State Bank of Patiala Home Loan Eligibility

Can you tell me in detail about the eligibility requirement and rate of interest incurred by State Bank of Patiala on its Home Loan facility as I want to apply for one?

[pawan]

The detail about the eligibility requirement and rate of interest incurred by State Bank of Patiala on its Home Loan facility are as follows:

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

Mode of Communication of Changes in Interest Rates
Bank's Website & Entry in Statement of loan account

Eligibility:
• 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.
• One and the co-applicant must have a stable source of income (salaried or entrepreneurial) with a good credit history.

Fee Payable as under:
a
During the Term of the Loan
Processing Fee:- 0.35% of the Loan amount plus applicable Service tax

b
On Foreclosure
Nil

c
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 unsatisfactory legal/valuation report 25% of the fees is keep by bank

d
Conversion Charges for Switching from Fixed to Floating Interest rate
Fixed home loan account is converted to current card interest rate.

e
Penalty for delayed payments
Upto 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 on the overdue amount for the period of default

> Rs25000/- (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


State Bank of Patiala Home Loan Eligibility