IPPB Tie-ups with PNB for Providing Home Loan/Car Loan to Its Employees - Annexure-I | List of facilities available in PNB(Punjab National Bank) with Check List and Loan SOP - Postalstudy | Post Office Blog | Materials for | Exams

Header Ads

India Post

IPPB Tie-ups with PNB for Providing Home Loan/Car Loan to Its Employees - Annexure-I | List of facilities available in PNB(Punjab National Bank) with Check List and Loan SOP

 PNB Retail Loans Tie-up - ANNEXURE-I



1.        ELIGIBILITY:

•  All  confirmed  and  permanent  employees  of  IPPB  drawing  salary  through IPPB are eligible. The   income   of   the   spouse   and   earning   children   (whether   married   or unmarried)  may  be  taken  into  account  for  determining  the  income  for  the purpose  of borrowers'  repaying  capacity.  The income  of the joint  owners  of the  property  may  also  be  added  for  determining  the  repaying  capacity.  In such cases, they should be made co-borrower.

•  Parents  can also be made as co-borrower  in cases where the property is in the single name of Son / Daughter  or in the joint name of Son and Daughter and   also   clubbing   of   their   income   be   permitted   for   the   purpose   of eligibility/repayment of loan

2.       PURPOSE:

•  For construction of house/flat. For purchase of built house/flat.

•  For   purchase   of   under   construction   house/flat   from   Housing   Boards/ Development  Authorities/  Co-operative  Societies/  Approved  Private Builders/ Projects.   (Under   construction   flats  should  be  financed   preferably   in  the projects approved by competent authority.)

•  For carrying out Additions to the house/flat.

•t•  For  carrying  out  repairs/  renovation  /  alterations/  cost  of  furnishing  to  the house/flat.

•  For  meeting  cost  escalation   in  the  cases  of  under-construction  flats  to existing Housing Loan borrowers.

For purchase of land/plot for house building within stipulated period.

•  Takeover of housing loan accounts from other financial institutions/ banks

3.        AMOUNT OF LOAN: Need Based

•  No minimum net monthly salary criteria, However Repayment should be fixed on  a  realistic  basis,  which  should  not  exceed  the  prescribed  limit  of  Gross Annual   Salary/Income   (GAS/I)   of   the   borrower(s).For   this   purpose,   all deductions   including   the  proposed Housing  Loan  instalment   should  not exceed the prescribed ceiling as under:

•  GAS/I Max. Permissible Deduction of GAS/I Upto Rs.5.00 lakh 50% Above Rs.5.00 lakhs upto Rs.10.00 lakhs 60% Above Rs.10.00 lakhs 70%.

PNB Retail Loans Tie-up - ANNEXURE-I

4.        MARGIN:


For  All  purposes  except  to   Housing loan Upto Rs.30 lac 20%/15% purchase of Land/Plot      Housing  Loan  above  Rs.  30  lac and Upto Rs.75 lac 20% Housing Loan above Rs.75 lac 25% Purchase of Land/Plot for House Building 25%

# Higher Rate of Interest  on Card Rate will be charged in such cases. Borrower be made aware about this before sanction of loan.

5.        REPAYMENT:

For Construction/ Additions of House/ Flat/Purchase  of ready built house/ flat: Loan  along-with  interest  is  to  be  re-paid  in  equated  monthly  installments within a period of 30 years inclusive of moratorium period, if any.

• For carrying out repairs/ renovation / alterations to the house/flat: Loan along- with interest  is to be re-paid in equated  monthly installments  within a period of 15 years inclusive of moratorium period, if any.

• EMI  can  be  started  at  the  option  of  the  borrower,  before  due  date,  even before property is not ready and is under construction stage Customer can make part payment / option of foreclosure is available.


All  the  employees  of  IPPB  will  be  covered  under  concessional  rate  of  interest scheme  PNB  Pride  offered  by  Punjab  National  Bank  linked  to  Repo  Linked Lending   Rate   (RLLR).  

 The   interest   rates   are   subject   to   change   and   the employees  are requested  to  please be guided by https://www.pnbindia.in/interest- rate-on-advances-linked-to-mcIr.html for updated interest rates.

• Pradhan Mantri Awas Yoina-Credit Linked Subsidy Scheme is available. 4• Security: Equitable/registered mortgage of the property.



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.

4• For  purchase  of  ready  built  House/  flat OR  purchase  of land/plot  for house building:  The  repayment  to  start  after  the  date  of  possession  or  3  months from the date of advance, whichever is earlier.

Click here to Join Telegram Channel