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.
At least 21 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 75% to 90% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Interest Rate||8.65% to 8.70%|
|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)|
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.
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.
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
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 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.
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|
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 issues its outstanding balance statement on 31st March every year.
9.95 percent per annum is the current base rate with effect from June 2015.
It is 10.45 percent, which is base rate plus .50 percent.
Yes, the interest rate is only 9.95 percent, which is the base rate for loan amount up to INR 1.6 lakhs.
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.