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Consent Letter

This letter provides consent for migrating an existing housing loan from a floating interest rate linked to COBAR/Base Rate to the prevailing MCLR linked slab rate. The borrower acknowledges an outstanding balance on their housing loan account and exercises the option provided by the bank to switch to the new interest rate regime. They agree to the revised terms and conditions and confirm that all other aspects of the original security documents will remain unchanged.

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Pulkit Aggarwal
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4K views1 page

Consent Letter

This letter provides consent for migrating an existing housing loan from a floating interest rate linked to COBAR/Base Rate to the prevailing MCLR linked slab rate. The borrower acknowledges an outstanding balance on their housing loan account and exercises the option provided by the bank to switch to the new interest rate regime. They agree to the revised terms and conditions and confirm that all other aspects of the original security documents will remain unchanged.

Uploaded by

Pulkit Aggarwal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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CONSENT LETTER FOR MIGRATION OF INTEREST RATE TO PREVAILING

MCLR LINKED FLOATING RATE OF INTEREST UNDER HOUSING LOAN


From, Date:

To
The Branch Manager
CORPORATION BANK
LAXMI NAGAR DELHI

Dear Sir,

My/Our Housing Loan A/c No. CHOME/01/ for Rs.

I/We have availed the above housing loan under the aforesaid account whereunder as on date a
sum of RsRupees
...) is
due and outstanding inclusive of interest and charges debited up to ..................

The said housing loan had been availed under floating rate option wherein the interest rate is
linked to COBAR/Base Rate and subject to change from time to time in line with the revision in
the COBAR /Base Rate.

I/We am/ are given to understand that the Bank has offered the facility where the existing
housing loan borrowers availed loan under COBAR/Base Rate regime may exercise option for
migrating to prevailing MCLR linked slab rate applicable for housing loans, subject to certain
terms and conditions stipulated therein.

Therefore, I/We hereby exercise option/consent for migration of interest rate charged to the
above housing loan to prevailing MCLR linked slab rate.

I/We undertake to repay the loan as per the revised terms that may be stipulated by you.

I/We confirm that all other terms and conditions contained in the security documents executed by
me/us to secure the aforesaid loan shall continue to remain in force.

I/we request you to hold this letter along with the security documents already executed by me/ us

_________________________________
SIGNATURE OF THE BORROWER (S)

I /we have affixed my/our signature/s hereto in token of my/our consent for the above.

________________________________
SIGNATURE OF THE GUARANTOR (S)

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