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Punjab National Bank Home Loans |
Punjab National Bank home loans are also known as PNB Flexible Housing Loan schemes. Home loans offered by Punjab National Bank come with flexible repayment terms and attractive interest rates. These are ideal home financing options for people who are looking to buy their dream home.
About Punjab National Bank Home Loans
Punjab National Bank home loans are one of the most competitive home loan products that are available in the Indian home loan industry. You can use a Punjab National Bank home loan for different purposes. Given below are some of the important purposes for which you should go for a Punjab National Bank home loan:
- Purchase/construction of flat/house
- Performing renovation/maintenance work/modifications/extensions to current flat/house
- Purchasing flat/house based on First Power of Attorney from the original assignee
Special feature of Punjab National Bank home loans
Punjab National Bank home loans boast one exclusive feature which is that life insurance coverage is available for securing the loan amount due. You just need to make a lump sum premium payment which may be financed by Punjab National Bank.
Quantum of finance/amount of loan
The maximum amount of home loan that you can avail from Punjab National Bank is as follows:
For individuals
In case of purchase/construction of flat/house 75% of purchase price of the flat/house or the cost of construction. Cost of parking lot subject to a maximum amount of 5% of the value of the flat/house can also be incorporated into the project cost.
In case of performing renovation/maintenance/modification/extension 75% of the project cost conditional on a maximum amount of Rs.20 lakhs.
For decorating homes, the maximum amount of loan available is Rs.2 lakhs.
For purchasing plot/land, the maximum amount of loan that you can avail is Rs.20 lakhs.
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Security against Punjab National Bank home loans
The following will work as security against a Punjab National Bank home loan:
- Mortgage of property which is being financed.
- For purchasing flat/house on the basis of first power of attorney, supplementary security equivalent to 125% of the loan amount through mortgage of some other property or guarantee of Fixed Deposit Receipts of Bank, Government Securities, LIC Policy, Kisan Vikas Patras, National Savings Certificates, Public Sector Undertaking Bonds, Indira Vikas Patras and so on has to be furnished.
- For purchasing flat/houses from housing society/board where mortgage cant be formed instantly, a three-party contract will be accomplished among the borrower, housing society/board and the bank.
In short, Punjab National Bank home loans carry all the benefits and features that an ideal contemporary home loan scheme should have. You can talk to the nearest branch of Punjab National Bank for getting more details and finding out whether you are eligible for a home loan or not.
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