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15th November 2016, 10:56 AM
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Join Date: Aug 2012
Re: State Bank of Patiala Home Loan Eligibility Calculator

The eligibility requirements for Home Loan in State Bank of Patiala are as follows:

• One should be a resident Indian.
• NRIs can apply for the NRI Home Loans.
• The sanctioned loan sum can only be used to buy properties in India.
• One must be of age 21 and not older than 65 years at loan maturity.
• The applicant and the co-applicant must have a stable source of income (salaried or entrepreneurial) with a good credit history.

Home Loan Other Details

Loan amount
No limit for Minimum or Maximum loan amount

Loan Term
Up to 30 Years subject to liquidation of loan before the borrower reaches the age of 70 years (5 years age relaxation for pensioner’s i.e. loan fully repaid before age of 75 years)

Interest Type (Floating or Fixed)
Floating

Rate of Interest
0.10% above MCLR i.e. 9.60%

Date of Reset of Interest
Annually

Fee Payable as under:

During the Term of the Loan
Processing Fee:- 0.35% of the Loan amount plus applicable Service tax (with a minimum of Rs.2000/- plus applicable service tax and maximum of Rs.10000/- plus applicable service tax)

On Foreclosure
Nil

Fee refundable if loan is not sanctioned
On rejection of the loan application on account of unsatisfactory pre-sanction survey report or on account of unacceptable legal/valuation report 25% of the fees is hold by bank

Conversion Charges for Switching from Fixed to Floating Interest rate
Fixed home loan account is converted to current card interest rate (Borrower pay 0.57% of current outstanding plus applicable service tax).

Penalty for delayed payments
Up to Rs.25000/- Nil

> Rs.25000/- (TL) if irregularity exceeds EMI or installment amount, for a period of one month, then penal interest should be recovered @2% p.a (over and above the applicable interest rate) on the overdue amount for the period of default

> Rs.25000/- (OD account) – penal interest @ 2% on the entire outstanding for the period of default, over and above the applicable rate will be charged from the day the account is rendered irregular


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