Bank’s Housing Loan facilitates for purchase of Plot or land and Construction of a house / Acquisition of a house / Purchase of property or flat / Extension / Repair and Renovation of house etc.
Individual person, Group of people , and Co-operative housing societies members are eligible under the scheme. Maximum age limit of the borrower can be:
60 years for salaried persons.
65 years for salaried persons (Pensionable).
For salaried persons, pensionable persons and major earning member stand as co-borrower 15 years repayment irrespective of the retirement date.
65 years for other than salaried persons.
Quantum of Finance
Up to Rs.150 lakh.
For purchase or construction of a house: 25% of the property value including registration charges and stamp duties.
For carrying out repairs and renovation or alterations to an existing house or flat: 25% of the estimated cost.
For purchase of plot or land margin shall be 50% of the total plot cost.
0.5% of the sanction amount. Maximum Rs.10,000 processing fee is exempted for Central or State Government employees.
The loan security shall be first charge by way of equitable or registered loan amount of the property. The title of the property must be very clear, marketable and free from any encumbrance.
If a borrower who has bought or has entered into an agreement to buy real estate property on power of attorney basis offers adequate security in the shape of equitable home loan of any other property and or Govt. Security, the same may be considered and the property or security acquired at the time of sanction may be released after acquiring the equitable home loan of Housing property financed which shall stay the primary loan security. During the all of the intervening period, the financed property shall remain charged to the lender.
Pre-payment costs will be at 1% of the outstanding balance on the date of adjustment, only if the account is adjusted via take-over of bank loan by any other bank. No pre-payment charge will be levied, if the borrower adjust the account in full & final before scheduled time from his own verifiable legitimate sources.
In case of PSU or Govt. employees, where EMIs are paid via salary deduction, guarantee of spouse is required. In case the guarantee of spouse is not available, then suitable 3rd party guarantee is required.
In all other cases, one more guarantee of substantial means in addition to the guarantee of spouse or suitable guarantee.
Punjab and Sind Bank Home Loan Interest Rates 2011