Mortgage of Property
For which activities loan can be raised under this scheme ?
For all purpose(s).
(Borrower to disclose specific purpose of loan and also to give an undertaking that the loan shall be used for lawful/legitimate purposes.)
Note: The loan shall not be granted for investment in real estate business,speculative (Speculation in stock, shares, securities, commodities, bullion etc) & prohibitive purposes as restricted by Law..
Are loans available in rural/semi-urban areas ?
Loans are available anywhere in India from PNB branches.
What is the repayment schedule for this scheme ?
Overdraft on reducing DP basis to be liquidated in 10 years OR up to the age of 65 years, whichever is earlier, subject to regular source of income.
Term Loan- Loan amount together with interest to be repaid in maximum 120 Equated Monthly Installments (EMIs) OR up to the age of 65, whichever is earlier, subject to regular source of income.
What is the security to be provided for this loan ?
Loans/advances shall be sanctioned against the Equitable/ Registered Mortgage of the non-encumbered built up and self-occupied residential House/Flat/commercial/ industrial property having minimum residual life of 25 years.
What is the rate of interest to be charged on loans under this scheme ?