Introduction to the Standard Chartered Home Loan in the UAE
Now, enjoy attractive rates of interest on your home loan with Standard Chartered Bank, UAE. The bank’s Home Suite Bundle Account enables you to enjoy a host of attractive features and benefits when it comes to buying a home in the UAE. With easy processing and fast home loan disbursal, you can really enjoy a rewarding experience. The bank simplifies the entire process of purchasing a house in the UAE
Features of Standard Chartered Bank Home Loan in UAE
The Standard Chartered Bank Home Loans come with the below mentioned features:
- Competitive rates of interest that starts from 3.25% onwards.
- It has a Home Suite Bundle Account to help you fulfil all your home loan related requirements.
- Offers home loans up to AED 18 million.
- Home loans are available up to 80% of the total value of your property, if you are a UAE national. Expatriates can receive home finance up to 75% of their property value. The above stated amounts apply only for the first house purchase. For a second house, the bank offers home finance up to 65% for UAE residents and 60% for expats.
- Enjoy flexible home loan repayment tenures up to 25 years.
- The Home Suite Bundle Account provides you with debit card, credit card, e-statements, current account etc.
- Get SMS alerts for your transactions and access online banking.
- The Standard Chartered Bank Home Loan representatives provide you with customized advice and services at par international standard as and when you need them.
- You can maintain your home loan account with no minimum balance.
Benefits of Standard Chartered Bank Home Loan in UAE
Enjoy the following benefits with your Standard Chartered Bank Home Loan:
- Simplified documentation and quick processing.
- You can enjoy a host of other benefits with your Home Suite Bundle Account such as Salary Transfer, Online Bill Payment, Life Insurance, Mortgage Shield Property Insurance etc.
- You can transfer your home loan with another bank to Standard Chartered Bank and choose to pay lower monthly instalments.
- Equity release option is available to help you release your locked funds.
- Home loan pre-approval option is also available to help your boost your confidence.
- Get free debit cards.
- You can choose from an extensive list of properties located at Dubai and Abu Dhabi.
- Get additional funds to fund your property in the form of top –up loans.
- You can also reap the benefits of Shariah-Compliant Islamic Home Finance Option by taking a home loan from Standard Chartered Bank. Home loans offered by Standard Chartered Bank are approved by the independent Shariah Supervisory Committee. The bank disburses home loans based on the Ijarah methodology.
- Enjoy priority banking services.
Eligibility Criteria for Standard Chartered Home Loan in UAE
Before you apply for a home loan with Standard Chartered Bank (UAE), you need to fulfil the eligibility conditions set by the bank. The home loans offered by Standard Chartered Bank UAE can be availed by both UAE residents and expats. Home loans are sanctioned by the bank at its own discretion.
Documents Required for Standard Chartered Home Loan in UAE
Banks usually asks you to submit the following with your home loan application form:
- A complete home loan application form.
- Recent salary certificates/slips.
- Bank statements of 6 months.
- Identity proof.
- Address proof.
- Copy of Passport.
- Copy of sales agreement.
- Proof of down payment
- Property ownership document.
If required, Standard Chartered Bank may request you to furnish additional documents along with your home loan application form.
Standard Chartered Home Loans Fees and Charges
Home loans or mortgage loans from Standard Chartered are offered at preferential rates to existing customers or to those with a great credit history. Irrespective of that, there are particular fees and charges associated which stay the same for every customer. Such charges are mentioned as follows –
- Loan processing fees of SCB will be 1% of the loan amount minus the amount received as Application Processing Fee.
- The Application Processing Fee will be limited to AED 10,000 and will be 0.5% of the loan amount.
- The appraiser who values the property will be paid a fees of AED 2,500.
- Partial prepayment or full prepayment will require a charge of 1% of the payment but will be limited to AED 10,000.
- In case payment is defaulted, a rate of 18% per annum on a reducing basis will be charged on the default amount and the late payment fee will be charged per default at AED 250.
- In case a cheque is issued and is rejected or bounces back, the penalty fees will be AED 100.
- The liability letter issuance carries a charge of AED 100.
- Property insurance is charged at 0.046% per annum of the property value and assignment of the same will have a one-time charge of AED 500.
- Life insurance will be charged at 0.4% per annum of the loan amount.
- Change in the security will be charged at AED 2,000.
- Changes to the loan tenure will be charged at AED 1,000.
- Changes to the Payment due date will be charged at AED 250.
- A request for No Objection Certificate will carry a charge of AED 250.
- Addition or removal of a co-borrower will incur a fee of AED 500 every instance.
- Changes to the loan payment method will be charged at AED 100.
Other products offered by Standard Chartered Bank in the UAE are:
Why choose Standard Chartered Bank (UAE) Home Loan?
The Standard Chartered Bank Home Loans come with a lot of attractive benefits such as priority banking for home loan customers, flexible repayment tenure, high loan amount, free debit cards, easy balance transfer, home loan pre-approval, low and competitive rates of interest and many such benefits. Besides, the bank accepts online application form for home loans. However, you can also apply for the same by contacting the bank’s customer care department or visiting its nearest branch. The bank representatives will help you in this regard based on your request. The Standard Chartered Bank UAE is a branch of Standard Chartered Bank – one of the leading international banks headquartered in London. With its huge network of branches, Standard Chartered Bank has a strong international presence. Apart from providing home loans, Standard Chartered Bank (UAE) also offers a wide range of financial products which include Private Banking, Islamic Banking, and Corporate & Institutional Banking, Personal Banking, Priority Banking, Phone Banking, Breeze Mobile Banking and many more services.
Frequently Asked Questions - FAQs
Does Standard Chartered Bank (UAE) pre-approve home loans?
What is the maximum amount offered by Standard Chartered Bank (UAE) as home loan?
What is the lowest rate of interest charged on home loan by Standard Chartered Bank (UAE)?
If I am a UAE national, how much home finance am I eligible to receive from Standard Chartered Bank (UAE)?
How much time do I get to pay back my home loan taken from Standard Chartered Bank (UAE)?
Is minimum balance is required in my Standard Chartered Bank (UAE) Home Loan account?
Does the bank offer priority banking services to its home loan account holders?
Yes, Standard Chartered Bank UAE pre-approves home loans.
The maximum amount offered by Standard Chartered Bank UAE 18 million.
The lowest rate of interest charged on home loan by Standard Chartered Bank UAE is 3.25%. However, interest rates charged on home loans by the bank are subject to change.
If you are a UAE national, you are eligible to receive 80% of the total value of your property.
You get 25 years of time to pay back your home loan to Standard Chartered Bank UAE.
No, no minimum balance is required in your Standard Chartered Bank UAE Home Loan account.
Yes, the bank offers priority banking services to its home loan account holders.