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Housing Loan

 
 

PNB reaches out to you with fast, friendly and most convenient home loans for:

Construction or purchase of house/ flat.

Purchase of house/ flat on First Power of Attorney basis from the original allottee.

Carrying out repairs/ renovations/ additions/ alterations to existing house/ flat.

 

Special Feature- To cover the loan outstanding, life Insurance cover is also available on payment of one time premium which can also be financed by the Bank.


   Extent of loan

Individual
For construction/purchase of house/ flat:- 75% of the cost of construction of house or purchase of house/ flat .

For carrying out repairs/ renovation/ additions/ alterations: - 75% of the estimated cost subject to maximum of Rs. 20lacs.

Loan upto Rs.20 Lacs for purchase of Land/Plot.

Loan is available maximum upto Rs.2 Lacs for furnishing.

   Security

Mortgage of property for which finance is being given.

In case of purchase of house/ flat from housing board/ society where mortgage cannot be created immediately, a tripartite agreement shall be executed amongst the housing board/ society, borrower and the Bank.

In case of purchase of house/ flat on first power of attorney, additional security equal to 125% of the loan amount by way of mortgage of some other property or pledge of bank's FDR/ LIC policy/ Govt. Securities, NSCs, KVPs, IVPs, / PSU Bonds etc. has to be provided.


  Rate of Interest  

RATE OF INTEREST (as on 01.03.2008):

TENOR
For loans repayable in/upto

Rate of Interest @ percent p.a.
Loan Amt. upto Rs.20 lac
Loan Amt. above Rs.20 lac

i) Upto 5 years- floating

9.00
9.50

-fixed

10.25
10.75

ii) Above 5 years & upto 10 years- floating

9.25
9.75

-fixed

11.00
11.50

iii) Above 10 years & upto 20 years- floating

9.50
10.00

-fixed

11.25
11.75
iii) Above 20 years & upto 25 years- floating
10.00
10.50

-fixed

11.75
12.25

Fixed Rate of Option is subject to Reset Clause of Five Years.

Extra rate of interest of 0.50% on Card Rates to be charged in respect of persons already having one or more houses and availing housing loan for subsequent house(s).

Option for Fixed or Floating Rate of Interest exercised by the borrower will not be allowed to be changed for a minimum period of 3 years, whereafter any change would be at the discretion of the Sanctioning Authority.

  Upfront Fee  

0.90% of the loan amount + Service Tax & Education Cess

  Documentation Charges  

Rs.1,350/- + Service Tax & Education Cess

  Repayment

Loan is to be repaid in equated monthly installments within a period of 25 years or before the borrower attains the age of 65 years.

  Disbursement

For outright purchase of house/ flat, the loan amount will be paid in lumpsum to the vendor.

For house/ flat under construction, the loan amount will be disbursed in stages as per progress of construction/ demand by selling agency.
 
 
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