the details of the home loan which is issued by the State Bank of Patiala including the rate of interest charged has been mentioned below:

1
Loan amount

No limit for Minimum or Maximum loan amount

2
Loan Term

Upto 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)

3
Interest Type (Floating or Fixed)

Floating

4
Rate of Interest

0.10% above MCLR i.e. 9.60%

5

Date of Reset of Interest

Annually

6
Mode of Communication of Changes in Interest Rates

Bank's Website & Entry in Statement of loan account

7
Fee Payable as under:

a
During the Term of the Loan

Processing Fee:- 0.35% of the Loan amount plus applicable Service tax (with a minimum of Rs.2000/- plus applicable service tax and maximum of Rs.10000/- 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 shall be retained by bank

d
Conversion Charges for Switching from Fixed to Floating Interest rate

Fixed home loan account is converted to current card interest rate (Borrower pay 0.57% of current outstanding plus applicable service tax).

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 (over and above the applicable interest rate) 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

8
EMI Payable

Repayable in Monthly installments.

9
Details of Security Collateral Obtained

a) Primary Security: Equitable Mortgage by deposit of title deeds of the Immovable Property.

b) Collateral security: Where the Home loan is sanctioned against liquid tangible securities in lieu of Mortgage of the property being financed:' Assessed Value' of such securities will be considered

10
Date on Which the Annual outstanding balance statement will be issued
As on 31st March every Year.