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Welcome to Punjab National Bank Home Loans
PNB reaches out to you with fast, friendly and most convenient home loans for:

• Construction or purchase of house/ flat.
• Purchase of house/ flat on First Power of Attorney basis from the original allottee.
• Carrying out repairs/ renovations/ additions/ alterations to existing house/ flat.

Special Feature- To cover the loan outstanding, life Insurance cover is also available on payment of one time premium which can also be financed by the Bank.

Extent of loan

Individual
For construction/purchase of house/ flat:- 75% of the cost of construction of house or purchase of house/ flat .

For carrying out repairs/ renovation/ additions/ alterations: - 75% of the estimated cost subject to maximum of Rs. 20lacs.

Loan upto Rs.20 Lacs for purchase of Land/Plot.

Loan is available maximum upto Rs.2 Lacs for furnishing.

Security
• Mortgage of property for which finance is being given.
• In case of purchase of house/ flat from housing board/ society where mortgage   cannot be created immediately, a tripartite agreement shall be executed amongst   the housing board/ society, borrower and the Bank.
• In case of purchase of house/ flat on first power of attorney, additional security   equal to 125% of the loan amount by way of mortgage of some other property or   pledge of bank's FDR/ LIC policy/ Govt. Securities, NSCs, KVPs, IVPs, / PSU Bonds   etc. has to be provided.

Rate of Interest

RATE OF INTEREST (as on 01.07.2008):

TENOR
Rate of Interest @ percent p.a.
For loans repayable in/upto Loan Amt. upto Rs.20 lac Loan Amt. above Rs.20 lac
Upto 5 years
- floating
9.50 10.00
-fixed 10.75 11.25
Above 5 years & upto 10 years- floating 9.75; 10.25
11.50 12.00
Above 10 years & upto 20 years- floating 10.00 10.50
-fixed 11.75 12.25
Above 20 years & upto 25 years- floating 10.50 11.00
-fixed 12.25 12.75

Fixed Rate of Option is subject to Reset Clause of Five Years.

Extra rate of interest of 0.50% on Card Rates to be charged in respect of persons already having one or more houses and availing housing loan for subsequent house(s).

Option for Fixed or Floating Rate of Interest exercised by the borrower will not be allowed to be changed for a minimum period of 3 years, whereafter any change would be at the discretion of the Sanctioning Authority.

Upfront Fee
0.90% of the loan amount + Service Tax & Education Cess

Documentation Charges
Rs.1,350/- + Service Tax & Education Cess

Repayment
Loan is to be repaid in equated monthly installments within a period of 25 years or before the borrower attains the age of 65 years.

Disbursement
• For outright purchase of house/ flat, the loan amount will be paid in lumpsum to the   vendor.
• For house/ flat under construction, the loan amount will be disbursed in stages as   per progress of construction/ demand by selling agency.
 
 
     
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