Mortgage Redemption Term Assurance: Insurance premium funding at your Home loan rate. MRTA is a product which protects your family from the burden of repayment of the home loan in the unfortunate event of your death. The plan is intended for people who do not want the liability of loan repayment to fall on their family in the unfortunate event of their death. HHP plan is a combination of Insurance for the Property, Home Contents, and Personal Accident. You can choose to take insurance for combinations of these components or for a single component. Home contents offers insurance for the belongings of the customer inside the house. Home Protector covers the property from damage due to natural calamities. Personal accident component offers cover for death and permanent terminal disability due to an accident.
Insurance is a subject matter of solicitation. Your (Customer's) participation in the insurance products is purely on a voluntary basis.
Refinance your Loan
Balance transfer your existing high interest loan to a lower interest Standard Chartered Bank home loan (as per the applicable current rates) and save on interest. We will also finance the prepayment charges if you so wish.
Interest paid on the home loan
As per Sec 24(b) of the Income Tax Act, 1961 a deduction up to Rs. 150,000/- towards the total interest payable on the home loan towards purchase / construction of house property can be claimed while computing the income from house property. (The deduction amount is Rs 30,000/- in case of loans taken prior to March 1, 1999). The interest payable for the pre-acquisition or pre-construction period would be deductible in five equal annual installments commencing from the year in which the house has been acquired or constructed.
In case of self occupied property, this deduction is allowed only for one such self - occupied property. The interest towards home loan taken for purchase, construction, repairs, renewal or reconstruction of house property is eligible for deduction under section 24(b).
Principal repayment of the home loan
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to Rs. 100,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfillment of prescribed conditions.
Top Up Loan
A home loan with Standard Chartered Bank lets you do more than just buy a home. We have a product that is specially suited to the needs of our home loan customers – top up loan.
A top up loan is a facility given to our existing home loan customers over and above their existing loan. So, if you have taken a home loan from us, and are now in need of additional funding, a top up loan is the answer for you. You may need money to buy a swanky new home theatre system, to renovate your home, or to finance your child’s education. A top up on your home loan allows you to meet these or any other needs you may have, and that too, at attractive interest rates.
- A home loan customer who has been repaying for more than 6 months is eligible to apply for a top up.
- You can get a top up, up to 100% of the original loan amount disbursed*.
- The tenure for the top up can be up to the outstanding tenure on your existing home loan.
- Lower Costs - Compared to other alternatives like personal loans, a top up loan gives you a better deal when it comes to interest rates as well as processing fees. So you can leverage on your existing home loan to help you save costs.
- Convenient Repayment – A top up loan allows you to repay over a longer tenure compared to a personal loan, helping you to keep your monthly outflow low.
You also have the option of transferring your existing loan to Standard Chartered Bank and availing a top up loan along with the transfer. To know more about Standard Chartered Bank’s top up loan facility, call us on our Phone Banking numbers.
* Other restrictions also apply.
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