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Punjab and Sind Bank Home Loans Rates

For those who are thinking about obtaining a home loan at a cheap rate, they can take Punjab and Sind Bank home loans into consideration. They can certainly benefit from the interest rates offered by the bank. Punjab and Sind Bank home loans rates are one of the best rates that you will find in India.

About Punjab and Sind Bank home loans rates

Punjab and Sind Bank home loans rates are one of the most competitive rates offered by commercial banks in India. The table given below will give you a fair idea about Punjab and Sind Bank home loans rates:

Interest Rates Tied to The Benchmark Prime Lending Rate and Base Rate (BR) Housing Loan Scheme
Category Loan Upto Rs. 20.00 Lacs
  Rate of Interest -Existing Rate of interest - Revised (with effect from 01.07.2010)
  BPLR Spread L.R. (BPLR+ Spread) Base Rate Spread L.R. (BR+ Spread)
Upto 5 years 13.50 -4.00 9.50 8.20 1.30 9.50
Floor Rate     9.00      
More than 5 years upto 10 years 13.50 -3.50 10.00 8.20 1.80 10.00
Floor Rate     9.50      
More than 10 years upto 20 yrs 13.50 -3.00 10.50 8.20 2.30 10.50
Floor Rate     10.00      
Category Loan Above Rs.20.00 lacs and Upto Rs.30.00 Lacs
  Rate of Interest- Existing Rate of Interest - Revised (with effect from 01.07.2010)
  BPLR Spread L.R. (BPLR+ Spread) Base Rate Spread L.R. (BR+ Spread)
Upto 5 years 13.50 -3.75 9.75 8.20 1.55 9.75
Floor Rate     9.25      
More than 5 years upto 10 years 13.50 -3.25 10.25 8.20 2.05 10.25
Floor Rate     9.75      
More than 10 years upto 20 yrs 13.50 -2.75 10.75 8.20 2.55 10.75
Floor Rate     10.75      
Category Over Rs.30.00 Lacs
  Rate of Interest- Existing Rate of Interest - Revised (with effect from 01.07.2010)
  BPLR Spread L.R. (BPLR+ Spread) Base Rate Spread L.R. (BR+ Spread)
Upto 5 years 13.50 -3.50 10.00 8.20 1.80 10.00
Floor Rate     9.50      
More than 5 years upto 10 years 13.50 -3.00 10.50 8.20 2.30 10.50
Floor Rate     10.00      
More than 10 years upto 20 yrs 13.50 -2.50 11.00 8.20 2.80 11.00
Floor Rate     10.50      




Security for Punjab and Sind Bank home loans

First charge through registered/equitable mortgage of the property will work as security for the loan. The title of the property should be clean, sellable and without lien.

If a potential borrower who has bought/signed a contract to purchase residential property based on power of attorney provides adequate security/guaranty as equitable mortgage of any other property and/or Government securities, the same might be taken into account and the security/property received at the time of approval might be released after getting the equitable mortgage of residential property funded which will continue to be the principal security for the loan. Throughout the overriding period, the residential property financed by the bank will continue to be charged to the bank.

Repayment of Punjab and Sind Bank home loans

The home loan will be offered only as term loans for a maximum repayment period of 20 years with the criteria given below:

In case of salaried individuals: Loan has to be settled (paid off) within the age of 60 years
In case of salaried individuals (with pension facilities): Loan has to be settled within the age of 65 years
In case of salaried individuals (with pension facilities) and major son (wage earner) acting as co-applicant: The loan has to be repaid in 15 years no matter what the age of retirement is In case of other than salaried individuals: Loan has to be settled within the age of 65 years

Guarantee for Punjab and Sind Bank home loans

For Government/Public Sector Undertaking employees where EMI is paid by means of salary deduction, assurance of spouse will be the guarantee. If the assurance of spouse is not obtainable, then appropriate third party assurance is necessary.

For all other circumstances, as far as feasible, one additional guarantee of considerable amount over and above the appropriate guarantee/guarantee of spouse is needed.



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