Product Details
GHAR SUDHAR YOJANA
New delhi
A Quality Product from
PNB Housing Finance Limited [View Profile]
New Delhi - India
Description :
Under "Ghar Sudhar Yojna", we make available housing finance to individuals for upgradation, renovation or repair of house/flat. It includes among others, internal & external repairs, water proofing, roofing, flooring, electrical, woodwork etc.
ELIGIBILITY: Individuals who are in permanent service or self employed or have their own business. Age of the applicant should not be more than 60 years.
LOAN DETAILS
LOAN AMOUNT: Minimum amount of loan is Rs. 50,000. Maximum amount of loan shall not exceed Rs. 10,00,000. Borrower’s minimum contribution will be 25% of the estimated cost of repairs/renovations. Actual loan amount shall be calculated on the basis of repayment capacity of the borrower as determined by PNBHFL.
INTEREST RATES (With effect from 1.07.2006)
Period Rate of Interest (%)
Upto 10 Years 9.00
SECURITY: Normally, the security for the loan shall be first charge by way of Equitable/Registered mortagage of the property. However, PNB Housing Finance at its discretion, can sanction a loan on the basis of:
pari-passu/second charge in the case of Central/State Govt./Public Sector/Nationalised Bank employees and other similar bodies or
other securities such as assignment of LIC policies (surrender value at least equivalent to the amount of loan), pledge of marketable shares and such other investments acceptable to PNBHF. Besides this, personal guarantee from sound and solvent guarantors may be asked for.
LOAN DISBURSEMENT: A loan will be disbursed in lump sum or in stages (not more than three) based on the progress of renovation/repair. Disbursement will be made after the property has been technically appraised and all legal documentation and other formalities have been completed. The borrower has to invest his share of the cost in full prior to disbursement of the loan. The borrower is expected to complete the repair/renovation within six months.
REPAYMENT: Loan repayment shall normally be in Equated Monthly Instalments (EMI) comprising of principal and interest over a maximum period of 10 years.
SECURITY: Normally, the security for the loan shall be first charge by way of Equitable/Registered mortagage of the property. However, PNB Housing Finance at its discretion, can sanction a loan on the basis of:
LOAN DISBURSEMENT: A loan will be disbursed in lump sum or in stages (not more than three) based on the progress of renovation/repair. Disbursement will be made after the property has been technically appraised and all legal documentation and other formalities have been completed. The borrower has to invest his share of the cost in full prior to disbursement of the loan. The borrower is expected to complete the repair/renovation within six months.
REPAYMENT: Loan repayment shall normally be in Equated Monthly Instalments (EMI) comprising of principal and interest over a maximum period of 10 years.
The table below shows EMI for a loan of Rs. 1,00,000/- (Effective from 1.7.2006)
MARGIN: Minimum contribution of the borrower would be 20% of the fuure rent receivable with the loan period.
SECURITY: We shall require Equitable/ Registered Mortgage of the property against the rental of which the loan is being sought.
LOAN DISBURSEMENT: In case of purchase of the property, the loan would be disbursed directly to the borrower, in lumpsum or as per demand therefrom. In case of construction, the loan would be disbursed in stages (maximum being 3) based on the progress of construction. Disbursement will be made after the property has been technically appraised and all legal documentation has been completed. Disbursement would be made only after borrower contribution has been invested in full.
LOAN REPAYMENT: The loan would be repaid by way of Equated Monthly Instalment (EMI) consisting of principal and interest within a maximum period of 10 years. Repayment will commence in the month subsequent to the month in which loan has been disbursed. In case of construction repayment will commence with effect from the month subsequent to the month in which last instalment of loan is released and till the time Pre-EMI Interest will be charged.
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PNB Housing Finance Limited deals in :
We provide services of housing finance Our services: - Loan against Property - Loan for Commercial Property - Loan for Future Rental Securitisation - Line of Credit Facility - Property for sale
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