The product offered by State Bank of Patiala is diversified and exclusively designed to meet the requirements of a borrower depending on the nature of the requirement. With an extremely simple and hassle free process, this bank ensures their applicants should get the loan amount in minimal time.
The key features and benefit of State bank of Patiala property loan are:
- State Bank of Patiala Easy Loan Scheme (Mortgage Loan) is general purpose of individual and the loan is provided against the collateral security of immovable property.
- The property loan is sanctioned to applicants to a maximum age limit of 60 years.
- Loan amount can be sanctioned is minimum subject to either Principal (as per EMI chart) corresponding to the EMI taken as ½ of Net Monthly Income or 50 % of the value of property. The valuation is done from third party valuation agency for correct and transparent procedure.
- However, this could be of Minimum Rs. 5 lakh and maximum Rs. 1 crore.
- The tenure would be of 60 months i.e. 5 years
- Processing fee would be charged @ 2.02% of the limit sanctioned (upfront) maximum Rs. 50,933/-
- EMI on property loan is less because the tenure of loan is longer.
- The collateral properties are equitable mortgage of non-encumbered flat/residential house, non-agriculture urban landed property, industrial or commercial property registered in the name and ownership of the borrower. The mortgaged property should be absolute unencumbered and marketable to the satisfaction of the Bank.
- Disbursement of the loan amount shall be done once a valid mortgage (equitable or registered if equitable mortgage is not possible) has been created in favour of the Bank as per the laws of the State