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These days, numerous banks and home financing companies are competing with each other in providing home loans. Rates have dropped down to as low as 12 - 15 %, depending on the amount and period of the loan. Lower and monthly installments are the newest additions to grab customer's attention in the field of home loans. Punjab National Bank (PNB) has started various attractive schemes to attract customers. Home loan procedure has been modified to be beneficial, fast and customer wise efficient by Punjab National Bank.
The goals of home loans are to make house purchases, renovations, repairs and alterations easy and available to customers. Punjab National Bank offers up to 80 % of the costs loan. Loan up to 10 lacs is offered for housing requirements, while furnishing limit is 2 lacs. A third party guarantee is mandatory for official purposes. Purchases on the first power of attorney an additional security of up to 125 % of the amount by the way of mortgages or other property must be provided. Purchases from housing boards where mortgages can not be immediately provided, an agreement that includes the housing board is signed and agreed upon.
The fixed rates are as low as 9.25% for up to a period of 5 years, 10.25 for periods between 5 and 10 years. The floating options for a period of 5 years are as low as 7.25%. These rates are quite low as compared to the various competitors of Punjab National Bank such as ICICI bank, State Bank of India, Central Bank, Citibank and Bank of India. The loans can be repaid in equal monthly installments. And the period of the loans can extend up to 25 years, or before the client turns 65, a policy followed by most financial institutions. For immediate purchases purposes, the loan is paid in the form of a lump sum to the borrower. In case of construction purposes, loans are issued or granted as per the requirement in the construction process. All rules and regulations are checked by the sanctioning authority to avoid any frauds. | |
