Standard Chartered SaadiqOne Account

With 150 years of experience operating in some of the most dynamic markets in the world and more than 80,000 employees, Standard Chartered is an eminent banking institution worldwide.

The bank provides banking services to individuals and businesses that promote commerce, investment, and wealth creation across Asia, Africa, and the Middle East. The brand promise "Here for good" by Standard Chartered embodies the company's history and core principles.

The bank is known to offer impeccable banking solutions including home loans (both conventional and Islamic). One of the most sought-after products offered by the bank is Standard Chartered SaadiqOne Account, which is an Islamic current account combined with home finance.

Features and Benefits of Standard Chartered Bank Saadiq One Account (SOA)

Your current account and your mortgage would be linked with a Standard Chartered SaadiqOne Account, with the profit determined by the difference between the amount of your mortgage and the money in your account.

Compared to a conventional home loan, you will spend less on the profit amount and take years off. The SOA also pays out profits on the balances of your deposits. As the current account is built on the Mudaraba idea, the profit is determined and distributed according to the monthly average balance kept on the SOA.

Here are the key features of this Standard Chartered home loan -

• No minimum balance is required to open the account.
• To lower your total profit cost, variable rental is computed daily on the difference between your account balance and your home finance balance.
• Your home finance tenure will be shorter and you'll pay it off more quickly as your payments would be going more towards your set rental and less towards the variable rental. 
• You have 24/7 access to all of your SaadiqOne assets and can withdraw both the profit you save and the funds that remain in your account when you need them. 
• Financing of up to AED 18 million is available for finished residential properties that are on the authorised developments list.
• Residential properties that have been finished and funded by the Bank are eligible for Standard Chartered SaadiqOne Account.
• The remaining balance for Home Financing under the regular payment plan is the Preset Safety Limit (PSL). Note that it does not take into account the deposit balance or offset.

Eligibility Criteria to Apply for Standard Chartered Saadiq One Account

The eligibility criteria that you would be required to meet to apply for a Standard Chartered Saadiq One Account are as follows -

• Nationality - UAE nationals and expatriates
• Minimum Age - 21 years

Documents Required to Apply for Standard Chartered Saadiq One Account

Listed below are the documents required to apply for Standard Chartered Saadiq One Account -

• Passport, Emirates ID, and Residence Visa Copies (for expats)
• Salary statement or pay slip
• If self-employed - Bureau Consent and UAE Financial Transfer System Consent Form Trade licence, share certificates, and two years' worth of audited financials
• Title deed, Developer Request, sales purchase agreement/memorandum of understanding, and liability letter are required for buy-out instances.

Profit Rates Applicable to Standard Chartered Saadiq One Account

Check out the table below for the profit rates applicable to Standard Chartered Saadiq One Account -

Tenure	EIBOR	SCBLR/SCBMR
3 Months	4.93%	-
6 Months	4.98%	-
12 Months	4.94%	4.94%

Fees and Charges Levied on Standard Chartered Saadiq One Account

Tabled below are the fees and charges applicable to Standard Chartered Saadiq One Account -

Description	Amount
Finance Processing Charges	1.05% of the finance amount
Charges for Accelerated Payment Processing	1.05% on the speeded amount being paid
Property Valuation Fees	Up to AED 3,675
SaadiqOne Account Offset Charge	Up to 1.575% per annum of the PSL
Early Settlement Profit Rate	Up to 1.05% of the settled amount
Application Processing Charge	0.525% of the finance amount
Late Payment Fee	AED 472.5
Liability Letter Charge	AED 52.5
Property Takaful Assignment Charge	AED 525
Charges for Changing the Payment Due Date	AED 262.5
Addition or Removal of Co-client	AED 525
Repricing Charge	AED 1,050
Conversion Charge to SaadiqOne Account	Up to 1.05% of the remaining amount
Returned Cheque Fee	AED 105 per cheque
Property Takaful	Up to 0.0483% per annum of the property value
Charges for Changing the Lease Period	AED 1,050
Charge for Requesting for No Objection Certificate (NOC)	AED 105
Change in the Finance Payment Method	AED 105

Standard Chartered Home Loan Calculator

You can use the Standard Chartered Home Loan EMI calculator to determine the approximate amount that you would need to pay every month as an instalment. Mortgage loan calculator is an online tool that makes it easy for you to get a breakdown of your finance charges.

To compute the amount, all you need to do is provide the following details to the calculator -

• Value of the Property
• Down Payment
• Finance Amount
• Applicable Profit Rate (in percentage)
• Finance Repayment Tenure (in months)

Terms and Conditions to Keep in Mind When Applying for Standard Chartered Saadiq One Account

Have a look at some terms and conditions related to Standard Chartered Saadiq One Account -

• The primary authority for approving Home Financing and Rates rests with Standard Chartered Bank.
• Only residents of the UAE are eligible for Home Financing products.
• The figures in the calculator are merely for illustration. Amount of financing equals 75% of the value of the property. Based on the eligibility of the clients, the final finance amount and profit margin will be calculated, and they may change at the time of approval.
• The selected fixed-term tenure and qualifying requirements affect the fixed rate. The rate will be set based on the selected fixed term period, and, after that, it will be repriced to the required margin plus the 12-month Emirates Interbank Offered Rate ("EIBOR") subject to a minimum rate.
• For the Buy-out and Primary Sale, there is no processing charge for the application. Cheques or standing instructions for the service fee are not requested from clients. When a client transfers their Home Finance account to Standard Chartered Bank, this is known as a buy-out. A primary sale, on the other hand, takes place when a customer buys a property straight from the developer.
• If the comprehensive valuation report is still in effect when the property is valued, the property valuation fee is not charged.
• The bank will buy Property Takaful for Saadiq Home Finance and SaadiqOne Account (SOA) for the duration of the House Finance.

How to Apply for Standard Chartered Saadiq One Account in the UAE?

You can apply for Standard Chartered Saadiq One Account in any of the following ways -

Via Policybazaar.ae

With Policybazaar.ae, you can quickly and conveniently sign up for a Standard Chartered Bank Saadiq One Account. This portal offers the best home loans in UAE from the largest financial and banking institutions. Moreover, our user-friendly website allows you to apply for house loans in just a few minutes.

To start the application process, click the "Home Loan" tab on the home page or select the same option from the "Banking Products" tab on the menu bar. Once you're done, you'll be sent to the lead form. Fill out the form completely, then click "Proceed."

By clicking on this, you can visit our website for home loan quotes and search for information about Standard Chartered Bank Saadiq One Account. Choose "Apply" after considering the benefits and features. If you have any queries regarding any of the materials, feel free to contact our team of advisers.

The following advantages are yours when you register for Standard Chartered Bank home financing via Policybazaar.ae -

• One site for checking and contrasting mortgages and other financing options from the best banks and lending organisations
• Free aecb credit score access
• Advice from the top financial experts if you need help making a decision
• Availability of 24-hour customer assistance

Via Online Banking

You can apply for a Standard Chartered SaadiqOne Account by clicking on the ‘Apply Now’ tab on the product page of the official Standard Chartered UAE website. Once you do so, you will be directed to the application form. Fill in the form and follow the instructions thereon.

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