State Bank of Patiala Loan against Property

Can you tell me about the eligibility requirement for State Bank of Patiala or SBP- Easy Loan Scheme (Mortgage Loan) for Individuals (Loan against Equitable Mortgage of Property)?

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The eligibility requirement for State Bank of Patiala or SBP- Easy Loan Scheme (Mortgage Loan) for Individuals (Loan against Equitable Mortgage of Property) is as follows:

Eligibility
Individuals who are:
a) Employees
b) Engaged in agriculture and allied activities.

Maximum age limit:
60 years.

Loan amount
Min of the following:
a) Principal (as per EMI chart) corresponding to the EMI taken as ½ of NMI.
b) 50% of the realizable value of the property.
Minimum Rs.5 lac and maximum Rs.1 Crore

Security
Equitable mortgage of non-encumbered residential house /flat, non-agriculture urban landed property, commercial or industrial property in the name and possession of the borrower i.e. either self-occupied or spouse.

Repayment
In 60 months (5 years).

Rate of Interest (Per Annum)
14.95% i.e. 5.00% above the Base Rate (presently base rate is 9.95% w.e.f. 08.06.2015)

Processing Fee
2.02% of the limit sanctioned (upfront) maximum Rs. 50,933/-

Papers to be submitted with loan application:

For all Applicants:

- Application form.

- Statement of bank account at least for the last six months.

- 2 passport size photographs.

- Latest salary slips showing all deductions.

- Employment details for the last 3 years, in case the applicant has not been earlier in the present organization.

- TDS certificate- form 16 in the case of salaried persons.

- Copy of income tax return for last 2 financial years duly acknowledged by ITO, for other than salaried persons.

- Signature verification from banker

- A copy of passport or voter’s ID Card/ PAN ID Card proof of residence

State Bank of Patiala Loan against Property