Nil, Others- 4% of outstanding balance foreclosure charges.

 

Q. What is the maximum loan tenure I can opt under Standard Chartered Bank Property loan?

Ans. Standard Chartered Bank offers a maximum tenure of 15 years to repay your loan. You can choose the tenure for your LAP loan as per your convenience and repayment ability.

 

Standard Chartered Loan against Property News - March 2023:

 

2021-08-09: Standard Chartered sees a jump of 57% in profit in H1

Standard Chartered posted a higher profit jump by 57% jump in first-half pretax profit.

The lender has announced a $250 million share buyback, also they will resume dividend payments by unveiling a 3 cents per share interim payout.

 

2021-04-07: IIFL Home Finance signs co-lending agreement with Standard Chartered Bank

IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit.

Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing

 

2021-02-22: Standard Chartered digital initiatives bolstered bank loan and deposits portfolio

Digital initiatives like Video KYC and Virtual credit card aided Standard Chartered Bank to increase its loan and deposits portfolio.

The digital initiatives have helped Bank in providing efficient and seamless banking services to all its clients especially the new-age ones.

 

2019-07-12: Standard Chartered Bank revises MCLR rates across loan tenures

Standard Chartered Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across loan tenures for the month of July.

The move is supposed to make customer loans like home loans and mortgage loans cheaper. For one-year, the MCLR rate has been revised to 9.45%.

For one-month and three months, the rate has been revised to 9.05% and 9.40% respectively. The rates are effective from July 8, 2019.