Standard Chartered Bank (SCB) is one of the oldest and most reputable financial institutions, founded in 1969 through the merger of two prominent banks: Standard Bank of British South Africa and Chartered Bank of India, Australia, and China. SCB has operations across Asia, Africa, and the Middle East, including the UAE, where it offers a wide array of financial services, including home loans and mortgages.
In the UAE, Standard Chartered Bank is well known for offering innovative and flexible mortgage solutions designed to help customers finance their dream homes. Whether you are a first-time homebuyer, an investor, or someone looking to refinance, SCB’s mortgage products are tailored to suit your needs. The bank offers both conventional and Islamic mortgage products, ensuring it caters to customers with different preferences and financial goals.
In the UAE, Standard Chartered Bank offers several types of mortgage products to meet the diverse needs of its customers. These include both conventional and Islamic mortgage options, making SCB a flexible choice for homebuyers in the UAE. The primary types of home loans available are :
1. SCB Home Suite
Conventional home loan designed for individuals looking to purchase a property or transfer their existing mortgage to SCB.
2. SCB Saadiq Home Finance
A Shariah-compliant home financing solution based on the Islamic principle of Ijarah, which involves leasing the property with an option to purchase.
3. SCB MortgageOne Account
A unique product that allows customers to reduce the interest paid on their mortgage by linking it to a current account where balances offset the interest charges.
4. SCB SaadiqOne Account
A Shariah-compliant version of the MortgageOne account that uses a similar offset feature to reduce the profit rate payable on the mortgage.
The SCB Home Suite is a conventional mortgage loan aimed at individuals looking to purchase a new home or refinance an existing mortgage. Some key features of this product include :
Loan Amount : You can borrow up to 85% of the property's value, subject to eligibility.
Tenure : Loan terms are flexible, ranging from 5 to 25 years, allowing for long-term financial planning.
Interest Rate : SCB offers both fixed and variable interest rate options. The fixed rate is usually offered for an initial period (typically 3 or 5 years), after which it switches to a variable rate.
Pre-Approval : You can receive pre-approval for your loan, which allows you to plan your home purchase with a clear understanding of your borrowing capacity.
Balance Transfer : Customers who have existing home loans with other banks can transfer their mortgage to SCB, enjoying more favorable terms or interest rates.
For customers seeking Islamic home financing, SCB offers the Saadiq Home Finance product. This product complies with Islamic finance principles and follows the Ijarah structure, where the bank buys the property and leases it to the customer, who has the option to purchase the property over time. Key features include :
Shariah-Compliant : The financing structure adheres to Islamic principles, ensuring that no interest is charged. Instead, a profit rate is applied.
Loan Tenure : Customers can choose a repayment tenure of up to 25 years, offering financial flexibility.
Profit Rate : Profit rates are competitive.
Property Type : The loan is available for both ready-to-move-in and under-construction properties.
The MortgageOne Account is a flexible home loan option that allows borrowers to link their home loan to a current account, where the balance in the account offsets the interest payable on the mortgage. The features include :
Interest Offset : Any balance in the linked current account reduces the interest charged on the home loan.
Liquidity : You can access your funds in the current account at any time while still benefiting from reduced mortgage interest.
Interest Rate : While the interest rate may be slightly higher than that of a conventional loan, the overall interest paid can be lower due to the offset feature.
Loan Amount : Customers can borrow up to 85% of the property’s value, subject to approval.
The SaadiqOne Account offers a similar offset feature as the MortgageOne Account but is structured to comply with Islamic finance principles. Customers can reduce the profit rate on their mortgage by maintaining a balance in their current account, which reduces the profit rate payable on the home finance loan. Key features include :
Shariah-Compliant : The product is structured according to Islamic principles, offering a profit offset rather than interest.
Profit Offset : The balance in your account helps to reduce the overall profit paid on your home finance.
Loan Tenure : The loan can be repaid over a flexible term of up to 25 years.
Standard Chartered’s home loans in the UAE come with several features and benefits, making them an attractive option for both nationals and expatriates. Some key benefits include :
1. Competitive Interest and Profit Rates : SCB offers competitive rates starting from as low as 2.22% per annum.
2. Flexible Loan Tenures : Borrowers can opt for loan tenures of up to 25 years, allowing them to choose a repayment plan that suits their financial situation.
3. Pre-Approval : SCB provides pre-approval for home loans, allowing potential buyers to understand their borrowing capacity before committing to a purchase.
4. Partial Pre-Payment : Customers can make partial pre-payments without significant penalties, allowing them to pay off their loan earlier if desired.
5. Balance Transfer Options : SCB allows customers to transfer their home loans from other banks and enjoy better terms or lower interest rates.
6. Islamic Finance Options : SCB offers Saadiq Home Finance and SaadiqOne Account, both of which comply with Islamic finance principles.
To be eligible for a home loan from Standard Chartered Bank, customers need to meet the following criteria :
Age : Applicants must be at least 21 years old and not older than 65 at the end of the loan tenure.
Income : A minimum monthly income of AED 15,000 is required to qualify for a mortgage loan.
Employment : Both salaried and self-employed individuals can apply, though the income requirements may vary.
Residency : Both UAE nationals and expatriates are eligible to apply for Standard Chartered home loans.
To apply for a Standard Chartered home loan, applicants will need to submit the following documents :
Additional documents may be requested depending on the applicant’s financial profile and the loan product chosen.
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Leave your details with us to be contacted by our experienced consultants, who will assist you in navigating the complex mortgage market, ensuring you secure the most competitive rates and terms. At Soulwallet, we prioritize your financial well-being.
There are several reasons why Standard Chartered a preferred choice for mortgage loans in the UAE is :
1. Competitive Interest Rates : SCB offers some of the lowest rates in the market, starting at just 2.22% per annum.
2. Flexibility : With various mortgage products, including conventional and Islamic options, SCB offers something for everyone.
3. Reputation and Reliability : As one of the oldest and most reputable banks in the region, SCB has a proven track record of providing excellent customer service.
4. Innovative Products : The MortgageOne and SaadiqOne accounts are unique in the UAE, offering customers the ability to reduce their mortgage costs through balance offset features.
FABCashback Credit Card
Minimum Salary AED 5,000
FIXED RATE 3.50%
LOAN AMOUNT 3.50%
REDUCING RATE 3.50%
DOWN PAYMENT 3.50%
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