PNB Home Loan And, PNB Housing Finance
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PNB Home Loan And, PNB Housing Finance

Published by: Pankaj (66)
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PNB housing finance is a subsidiary of Punjab National Bank, one of the well reckoned national banks of India. PNB housing finance brings two most alluring loan schemes that are ideally used for construction or for acquisition, purchase of house, flat from development authorities such as DDA/HUDA/ PUDA/RHB. These PNB housing finance schemes are offered at attractive rate of interests with flexible plans that offer some convenience to the applicants. Following are the Loan schemes offered by PNB bank:  

Apna Ghar Yojna:

A unique loan scheme of housing finance that is offered to individuals for construction or for acquisition/purchase of house/ flat from the development authorities like DDA/HUDA/ PUDA/RHB and also from private builders/groups housing societies. Individuals in permanent service or having their own business are eligible to apply for the loan under this scheme. Age of the applicant should not be more than 60 years in case of service class and 65 years in case of businessman or self-employed. Minimum loan amount that can be sanctioned upto Rs.50000 and maximum loan amount will depend on the repayment capacity of the borrower. Actual loan eligibility is determined on the basis of loan repayment capacity after taking income, age, qualification and occupation into account. In case of joint application, primary applicant and co-applicant will be clubbed together for the calculation of loan eligibility. Loan repayment shall normally be in equated monthly installments (EMI) comprising of principal and interest over a maximum period of 20 years. There are some special loan repayment plans like:

  • Graduated repayment plan
  • Decreasing repayment plan
  • LIC linked repayment plan
  • Balance payment facility

Security:

Security for the loan is first charged by way of equitable/registered mortgage of the property to be financed and/or such other collateral securities as may be necessary. With respect to property under construction, provisional security may be required. Collateral/interim security may be assignment of Life Insurance Policies, guarantees from sound and solvent guarantors, pledge of marketable shares and such other investments are acceptable.

Ghar Sudhar Yojna:

Under this loan scheme, housing finance is offered to individuals for the purpose of up gradation, renovation or repair of house/flat. It includes among others, internal as well as external repairs, water proofing, roofing, flooring, electrical and woodwork. Individuals with permanent service or who have their own business are eligible to apply for the loan under this loan plan. Maximum eligible age of 60 years of the applicant is acceptable for loaning purpose. Loan amount can range from Rs. 50,000 to Rs. 10, 00,000. Normally, the security for the loan shall be first charge by way of Equitable/Registered mortgage of the property. Loan repayment shall normally be in equated monthly installments (EMI) comprising of principal and interest over a maximum period of 10 years. Process of determining the eligibility of applicant will be same as above mentioned.

Security:

Usually, the security for the loan shall be first charge by way of equitable or registered mortgage of the property. However, PNB Housing Finance at its discretion can sanction a loan on the basis of:

  • Pari-passu/second charge in the case of Central/State Govt./Public Sector/Nationalized Bank employees and other similar bodies
  • Other securities such as assignment of LIC policies (surrender value at least equivalent to the amount of loan), pledge of marketable shares and such other investments are acceptable. Besides this, personal guarantee from sound and solvent guarantors may be asked for.
Pankaj - About the Author:

PNB- Punjab National Bank provide Home Loan visit PNB Home Loan

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