Standard Chartered Home/Mortgage Loan Eligibility Criteria in UAE

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Standard Chartered Bank is one of the most renowned international banks in the UAE. With a service history of almost six decades, the bank thrives in offering convenient banking to its customers. The home loan feature offered by the bank is an excellent example of its most-popular products available in the emirates. The bank follows a professional consultative approach to adequately offer the home loans that fits all unique financial needs. The SCB mortgage loans come with generous financing, affordable interest rates, and expert consultation. The bank also offers Islamic Home financing solutions.

Simply put, the Standard Chartered Home Loan can make your home loan acquiring journey a smooth ride. In this article, we will walk you through every eligibility benchmark set by Standard Chartered Bank for its home loan in UAE. Read on to know more about Standard Chartered home loans and the eligibility criteria you need to fulfil to get one.

Types of Standard Chartered Home Loans

Standard Chartered Bank offers an array of home loan solutions to satisfy the unique financial needs of different customers. Let us delve deeper and explore the home loans option Standard Chartered bank has in store:

1. Home Suite:

Home Suite by Standard Chartered Bank can be the one-stop solution for all your home financing needs. The loan offers quick approval with a high financing amount of up to AED 18 million with affordable interest rates starting from 4.2%per annum. Loan repayment tenure of up to 25 years makes paying off your home loan easy and affordable. 

2. Mortgage One account

The Mortgage One account is savings plus financing home loan option to motivate you to save more while you repay your loan. This home loan solution links a current account to your home loan which facilitates the interest calculation based on the account balance. The interest is calculated on the difference between your loan amount and the linked current account balance. The higher balance you have in your current account the lesser interest you pay. The interest rates start from 4.9% per annum so, you can easily plan your future without worrying about exceptionally high interest rates. 

3. Saadiq Home Finance

The Saadiq Home Finance is an Islamic home finance solution offered by Standard Chartered Bank at affordable interest rates. With a competitive profit rate of 4.2% annually, you can also enjoy privileges such as a zero processing fee and free property Takaful for life. This home finance option comes with flexible and convenient tenures that go up to 25 years. 

4. SaadiqOne Home Loan

The SadiqOne home loan is a Sharia-compliant Islamic home product that can be viewed as an Islamic counterpart of the MortgageOne home finance of SCB.  Your current account is linked to the Islamic home finance account and the interest is calculated on the difference between the loan amount and the current account balance. This helps you in taking off years on the repayment and paying a lesser profit/interest towards your loan. SaadiqOne finance is offered with a variable interest rate EIBOR for 3, 6 and 12 months + margin rate starting at 3.4934% as of 28-Sep-2022.

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Standard Chartered Home Loan Eligibility Creteria in Dubai, UAE

Given below are the basic eligibility criteria for Standard Chartered home loans:

Eligibility Criteria Details
Minimum age 21 years
Maximum age For Salaried Individuals 65 years For a self-employed people 70 years
Minimum Salary Requirement AED 15,000 per month
Residency UAE nationals as well as ex-pats can apply
Employability Salaried or self-employed individuals can apply, provided they meet all other requirements

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Factors affecting Standard Chartered Home Loan Approvals

Certain factors can affect the chances of getting approval for Standard Chartered home loans. Let’s understand them in detail: 

1. Your income

Whether you are salaried or self-employed, you will be required to meet the minimum income criteria for getting a loan. But simply meeting the minimum income criteria will only make you eligible to send an application. However, having a high income can improve your chances of getting your application approved as well. Banks prefer having borrowers who have high repayment capacity and are low-risk defaults. By fulfilling the given income criteria and having a high monthly/annual income, you can easily present yourself as a worthy loan applicant.

2. Your age

Age is an important factor in home loan eligibility criteria. If you are a young individual in the prime of your life and are earning enough, then you will be viewed as a worthy applicant. Since you have more earning years in front of you, you are seen as someone who is more capable of repaying the loan. Younger borrowers are generally offered longer repayment tenure and high loan amount as compared to older applicants. Older applicants earning high income may get high loan amounts but a shorter repayment period since they have lesser earning years ahead of them.

3. Your employment stability

If you are someone who is always switching jobs and does not have a very steady inflow of income, it may be difficult to get your home loan application approved. An applicant with a fluctuating income may have to face rejection, as the bank may see them as a risky prospect.

4. Credit Score

Another factor that a lender will surely consider when lending you money is your credit Score. A score above 710 reflects you as a creditworthy borrower who is at low risk of payment defaults. 710 is generally the minimum acceptable credit score for home loans in UAE. Having an even higher credit score will allow the bank a kind of assurance that you would be able to manage your credit very well and pay all instalments on time.

5. Existing Liabilities

If you are someone who has a long list of current financial liabilities, getting a home loan from Standard Chartered can become a little difficult. A high ongoing loan amount may dissuade the bank from lending you more money.

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If I don’t pay my Standard Chartered Home Loan instalment on time, will I have to pay any penalty?

Yes, for every delayed payment, you will be charged a late payment fee. It is highly recommended that you do not miss a payment as it will reflect negatively on your credit report and can also put your property at risk.

How many days will my home loan take to get approved?

In most cases, the home loan is passed within 2 to 7 working days. Make sure you complete all formalities properly and timely for a quick disbursal.

What is the maximum repayment tenure that I can opt for?

When you take a Standard Chartered home loan, you can get a repayment tenure as high as 25 years, giving you a long and comfortable period to spread out the cost of your house. 

Can my application for Standard Chartered Home Loan get rejected?

There are a few circumstances that may lead to the rejection of your home loan application. These include:

  1. You have an unstable job/ source of income
  2. Your credit score is low
  3. Your debt level is quite too high
  4. Your paperwork is not up-to-the-mark
  5. You already have multiple loans
Who can apply for Standard Chartered Home Loan in UAE?

The home loans by SC can be availed by:

  1. UAE residents and nationals
  2. New/ Existing customers of Standard Chartered Bank
  3. Individuals with a minimum of AED 15,000 income
  4. Self-employed/ salaried employees

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