| Q. |
How is HomeSaver different from the regular home loan? |
| Q. |
How do I apply for a Standard Chartered Home Saver? |
| Q. |
What are the documents that I need to submit when I apply for the loan? |
| Q. |
Who all can be co-applicants on the homeSaver? |
| Q. |
How long does it take to get a sanction for the loan? |
| Q. |
Can Standard Chartered Bank help me in finding a house that suits my needs? |
| Q. |
What are my options for repayment? |
| Q. |
How is the interest on my loan calculated? |
| Q. |
If I opt for a fixed rate loan, does the interest rate remain fixed for the tenure of the loan? |
| Q. |
Can I convert from a fixed rate of interest to a variable rate or vice versa? |
| Q. |
What is the amount of processing fees that I have to pay? |
| Q. |
HomeSaver carries a higher rate of interest compared to a normal home loan. So how do I save money? |
| Q. |
How soon do I benefit after I deposit funds in my current account? |
| Q. |
How are EMIs calculated in HomeSaver? |
| Q. |
Do I have to maintain a minimum balance in my current account? |
| Q. |
How do I maximize the benefits of HomeSaver? |
| Q. |
Can the current account be opened in the name of a partnership or private limited company? |
| Q. |
Can I link my existing Standard Chartered Bank account to my HomeSaver loan account? |
| Q. |
Is my current account linked to any particular Standard Chartered Bank branch? |
| Q. |
Can I pay my EMIs from my HomeSaver account itself? |
| Q. |
How do I withdraw amounts from the HomeSaver? |
| Q. |
What are the prepayment charges on HomeSaver? |
| Q. |
Can I operate my current account even after the loan is closed? |
| Q. |
Does a HomeSaver customer get the same IT benefits as a Home Loan customer? |
| Q. |
Is HomeSaver available to an NRI? |
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| Q. |
How is HomeSaver different from the regular home loan? |
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HomeSaver comes with a current account that is linked to your loan account. By keeping funds in your current account, you bring down the interest that has to be paid on a monthly basis. The interest amount that you save every month is available immediately for withdrawal. If you choose not to withdraw this amount, you get even more savings in future. So you can pay in half the time and at half the cost. |
| TOP |
| Q. |
How do I apply for a Standard Chartered Home Saver? |
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You can get in touch with us by
Calling in at our PhoneBanking Nos, or
Writing to us at Customer.Care@in.standardchartered.com, or
Visiting our Branches
|
| TOP |
| Q. |
What are the documents that I need to submit when I apply for the loan? |
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The primary documents that have to submitted are:
Application form with self attested photograph
>
Identity, Age & Residence Proof
>
Bank Statement
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Income Documents
>
Processing Fee Cheque
There may be additional documents that are needed, details of which would be given to you at the time of application.
|
| TOP |
| Q. |
Who all can be co-applicants on the
HomeSaver? |
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You can include your immediate relatives (spouse, parents, or children) as co-applicants on the loan. Siblings can be co-applicants if they are co-owners to the property. You also have the option of including proprietor concerns, partnership firms, private limited companies, and closely held limited companies as co-applicants. |
| TOP |
| Q. |
How long does it take to get a sanction for the loan? |
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After you have given us all the relevant documents, you can get a sanction for the loan within 4 working days, under normal circumstances. |
| TOP |
| Q. |
Can Standard Chartered Bank help me in finding a house that suits my needs? |
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Our property help desk, Home Assist is at your service to make your quest for a dream home, smooth and hassle-free. Find out more about Home Assist by clicking on the link. |
| TOP |
| Q. |
What are my options for repayment? |
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You can choose among the following options to give repayment instructions:
>
Post Dated Cheques (PDCs)
>
Electronic Clearing System (ECS)
>
Standing Instructions on your Standard Chartered account
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| TOP |
| Q. |
How is the interest on my loan calculated? |
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The interest is calculated on a daily reducing balance and is charged with monthly rests. |
| TOP |
| Q. |
If I opt for a fixed rate loan, does the interest rate remain fixed for the tenure of the loan? |
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Yes. |
| TOP |
| Q. |
Can I convert from a fixed rate of interest to a variable rate or vice versa? |
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At the discretion of SCB, you have the option of changing your interest type from Fixed to Variable or vice-versa provided you pay 1.5% of the principal outstanding at the time of exercising the option. |
| TOP |
| Q. |
What is the amount of processing fees that I have to pay? |
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Processing fee would vary from 0.5 % - 1.50% of the sanctioned loan amount depending upon the scheme you opt for. |
| TOP |
| Q. |
HomeSaver carries a higher rate of interest compared to a normal home loan. So how do I save money? |
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HomeSaver allows you to save on your interest cost, even if the interest rate is higher. By keeping your surplus funds in your HomeSaver account, you bring down the interest component that has to be paid, and you save on the remaining. |
| TOP |
| Q. |
How soon do I benefit after I deposit funds in my current account? |
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You benefit as soon as your account is credited. Your interest savings are calculated daily, based on the balance in your account. |
| TOP |
| Q. |
How are EMIs calculated in HomeSaver? |
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EMIs are calculated the same way as in an ordinary home loan. |
| TOP |
| Q. |
Do I have to maintain a minimum balance in my current account? |
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There is no minimum balance that you need to maintain. |
| TOP |
| Q. |
How do I maximize the benefits of HomeSaver? |
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Put all your salary, dividend income, etc. into HomeSaver
Convert all Fixed Deposits into HomeSaver balances
Defer all payments such as utility bills, credit card payments and mobile bills till the due date
Use credit cards instead of cash for making purchases
Consolidate various accounts within the immediate family into the HomeSaver account
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| TOP |
| Q. |
Can the current account be opened in the name of a partnership or private limited company? |
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No. The current account can only be opened in an individual’s name. |
| TOP |
| Q. |
Can I link my existing Standard Chartered Bank account to my HomeSaver loan account? |
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No. A new current account has to be opened. |
| TOP |
| Q. |
Is my current account linked to any particular Standard Chartered Bank branch? |
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No. You can use the facility of any of Standard Chartered Bank’s branches to operate your current account. |
| TOP |
| Q. |
Can I pay my EMIs from my HomeSaver account itself? |
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Yes, you can. However, initially, you will need to give us 12 cheques + 37th cheque from your existing account. After the HomeSaver account is set up, you can give Standing Instructions from the account itself for payment of EMIs. |
| TOP |
| Q. |
How do I withdraw amounts from the HomeSaver? |
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You can withdraw money using any of the following options:
>
Cheque book
>
Internet
>
Debit Card
>
ATM : Standard Chartered Bank
>
ATM other banks: upto 4 transactions free per month
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| TOP |
| Q. |
What are the prepayment charges on HomeSaver? |
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In case of part prepayment, a fee of Rs. 600 is charged. If you preclose the HomeSaver account within 5 years, a fee of 2.5% of the original loan amount will be applicable. There will be no charges on closure beyond this period. The advantage that HomeSaver offers you is that you can get the benefit of prepayment, just by keeping money in your current account. |
| TOP |
| Q. |
Can I operate my current account even after the loan is closed? |
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No, the current account also needs to be closed at the time of closing the loan. |
| TOP |
| Q. |
Does a HomeSaver customer get the same IT benefits as a Home Loan customer? |
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All IT benefits available to normal Home Loan customers are also applicable to HomeSaver customers. The net interest paid during a year is eligible for deduction under the IT act. |
| TOP |
| Q. |
Is HomeSaver available to an NRI? |
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No. HomeSaver is not extended to NRIs, since it requires opening of a current account, and RBI norms don’t allow NRIs to operate current accounts. |
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