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PNB Pride Housing Loan For Government Employees |
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Objective |
To ensure availability of Housing Loan at attractive rates and ensure a house for all government employees. |
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Purpose |
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For construction of house/ flat;
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For purchase of built house/flat.
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For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects.
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For carrying out Additions to the house/flat.
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For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.
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For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.
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For purchase of land/plot for house building.
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Eligibility |
For permanent Employees of Central / State Governments/ Defence Personnel & Paramilitary Forces - Individuals or Joint owners. |
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Quantum of Finance |
For Construction/Additions/Purchase of House/Flat: Need based loan depending upon the project cost and repaying capacity.
For purchase of Land/ Plot for House Building: Maximum Rs.100 lacs for State Capitals and Metro and Rs. 50 lacs for other centers; (Higher amount may be considered on individual merit of case)
For repairs / renovation / alterations: Maximum Rs.25 lac.
Cost of furnishing may be included in the project cost with maximum upto 10% of eligible Housing loan with a maximum upto Rs.25.00 lac. |
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Margin (Borrower`s contribution) |
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Housing Loan Upto Rs.75 lac |
20% |
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Housing Loan Above Rs.75 lac |
25% |
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Purchase of Land/Plot for House Building |
25% |
Charges e.g. stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money.
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Rate of Interest |
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Processing Charges/ Upfront fee |
NIL |
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Documentation Charges |
NIL |
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Security |
Equitable/registered mortgage of the property |
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Repayment |
Loan for carrying out repairs/ renovation / alterations to the house/flat: Max.15 years inclusive of moratorium period, if any.
Loan for Others: Max. 30 years inclusive of moratorium period, if any.
The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.
Father/Mother can also be made as co-borrower in cases where property is in the single name of his/her son and also clubbing of their income be permitted for the purpose of eligibility/repayment of loan.
Likely rental income, if the property is to be let out may also be added for determining the repaying capacity. |
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Repayment Holiday/ Moratorium |
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.
For purchase of ready built House/ flat OR land/plot: Till the date of possession or 3 months from the date of advance, whichever is earlier. |
Above are only salient features of the scheme. For details please contact nearest branch