Standard Chartered Bank LAP Highlights |
|
|---|---|
| Interest Rate | As per the applicant’s credit profile |
| Processing Fees | Up to 1% of loan amount |
| Loan Amount | Up to Rs 10 crore |
| Tenure | Up to 15 years |
| LTV Ratio | Up to 70% of property’s market value |
Standard Chartered Bank Loan Against Property Interest Rates
Standard Chartered Bank has not disclosed the interest rates offered to its Loan Against Property applicants. However, the lender may consider factors such as monthly income, credit score, tenure, employer’s profile, etc., while setting its loan against property interest rates, similar to many other lenders.
Also read: Best Loan Against Property Interest Rate
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Features of Standard Chartered Bank Loan Against Property
Purpose: The main objective of Standard Chartered Bank's loan against property is to provide finance to individuals for various financial goals and requirements. Both residential and commercial properties are accepted as collateral by the bank.
Loan Processing: No hidden charges are levied on processing the loan, and all charges are communicated upfront.
Customised Loan: Self-employed professionals can customize their loans based on their needs, facilitating easier repayment and business management.
Prepayment Charges: Up to 4% of the outstanding loan amount is levied for prepayment, which can be done only after six months of taking the loan.
Processing Fee: A processing fee of 1% of the loan amount is levied, and all charges are communicated upfront.
Overdraft Facility: Borrowers can avail an overdraft facility against the property, allowing them to use the loan amount up to an approved limit and pay interest only on the amount used.
Loan Amount: Borrowers can receive up to 70% of the property's value at attractive interest rates.
Repayment Options: Customers have the flexibility to choose between low EMIs and longer tenure or opt for an overdraft facility on the loan against property.
Also read: Best Loan Against Property EMI Calculator
Standard Chartered Bank LAP Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fee | Up to 1 % of loan amount |
| Pre-closure Fees | 4% of outstanding principal |
| Part prepayment fees |
For part prepayment:
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Standard Chartered Bank Loan Against Property Eligibility
Standard Chartered Bank offers loan against property to both salaried and self-employed applicants. While the bank has not disclosed its loan against property eligibility criteria in detail, it may consider factors such as age, monthly income, and credit score of its applicants while evaluating their eligibility, similar to other lenders.
Also read: Best Loan Against Property Eligibility
Documents Required for Availing Standard Chartered Bank Loan Against Property
The list of documents required to avail LAP from Standard Chartered Bank includes:
- Identity Proof
- Address Proof
- Age Proof
- Income Documents:
For Salaried Individuals:
- Latest Form 16
- Salary slips for the last 2 months
- Bank statement for the last 3 months
For Self-employed Individuals/Professionals:
- Bank statement for the primary account for the last 6 months
- Partnership deed for partnership firms
- IT returns for the last 2 years and income computation of firms and individuals
- P&L statement for the last 2 years, balance sheet, Capital Account Statements certified by a CA
- Audit reports for the last 2 years (for self-employed: turnover above Rs 1 crore; for self-employed professionals: gross receipts above Rs 25 lakh)
- For private limited firms: list of directors, shareholding patterns, and Memorandum and Articles of Association attested by CA
Property Documents required for LAP from Standard Chartered Bank:
- Sanction letter of existing home loan
- Copy of property papers (first and last page self-attested)
- Other declarations of existing loan
- Original list of documents held by the Competitor bank
- Latest outstanding of the loan sought to be bought over
Also Read : Best Loan Against Property Documents Required
Standard Chartered Bank Loan Against Property FAQs
1. Can I make part-prepayment on Standard Chartered Bank loan against property?
Yes, you can make part-prepayment, and no charges are levied on the floating interest type.
2. Will I be charged a penalty for not paying my EMI on Standard Chartered Bank loan against property?
Yes, you will be charged a penalty of 2% of the EMI amount.
3. Can I get overdraft facility against my property?
Yes, you can avail an overdraft facility against your property as a term loan.
4. What is the interest rate range to avail Standard Chartered Bank loan against property?
The interest rate starts from 9.25%.
5. What are that properties that can be considered as collateral for Standard Chartered Bank loan against property?
Self-occupied residential properties and commercial properties such as shops and offices are accepted as security or collateral.
6. What is the maximum loan amount I can get from Standard Chartered Bank loan against property?
You can receive a loan amount of up to 70% of the property's value.
7. Can I pre-close my loan against property account?
Yes, you can close your account by submitting a written request to the nearest Standard Chartered Bank branch. There may be a small fee as a penalty for prepayment, which varies based on the loan amount and interest type.