Product Details
LINE OF CREDIT FACILITY
New delhi
A Quality Product from
PNB Housing Finance Limited [View Profile]
New Delhi - India
Description :
We offer corporate bodies a special facility of Line of Credit (LoC) facility which facilitates Home Ownership among its employees. The scheme facilitates a company to build its human resource by providing financial assistance to its employees for owning a house. The company can also save the funds otherwise required for building accommodation for their staff. Employees when they get an accommodation of their choice would contribute a great deal towards building an organisation. The loans sanctioned are liberal and disbursements under this facility faster. Employees are assisted in every ways and need not take time off from work for complying with various formalities. A LOC facility granted to a company can be utilised to give loans to their employees for the purchase, construction or extension of residential units anywhere in India. A company can apply in the prescribed Corporate Application Form available at our offices along with the information/documents mentioned in the application form. After a LOC is sanctioned and the offer accepted, disbursement will be made after completion of legal and technical formalities.
AMOUNT OF LOC:
A company can apply for an LOC under both the schemes based on the anticipated demand for housing loans from its employees within the next one year. When this LOC is fully utilised, the Company can apply for another LOC as and when additional demand for housing loans arises.
INDIVIDUAL LOANS UNDER THE LOC:
The maximum individual loan per employee is 80% to 90% of the cost of the dwelling unit subject to a maximum of Rs. 30 lacs. The amount of loan available for borrowers is the amount recommended by the company and as determined by PNBHF.
RATE OF INTEREST:
The company is requested to confirm our current applicable rate of interest. Interest is calculated on the basis of annual rests. PNBHF reserves the right to vary the rate of interest at any time in response to changes in money market conditions or if a levy, tax on interest or any other charge or burden is imposed or levied by any Government Authority.
FEES AND CHARGES:
(a) Processing and administrative fee is 1.5% of the LOC applied for and is payable at the time of submission of the application.
(b) A commitment charge of 1% per annum on the undrawn amount of the LOC sanctioned is payable commencing six months from the date of acceptance of offer.
(c) On prepayment of the loan, in part or full, PNBHF might charge an early redemption charge of 2 % of the amount being prepaid.
LOAN REPAYMENT: The company shall deduct the Equated Monthly Instalments (EMIs) from the monthly salary of each of the employee borrowers and remit a consolidated cheque/draft of EMIs comprising principal and interest. Pending final disbursement of loan, interest on the disbursed portion of the loan called Pre-EMI interest is payable every month from the date of each disbursement upto the date of commencement of EMI. The details on security, disbursement, repayment terms and commencement of repayment are given under respective types of LOC.
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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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