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Housing Loan |
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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.
Extent of loan
Individual
- For construction/purchase of house/ flat: 80% of the cost of construction of house or purchase of house/ flat.
- For carrying out repairs/ renovation/ additions/ alterations:
80% of the estimated cost subject to maximum of Rs. 20lacs.
Loan upto Rs.10 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.
- Suitable third party guarantee acceptable to the Bank which
may include guarantee from family members/ other relatives.
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.
Source: http://www.pnbindia.com/
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