How to apply for a mortgage with standard chartered bank

With an interest rate of 10.9 % Standard chartered bank is arguably the among the cheapest mortgage providers in the market. Standard chartered bank has a maximum mortgage amount of 100 million while the maximum tenure for repayment if 25 years.

To apply for a mortgage one needs a number of documents for prequalification. They include

1. To begin with you need to be an account holder with standard chartered, if you are not then you will need to open an account. Check out how to open an account at standard chartered bank to see the requirements.
2. Copy of PIN certificate
3. You will then need to fill the application form that will be provided by the sales agent.
4. Last three pay slips that are certified will accompany the form.
5. A letter from the employer stating the terms of employment .This letter should also be certified
6. Certified copies of your passport or national id
7. Certified copies of bank statements for 12 months (for non-Standard Chartered customers)
8. The Sale agreement
9. Documented evidence of other sources of income*where applicable
10. Two color passport size photos
11. The copy of the Title deed

A look at some of the cost associated with mortgages

Arrangement fee of 1 % of loan amount

Valuation fee 20 000 for the first 2 million and 0.25% on the remaining balance

Stamp duty on transfer of property value *applies to purchase only

Stamp duty on charge of 0.25% of loan amount

Credit life insurance 0.549% of loan amount (to cover the mortgage) for amounts bigger than 15 million a medical examination ordered and paid by the bank will be needed. This may change the cost of insurance based on the findings. The insurance provider should clarify this better

Domestic insurance 0.175% of property value (to cover the house against fire and political violence

Legal fee 1% of loan amount for amount above 5 million and 1.5% for amounts less than 5million

 

NOTE > these figures may change from time to time, readers are advised to seek more clarification from the bank.

For more go standard chartered mortgage