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PMC Bank has always been caring for all those
little things that means so much to you. We have always viewed
each of our customer from a unique perspective no matter how
different your needs are, we constantly endeavour to provide
a product or service to match them. HOME LOAN SCHEME - a future
where you've got a home that you wish to call your own.
IDEAL HOME LOAN
- Easy and long repayment period of 5 to 15
years i.e. 60 to 180 equated monthly instalments respectively.
- Fast processing
- Processing fees 0.50% of loan amount
- Ideal Interest Structure
- No penalty on early re-payment of loan if
a/c closed from own sources.
ASPECTS OF THE SCHEME
PURPOSE
We offer you Home Loan for Purchase of housing
accommodation like flats, row houses, bungalows, etc., on
ownership basis. Loans will be given for buying or constructing
a new flat/house. We also finance for purchase of an already
constructed flat/house, second flat/house*.
*Conditions apply
ABILITY
Home Loan can be availed by Individuals/Self-Employed
Businessman/Professlonals having a regular & steady income
and inclination to repay. Loan amount depends on your repayment
capacity as determined by the Bank.
LOAN AMOUNT
The maximum amount that PMCB can lend to an
individual/Self-Employed Businessman/Professionals is Rs.
25 Lacs.
Repayment Period
Maximum 15 years
The Equated Monthly Instalment
(EMI) would be based on the Quantum of loan, Rate of Interest
and the Repayment period. The amount of EMI applicable to
respective loan term is illustrated below.
DISBURSEMENT OF LOAN
Direct disbursement to seller/builder
of house/flat where building is in ready possession. For construction
of house/flat, disbursement in phases linked to progress of
the project.
NRI :-
Should be having Non-residential
Status.
Persons should be holding valid
Indian Passport.
HOME LOANS
| Subject |
Policy
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| Title clearance & valuation |
- Upto Rs.5.00 lacs - No title clearance and valuation charges if loan is availed in the following cases :
a. From Reputed builder Salaried person with direct deduction
b. Salaried person with direct deduction
c. From Registered housing society
- Above Rs.5.00 lacs - Title clearance and valuation charges applicable.
- Direct allotment by CIDCO and MHADA title and valuation will not be applicable irrespective of loan amount.
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| Guarantor |
- Salaried with direct deduction
a. Upto Rs.5.00 lacs – No guarantors required
b. Above Rs.5.00 lacs to Rs.10.00 lacs – One guarantor required
c. Above Rs.10.00 lacs to Rs.25.00 lacs – Two guarantors required
- Others
a. Upto Rs.5.00 lacs - One guarantor required
b. Above Rs.5.00 lacs - Two guarantors required
- In case of Home Loan where 30% margin is maintained - No guarantors are required.
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| Margin |
- For Salaried with Direct deduction - a. For New flat - 10 % margin on Agreement value + Stamp duty +Registration Fees + Insurance of flat + Ammenities in Flat if registered- Valuation of amenities will be done in case of need.]
- b. For Resale - 10% margin on Agreement Value or Market value whichever is lower+ Stamp Duty +
Registration Fees + Insurance of Flat
- Others - 10% of agreement or market value whichever is lower.
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| Rate of Interest |
- For Salaried with Direct deduction – 10.50% Floating Rate
- Others - 11.00% Floating Rate
- For ALL Categories - 12.50 % p.a. Fixed rate for 5 years and after 5 years automatically converted to Floating rate applicable at that time.
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| Service Charges |
There will be Upfront Processing charges which will be 0.50% of loan applied subject to maximum of Rs.5,000/- Note :
- The entire processing charges will be refunded in case:
- Processing charges will not be refunded if loan is sanctioned but not availed. (Applicable only for Housing Loan)
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In case of Businessmen, professionals, selfemployed, if margin maintained on Home loan availed is more than 30% of the Agreement value, then 0.50% concession will be applicable only in floating rate i.e. from 11.00% (floating rate), the concessional rate of interest will be 10.50% (Floating).
MORTGAGE LOAN / LIMIT
| Rate of Interest |
Upto Rs. 5 lacs – 13 % p.a. for Businessman & Salaried Person
Above Rs. 5 lacs – 14 % p.a. subject to 1 % ‘A’ Credit Rating |
| Title clearance & valuation |
- Upto Rs.5.00 lacs - No title clearance and valuation charges if loan is availed against the property situated in a Registered society
- Direct allotment by CIDCO and MHADA title and valuation will not be obtained for any amount
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* Conditions Apply
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