Standard Chartered Home Suite

  • Minimum Salary AED 10,000
  • Flat Rate
    2.17%
  • Reducing Rate 3.75%
  • Max. Term 25 Years
  • Salary Transfer No
  • Islamic Finance Yes

Description

The Standard Chartered Home Suite Bundle Account has everything you need to own the perfect home. With its additional features the experience of buying your dream home will be even more enriching.

Major Advantage: Low salary requirement, High finance amount

Points to Consider: There is a downpayment requirement

Rate Card

Reducing Balance Rate 

  First Year Rate   Second Year Rate
Home Suite 3.75% p.a. 12 Months SCBLR + Margin

   

Features

Interest Rates & Charges:

Reducing Rate (as advertised):  Up to 3.75% p.a.

Flat Rate: 2.17%* p.a. (calculated as per 25 years calculation)

Processing Fees: 0.5% of the finance amount (Nil for buyout transaction)

Property valuation Fees: AED 2,500 (AED 3,500 for express)

Early Settlement Fees: 1% of outstanding amount (max cap AED 10,000); there is no charge if settling finance from own sources after 5 years from the first date of disbursement.

Partial Settlement Fees: 1% of the amount partially paid

 

Finance Requirements:

Minimum Salary Requirement: AED 10,000

Minimum Length of Service Required: 6 Months for salaried; 2 Years for self-employed

Salary Transfer: Not Compulsory

Minimum Down payment:

  •  
  • For first property/self-occupancy (If property price < AED 5M): 20% for UAE national, 25% for Expats
  • For first property/self occupancy (If property price > AED 5M): 30% for UAE national, 35% for Expats
  • For second property or IPRE/Investment: 35% for UAE national, 40% for Expats
  • For Under Construction Properties: 50% of property price

 

Key Details:

Maximum Finance Amount: AED 18,000,000

Islamic Finance: Yes

Maximum Term: 25 Years

Finance available for: Almost all ready properties in Dubai, Abu Dhabi & Ras Al Khaimah and Under Construction properties to selected developer and segments; Also available for commercial property finance

 

Insurance:

Life Insurance: 0.3% p.a. of loan amount (Optional)

Property Insurance:  0.046% p.a. (on property value)

Documents Required

Common Documents:

  • Valid Passport, Resident Visa and Emirates ID Copy.
  • Offer Letter Copies of All Personal Ongoing Finance.
  • Rental Income Document (If any).                      
  • Liability Letter (In case of Buyout Finance only). 

 

Salaried Client Documents:

  • Latest Salary Certificate addressed to Standard Chartered Bank.
  • Latest 6 Months Salary Bank Statement.
  • Six months Pay slips if there is variance in Salary.

 

Self-Employed Client Documents:

  • Valid Company Trade license.
  • MOA (Memorandum of Association) including all amendments.
  • Latest 6 Months Personal Bank Statement.
  • Latest 6 Months Company Bank Statement.
  • Audit Financials of last 2 years.
  • Offer Letter Copies of All Company Ongoing Finance.

Additional Info

  • All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
  • Reducing rate is converted into flat rate as per 25 years calculation, which is an approximate rate.
  • Terms and conditions apply.

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