Annexure HL-AJ
One time option for existing floating rate customers to switch over to current rate Format
of Option Letter
To:
State Bank of India
________________
Dear Sir,
ONE TIME OPTION TO SWITCH TO
CURRENT INTEREST RATE STRUCTURE
I/We invite a reference to the home loan availed by me/us from the Bank and the loan documents
SBAR/Base Rate/MCLR/EBLR as mentioned in the arrangement letter.
2. I/We understand that State Bank of India is providing an one-time option to existing Home
Loan borrowers to switch over to current card interest rate. The effective rate of Interest on the loan
a as on 01st day of current calendar quarter. The pr
calculated on daily balance of the loan amount at monthly rests, subject to the interest rate reset
on the 1st day of every calendar quarter, on the basis of the prevailing RBI Repo Rate. The spread
is sum of
assessment undergoes change. Also, other cost including operating cost can be altered periodically
towards payment of one-time switch-over fee. [Strike-out the clause whichever is not applicable]
3. All the other terms and conditions, I/We had agreed to, while availing the said Home Loan
will remain unchanged. I/We request you to change the interest rate structure in my above said
replace/change
the PDCs and/or mandate for ECS/S.I. earlier given to the Bank for repayment of loan.
Yours faithfully,
Borrower (s) Place: Date:
Term and conditions stated in this letter are accepted by me/us as a guarantor (s).
Guarantor (s) Place: Date: Term and conditions stated in this letter are accepted by me/us as a
guarantor (s).
Guarantor (s) Place: Date:
(BACK TO INDEX)
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MASTER CIRCULAR ON HOME / HOME RELATED LOANS FOR INTERNAL USE ONLY
Annexure HL- AK
One time option for existing fixed rate customers to switch over to current floating rate
Format of Option Letter
To:
State Bank of India
________________
Dear Sir,
ONE TIME OPTION TO SWITCH-OVER TO
CURRENT FLOATING INTEREST RATE STRUCTURE
I/We invite a reference to the home loan availed by me/us from the Bank and the loan documents
n respect
interest rate subject to the interest rate reset at the end of every two/three/five years as mentioned
in the arrangement letter.
2. I/We understand that State Bank of India is providing a one-time option to existing Fixed
Interest Rate Home Loan borrowers to switch over to current floating card interest rate. The
rests, subject to the interest rate reset on the 1st day of every calendar quarter, on the basis of the
including operating cost. The Bank shall at any time and from time to time be entitled to change
essment undergoes change. Also, other cost
, on payment of one time
switch-
3. In respect of my/our Home Loan, I/We wish to exercise the option to switch over to current
floating interest rate structure mentioned as above. I/We further, enclose a debit note/cheque
-over fee and
request the Bank to do the needful. I/We also authorize the Bank to open the Home Loan account
with new number by transferring the outstanding in the existing Home Loan account with same
Drawing Power, Tenor, EMI and Interest Rate structure stated in Para-2 above.
4. I/We hereby declare and confirm that all the existing securities created by me/us for my/our
aforesaid Home Loan account will operate as a continuing security and will hold good, valid and
enforceable despite the change in account number and interest rate structure as above. I/We
acknowledge my/our liability to the Bank for the amount outstanding in the Home Loan account
together with interest, costs and expenses as per documents executed by me/us. I/We request you
to change the interest rate structure in my above said Home Loan account with effect from
211
MASTER CIRCULAR ON HOME / HOME RELATED LOANS FOR INTERNAL USE ONLY
I/We also undertake to replace/change the PDCs and/or mandate for ECS/S.I.
earlier given to the Bank for repayment of loan due to change in account number.
Yours faithfully,
Borrower (s) Place:
Date:
Term and conditions stated in this letter are accepted by me/us as a guarantor (s) and the
Guarantee documents/Security documents executed by me/us will continue to be valid and
enforceable.
Guarantor (s) Place:
Date:
(BACK TO INDEX)
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MASTER CIRCULAR ON HOME / HOME RELATED LOANS FOR INTERNAL USE ONLY
