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State Bank of Patiala Home Loans

State Bank of Patiala home loans are innovative housing loan products offered by State Bank of Patiala, one of the subsidiary banks of SBI. Home loans from SBP are perfectly designed to meet the housing needs of the borrowers.

About State Bank of Patiala Home Loans

State Bank of Patiala home loans are offered to the borrowers with attractive interest rates and fleixible repayment periods. The terms and conditions are also excellent to suit the budgets of the borrowers. Given below are important information related to State Bank of Patiala home loans:

Purpose of State Bank of Patiala home loans

You can avail a State Bank of Patiala home loan for any of the following purposes:

  • For constructing/purchasing a new flat/house
  • For renovating/remodeling/modifying/extending an existing house
  • For decorating/buying consumer durables for a new home
  • For purchasing readymade house/flat/dwelling unit from State Government Housing Board/cooperative group housing society/private builders/other recognized government authorities.

Eligibility criteria for State Bank of Patiala home loans

Usually, individuals with more than 21 years of age with a stable source of income will qualify for State Bank of Patiala home loans. Individuals upto 70 years of age will be eligible for this loan as well.

Quantum of Finance for State Bank of Patiala home loans

In case of individuals up to 45 years of age the maximum amount of loan is 60 times the net monthly income for salaried individuals or 5 times of net annual income for other individuals.

In case of individuals more than 45 years of age the maximum amount of loan is 48 times the net monthly income for salaried individuals or 4 times the net annual income for other individuals.

In case of renovation/maintenance the maximum amount of loan is 80% of the project cost that is projected cost of renovation, maintenance or modification with a cap of Rs.10 lakhs.



Margin for State Bank of Patiala home loans

The margin for SBP home loans is as follows:

In case of loans upto Rs.1 crore 15%.
In case of loans more than Rs.1 crore 25%
In case of renovation/maintenance and others 20%.


Repayment term of State Bank of Patiala home loans

In case of individuals up to 45 years of age, the maximum repayment term is 25 years and in case of individuals more than 45 years of age, the maximum repayment term is 20 years.

Interest rate on State Bank of Patiala home loans

The interest rate on State Bank of Patiala home loans is subject to change from time to time as per the sole discretion of the bank and it is tied to the base rate of State Bank of Patiala.

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