Following State Bank of India, Punjab National Bank (PNB) has come up with a special home and auto loan offer to attract government employees who have benefited from the 7th Pay commission.
Individuals who are permanent employees of Central or State Governments, Defence Personnel & Paramilitary Forces are eligible to avail loan under this scheme.
Details of PNB Pride Home loans:
- PNB Pride housing loan can be used for the following purposes:
- PNB Pride can used for construction of house or flat.
- Can be availed for purchase of under construction house or flat.
- Pride housing loan can be used for carrying out additions to the house or flat.
- Govt employees can avail loan for carrying out repairs, renovation, alterations and cost of furnishing to the house or flat.
- For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.
- For purchase of land or plot for house building.
What is the maximum loan which can be availed under PNB Pride?
The amount will be need based depending upon the project cost and repaying capacity of the applicant.
For purchase of land or plot for house building, maximum of Rs 100 lakhs for State Capitals and Metro and Rs 50 lacs for other centers can be availed.
In case of repairs, renovation, alterations maximum amount which can be availed is Rs 25 lakhs.
Individuals can consider cost of furnishing which can be included in the project cost with maximum upto 10% of eligible Housing loan with a maximum upto Rs 5 lakhs.
What is the Margin amount to be paid?
For housing loan Upto Rs 75 lakh, the margin amount will be 20 per cent. Above Rs 75 lakh, margin amount will be 25 per cent.
Note that margin amount will not include charges such as stamp duty, registration charges and other documentation charges.
Under floating Rate option: It will be applicable as per MCLR
Under fixed rate option: It will be floating ROI+0.50%
As for home loans, the floating rate will be 9.30 percent and the fixed at 9.80 percent.
There will be no charges for processing and documentation of loan process.
How to increase repaying capacity?
Individual applicants can consider income of the spouse and earning children and of the joint owners can be added for determining the income for the purpose of borrowers repaying capacity.
While, parents can also be made as co-borrower where property is in the single name and also clubbing of their income be permitted for the purpose of eligibility and repayment of loan.
Also, if the property is to be let out, the rental income can also be added for determining the repaying capacity.