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    State Bank of Patiala Home Loan Reviews

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    State Bank of Patiala is an associate bank of State Bank of India. State Bank of Patiala, originally named Patiala State Bank, and currently an associate bank of the State Bank of India, was founded on 17 November 1917 and the functions of the bank included the normal functions of commercial banks, as also some functions similar to functions of a central bank for the princely state of Patiala.State Bank of Patiala provide you home loan with colourful interest rates along with no pre-payment / pre-closure penalty.To know more, follow some simple steps given below to get best interest rates.

    You’re probably eligible for an State Bank of Patiala Home Loan if you are

    State Bank of Patiala Home Loan Minimum Age

    At least 21 years old

    State Bank of Patiala Home Loan Maximum Age

    Less than 70 years old

    State Bank of Patiala Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    State Bank of Patiala Home Loan Minimum Income

    Earn more than the minimum
    income required

    Your State Bank of Patiala Home Loan amount eligibility is based on these factors

    State Bank of Patiala Home Loan Minimum Salary

    Earn more than the minimum
    income required

    State Bank of Patiala Home Loan Maximum Loan to property value

    Loan capped @ 75% to 90% of property value

    State Bank of Patiala Home Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible State Bank of Patiala Home Loan amount by these steps

    State Bank of Patiala Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    State Bank of Patiala Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    State Bank of Patiala Home Loan Add parents as Co-applicant

    Alternatively add your parents

    Documentation needed to apply for an State Bank of Patiala Home Loan

    • 1. Signed application form with photograph
    • 2. Processing fee Cheque
    • 3. Latest bank statements
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:

      • latest income tax returns
      • latest comupation of income

    State Bank of Patiala Home Loan Interest RatesUpdated on 21 Oct 2016

    State Bank of Patiala Home Loan Details
    Interest Rate 9.60%
    Loan Tenure Upto 30 years
    Processing charges 0.35% of the LA plus ST (with a minimum of Rs.2000/- plus ST and maximum of Rs.10000/- plus ST)
    Pre-closure Charges Nil

    Overview of State Bank of Patiala Home Loan:

    A home for everyone - Never mind popping of this home bubble; it is still the Patiala creed, thanks to State Bank of Patiala Home Loan Scheme. They even guarantee housing finance for first-time home purchasers who can afford to make only the minimum down payment possible. This will make it easier and affordable for families with lesser income to purchase houses and will also give a lift to the slow-moving home loan market and help everyone achieve the dream of living in one’s own house.

    State Bank of Patiala Home Loan Features & Benefits:

    • Loan amount: State Bank of Patiala Home Loan Scheme imposes no minimum or maximum amount that you can take as loan.

    • Loan Tenure: SBP grants you up to 30 years of time period depending on liquidation of loan before the mortgagor becomes age 70.

    • Interest is chargeable Interest Type (Floating or Fixed) as per the current base rate.

    • Security/ Collateral Details:

    • Primary Security: Reasonable Mortgage by depositing the title deeds of the home or plot (Immovable Property).

    • Collateral Security: If the housing loan is authorized against liquid and tangible assets.

    SBP Home Loan Fees & Charges:

    During Home Loan Tenure

    Processing Fee for up to INR 25 lakhs: .25 percent of the total loan sum (Minimum INR 1000)

    For between INR 25 – 75 lakhs – INR 6500

    For more than INR 75 lakhs – INR 10,000

    Refundable Fee id the loan is rejected

    If rejected due to unsatisfactory pre-approval survey report or legal/valuation report, 25 percent of the paid fees will be deducted.

    Charges levied for switching from Fixed to Floating Interest and viz.

    .56 percent, if the fixed home loan account is changed to current floating house loan R.O.I

    1 percent, if the floating home loan is changed.

    Fine for late payments

    No penalty fee for up to INR 25000.

    2 percent for more than INR 25,000

    State Bank of Patiala Home Loan Eligibility:

    • The eligibility criteria for an SBP home loan applicant is as follows:

    • He/she 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.

    • The applicant 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.

    State Bank of Patiala Home Loan Interest Rate:

    State Bank of Patiala offers extremely affordable and competitive rates of interest on their home loans. Customers can avail of interest rates as low as 9.75% on their floating rate home loans. This rate is applicable to both male and female applicants and can be availed on all loan tenures up to a maximum of 30 years.

    State Bank of Patiala MCLR Rates for Home Loans:

    The State Bank of Patiala has currently set its Marginal Cost of Funds Based Lending Rate (MCLR) at 9.65% for a tenor of 1 year. The new MCLR rates, which came into effect on April 1st 2016 are as follows:

    Loan Tenor MCLR Rate
    Overnight 9.40%
    1 Month 9.50%
    3 Months 9.55%
    6 Months 9.60%
    1 Year 9.65%
    2 Years 9.75%
    3 Years 9.80%

    State Bank of Patiala Home Loan Documentation:

    • A duly filled up SBP Home Loan application

    • Three passport size photos

    • ID Proof: Copy of Voters ID, Aadhar Card, Passport, PAN Card or Driving License.

    • Residential Proof: Proof of residence: Any latest utility bill such as electricity bill or telephone bill or copy of Voters ID, Aadhar Card, Passport or Driving License can be submitted as address proof.

    • If you are an entrepreneur or a freelance professional, you need to give a business address proof too.

    • Bank account statements for the past six months at the time of application.

    • Signature credentials from your current bankers.

    • Bank Statements about your private properties and accountabilities.

    • You need to submit a short write up of securities levied in respect of other mortgages taken from SBP or any other bank.

    • Property Documents: Sale Deed, Sale Agreement, Land & building tax receipts, possession permit, approved site sketch, Allotment Letter from Housing Board/ Society/ Builder, Non encumbrance document for the last 12 to 30 years, and Original NOC (ULC Act 1976) and copy of sanctioned building plan.

    SBP Home Loan Frequently Asked Questions (FAQs)

    1. When does SBP issue the yearly outstanding balance statement?

      SBP issues its outstanding balance statement on 31st March every year.

    2. What is the current base interest rate for SBP Home Loan?

      9.95 percent per annum is the current base rate with effect from June 2015.

    3. What is the revised loan interest rates for amount more than INR 75 lakhs?

      It is 10.45 percent, which is base rate plus .50 percent.

    4. Does SBP Home Loan Scheme offer any interest subsidy scheme for the urban poor?

      Yes, the interest rate is only 9.95 percent, which is the base rate for loan amount up to INR 1.6 lakhs.

    5. What are the additional documents I should submit if I am applying for a loan to buy a plot for house construction?

      You need to give a declaration saying that you will finish the house construction within a specified time. A report from your lawyer as specified the bank is also mandatory.

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