Standard Chartered Loan Against Property
Last Updated : Nov. 8, 2016, 5:40 a.m.
About Standard Chartered Bank Loan Against Property
Standard Chartered Bank provides low-interest rate on loan against property. The maximum loan amount you can get under this loan is ₹20 Crores or up to 70% of the market value of your property. Here you will know more about the loan against property in detail.
Standard Chartered Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 9.65% - 10.05% |
| Loan Amount | Up to ₹20 Crores |
| Tenure | 20 years |
| Processing Fees | 0.50% of Loan amount plus GST |
| LTV | LTV up to 70% Residential property, 60% Commercial Property, LAP+ Overdraft facility up to 90% LTV |
| Minimum Upfront Login Fee | INR 6,000 + GST (Fee over and above loan processing fees and not to be adjusted in disbursement |
Standard Chartered Loan Against Property Interest Rate Details
Standard Chartered Bank offers varied interest rates for loan against property. Let’s check out the rates below.
| Product Type | Interest Rate |
|---|---|
| Residential | 10% |
| Commerical Purchase | 10.05% |
| SC Group Staff | 9.65% |
| Waiver at City Head | Up to 0.10% (Subject to the lowest of 9.95%) |
| Waiver at Segment Acquisition Head | Up to 0.20% (Subject to the lowest of 9.90%) |
Important Notes
- Pricing approval upto 9.40% lies with Product Head and Product Manager
- Login Fee to be paid via cheque only
- Exceptions to be with prior product approval
- Home Loan Saver Fee upto 0.30% can be approved by the Segment Acquisition Head
- Collection of Balance Transfer Fee (Total Fee – Login Fee) through cheque
- Property insurance for the collateral required as per process will be required before disbursement. In case the property insurance is not available, you will need to provide a copy of the same.
Features & Benefits:
- Low processing fees of 0.5% of the loan amount
- Longer tenure period of 20 years
- Low-interest rates
- Multi-purpose loan
- Multiple property loans against residential property, commercial property
- Opportunity to avail Business banking products, Trade & Working Capital solutions, Forex and Cash management offerings
- Take loan up to 70% of the market value of the property
- Minimal documentation
- Quick approval
Eligibility Criteria
Here is the list of the eligible individual/s who can apply for the loan against property at Standard Chartered Bank:
- Sole proprietors/proprietorship firms
- Private limited companies
- Closely-held and public limited companies
- Partnership firms
Standard Chartered Bank LAP Documents Required
The list of documents that you need to submit while applying for a loan against property are as follows:
- Last 6-month bank statements
- Last 2 years financials including Profit & Loss (P&L) statement
- Last 2 years balance sheet and ITR
- Identity proof
- Address proof
How to Apply
Submit the filled up application form along with the self-attested copies of all the KYCs and the property documents at your nearest bank branch.
Standard Chartered Loan Against Property EMI Calculator
With EMI calculator, you get to know the equated monthly installments you will have to pay every month for your selected tenure period at the rate of interest of your choice and selected loan amount.
Table for EMI per month, Total Interest Outgo and Total Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 1,81,611 | ₹ 9,17,429 | ₹ 98,18,388 |
| 2 | ₹ 1,99,141 | ₹ 8,99,899 | ₹ 96,19,246 |
| 3 | ₹ 2,18,363 | ₹ 8,80,677 | ₹ 94,00,883 |
| 4 | ₹ 2,39,440 | ₹ 8,59,599 | ₹ 91,61,442 |
| 5 | ₹ 2,62,552 | ₹ 8,36,487 | ₹ 88,98,889 |
| 6 | ₹ 2,87,895 | ₹ 8,11,145 | ₹ 86,10,993 |
| 7 | ₹ 3,15,684 | ₹ 7,83,356 | ₹ 82,95,309 |
| 8 | ₹ 3,46,155 | ₹ 7,52,885 | ₹ 79,49,154 |
| 9 | ₹ 3,79,567 | ₹ 7,19,472 | ₹ 75,69,586 |
| 10 | ₹ 4,16,205 | ₹ 6,82,835 | ₹ 71,53,380 |
| 11 | ₹ 4,56,379 | ₹ 6,42,661 | ₹ 66,97,001 |
| 12 | ₹ 5,00,430 | ₹ 5,98,609 | ₹ 61,96,570 |
| 13 | ₹ 5,48,734 | ₹ 5,50,306 | ₹ 56,47,836 |
| 14 | ₹ 6,01,700 | ₹ 4,97,340 | ₹ 50,46,135 |
| 15 | ₹ 6,59,779 | ₹ 4,39,261 | ₹ 43,86,356 |
| 16 | ₹ 7,23,463 | ₹ 3,75,576 | ₹ 36,62,892 |
| 17 | ₹ 7,93,295 | ₹ 3,05,745 | ₹ 28,69,597 |
| 18 | ₹ 8,69,867 | ₹ 2,29,172 | ₹ 19,99,729 |
| 19 | ₹ 9,53,830 | ₹ 1,45,209 | ₹ 10,45,898 |
| 20 | ₹ 10,46,599 | ₹ 53,142 | ₹ 0 |
Loan Against Property Interest Rates
Standard Chartered Bank offers loan against the property at variable interest rates starting from 9.25% p.a.
Standard Chartered Customer Care
For any further details on loan against property, you can contact your nearest bank branch or call on customer care number at – 394-01-616 / 660-11-616.