PGB Housing Finance Scheme

 

 

Purpose

For   construction of house or purchase of house/ flat
For purchase of land/ plot for house building
For carrying out repairs/ renovation/ additions/ alterations to the house/ flat

   

Eligibility

a) Individuals                        b) Joint  owners

   

Extent of Loan

Need based loan without any upper ceiling

For repairs/ renovation/additions/ alterations - maximum Rs. 20 lacs

For purchase of land/ plot for house building - maximum Rs. 20 lacs (Rs. 100 lacs for land/ plot at Distt. Headquarters)

   

Margin

For construction of house or purchase of house/ flat or For carrying out repairs/ renovation/ additions/ alterations to existing house/ flat:
             i) upto Rs. 25 lac: 20%
             ii) above Rs. 25 lac: 25%

For purchase of land/ plot for house building: 40%

   

Repayment

Maximum 30 years (10 years in case of repair/ renovation/ addition/ alteration)

   

Security

a) Equitable/registered mortgage of the property.


b) Where mortgage can not be created immediately in situations like house/ flat is being purchased/ allotted by the Housing Board, Development Authorities or Co-operative Society, and title/ conveyance deed are executed in favour of purchaser only after completion of construction & possession/ making full payment of the cost of house/flat, a stamped Tripartite Agreement be executed amongst Housing Board/Development Authority/Co-operative Society, the intending borrower and the Bank before release of the loan. To secure such loan, GUARANTEE of person(s) acceptable to the Bank.


c) In respect of purchase of house/flat on first power of attorney basis, equitable/ registered mortgage of some other property/pledge of Govt. Security, NSCs, KVPs, IVPs/PSU bonds (where interest is being serviced regularly)/banks’ FDR/LIC policies (surrender value), etc., equal to 125%* of the loan amount.

d) In situations where:

i) The mortgage by deposit of  Title Deeds  is not possible, the property being an  Ancestral Property (without Title Deeds) or Lal Dora Land,

OR


ii)  There is delay in execution/ unwillingness to execute a stamped Tripartite Agreement by Housing Board/ Development Authority/ Cooperative Society, the Bank may accept, at its discretion, equitable / registered mortgage of some other property / pledge of Government security, NSCs, KVPs, IVPs / PSU Bonds( where interest is being serviced regularly) / bank's FDR / LIC Policies (surrender value) etc. The value of such security should be equal to 125% of the loan amount..

e) Post dated Cheques – 24

 

 

 

 

For more detail, please contact to our nearest branch.