PNB Retail Loans Tie-up - ANNEXURE-I
SCHEME GUIDELINES
PNB HOME LOAN
1. ELIGIBILITY:
• All confirmed and permanent employees of IPPB drawing salary through IPPB are eligible. The income of the spouse and earning children (whether married or unmarried) may be taken into account for determining the income for the purpose of borrowers' repaying capacity. The income of the joint owners of the property may also be added for determining the repaying capacity. In such cases, they should be made co-borrower.
• Parents can also be made as co-borrower in cases where the property is in the single name of Son / Daughter or in the joint name of Son and Daughter and also clubbing of their income be permitted for the purpose of eligibility/repayment of loan
2. PURPOSE:
• For construction of house/flat. For purchase of built house/flat.
• For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects. (Under construction flats should be financed preferably in the projects approved by competent authority.)
• For carrying out Additions to the house/flat.
•t• For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.
• For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.
For purchase of land/plot for house building within stipulated period.
• Takeover of housing loan accounts from other financial institutions/ banks
3. AMOUNT OF LOAN: Need Based
• No minimum net monthly salary criteria, However Repayment should be fixed on a realistic basis, which should not exceed the prescribed limit of Gross Annual Salary/Income (GAS/I) of the borrower(s).For this purpose, all deductions including the proposed Housing Loan instalment should not exceed the prescribed ceiling as under:
• GAS/I Max. Permissible Deduction of GAS/I Upto Rs.5.00 lakh 50% Above Rs.5.00 lakhs upto Rs.10.00 lakhs 60% Above Rs.10.00 lakhs 70%.
PNB Retail Loans Tie-up - ANNEXURE-I
4. MARGIN:
Parameters
For All purposes except to Housing loan Upto Rs.30 lac 20%/15% purchase of Land/Plot Housing Loan above Rs. 30 lac and Upto Rs.75 lac 20% Housing Loan above Rs.75 lac 25% Purchase of Land/Plot for House Building 25%
# Higher Rate of Interest on Card Rate will be charged in such cases. Borrower be made aware about this before sanction of loan.
5. REPAYMENT:
For Construction/ Additions of House/ Flat/Purchase of ready built house/ flat: Loan along-with interest is to be re-paid in equated monthly installments within a period of 30 years inclusive of moratorium period, if any.
• For carrying out repairs/ renovation / alterations to the house/flat: Loan along- with interest is to be re-paid in equated monthly installments within a period of 15 years inclusive of moratorium period, if any.
• EMI can be started at the option of the borrower, before due date, even before property is not ready and is under construction stage Customer can make part payment / option of foreclosure is available.
6. RATE OF INTEREST:
All the employees of IPPB will be covered under concessional rate of interest scheme PNB Pride offered by Punjab National Bank linked to Repo Linked Lending Rate (RLLR).
The interest rates are subject to change and the employees are requested to please be guided by https://www.pnbindia.in/interest- rate-on-advances-linked-to-mcIr.html for updated interest rates.
• Pradhan Mantri Awas Yoina-Credit Linked Subsidy Scheme is available. 4• Security: Equitable/registered mortgage of the property.
7. UPFRONT FEE & DOCUMENTATION CHARGES: NIL
8. MORATORIUM PERIOD:
For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.
For carrying out repairs/ renovation / alterations to the house/flat: Till completion of repairs/ renovation / alterations or 6 months, from the date of disbursement of first installment of the loan, whichever is earlier.
4• For purchase of ready built House/ flat OR purchase of land/plot for house building: The repayment to start after the date of possession or 3 months from the date of advance, whichever is earlier.
