Standard Chartered Bank Home Loan Balance Transfer

About Standard Chartered Bank Home Loan Balance Transfer

Bearing the higher cost of home loan is not simple and easy. You need to put many plans on hold to realise your dream of buying a home and sustaining with the higher rate of home loan. A higher rate of home loan can create hole in your monthly budget and leaves you with little or no-funds in hand. It is not easy to maintain the same lifestyle and enjoy the life you were living before availing the home loan if you are paying the higher rate of interest on your home loan. However, there are many ways to reduce your EMI if you have borrowed a joint loan. As you can divert extra share of your salary or your spouse’s salary towards pre-paying the home loan. But, if you are the only earner in the family and you have borrowed the individual home loan, then the best available option for you to reduce the loan cost is switching your home loan to a new lender at a lower rate of interest to reduce the cost of home loan.

You can choose any lender who offers home loan or takes over existing home loan be it a financial institution or a bank, based on calculations and financial benefits. Standard Chartered offers balance transfer facility to home loan borrowers to transfer their higher rate home loan to Standard Chartered. You can any time switch your existing home loan to Standard Chartered. However, the loan amount ratio will be based upon your previous repayment history of existing loan. The  bank offers maximum upto Rs. 15 crore loan amount to customers based on their profile. You can also avail top-up loan on your home loan facility. Here are some important features and benefits of home loan transfer facility with Standard Chartered Bank.

Benefits and Features of Standard Chartered Bank Home loan Balance transfer

  • It offers variable and semi-fixed rate to customers
  • It takes one time processing fee
  • No-hidden charges taken by the bank
  • You can avail tax benefits under section 80C and 24(b) of income tax
  • It is available for salaried and non-salaried
  • The tenure ranges from minimum 5 years to maximum 25 years
  • You can also avail pre-payment charges to transfer your home loan to Standard Chartered
  • You can avail a top-up loan on your existing loan to meet your financial needs
  • You can apply for a top-up of up to 100% of the original loan amount disbursed.

Documentation

TitleDocuments
Identity proofIdentity and Residence proof of all applicants– Copy of Valid Passport / / Valid Driving license /UID ( AADHAAR Card) / Ration Card (For Ration card without photo, a separate bank signature verification is essential)
Age proofCopy of Valid Passport / Valid Driving license / PAN Card / Birth certificate / School leaving certificate / / UID ( AADHAR Card if full DOB is mentioned)
Residence proofCopy of Latest Telephone bill / Latest Electricity bill / Valid Registered Rental Agreement( along with latest utility bill in the name of house owner) / Pan Intimation Letter / Medical Insurance Policy / Latest bank statements received by customer by post ( Not of co-operative bank and approved by L&C) / / Driving License / Ration Card- same condition as Identity proof / Valid Passport / Credit card statements( not E statements) / RV report
Signature verificationCopy of Valid Passport, Valid Driving License, Copy of Pan Card Or IPC cheque of > INR 10,000/-

Personal Loan Interest Rates October 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank11.50% - 14.50%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates October 2018
State Bank of India/SBI8.70% - 9.25%
HDFC8.80% - 9.60%
Bank of Baroda8.55% - 9.55%
LIC Housing8.70% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank8.85% - 9.10%
Axis Bank8.80% - 9.05%
Citibank8.90% - 9.65%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
EMI Calculator