Purpose

For Purchase of built-up house/Flat /Construction/ Purchase of Plot and construction/ Extension/ Repair / Renovation.

Eligibility

5. Permanent employees of Central/ State Governments / Public Sector Undertakings (PSU).
5. Permanent employees of reputed Education Institutes as approved by the Bank

Age limit

5. Minimum : 21 years
5. Maximum: Subject to adjustment of loan before the age of

1. i. Employee without pension  – 60 years
2. ii. Employee with pension or NPS* – 70 years

Quantum of Finance

5. Minimum: Rs. 05 Lakh
5. Maximum: Need based finance

Margin

1. i. For Purchase of Plot only, offered / allotted by Govt. authorities and/ or Builders who are Bank’s borrowers:

1. a) 25% of Fair Market Value of plot for loan amount upto Rs.100 lakh
2. b) 40% of Fair Market Value of plot for loan amount above Rs.100 lakh

2. ii. For construction (plot already owned):

•                 • 10%of the value of construction, proportionate for loans up to Rs. 20 lakh
•                 • 20% of the value of construction, proportionate for loans above Rs. 20 lakh

3. iii. For purchase of plot and construction (project):

1.    a. For purchase of plot: 30% of Fair Market Value of land / plot.
2.    b. For construction

•                  • 10%of the value of construction, proportionate for loans up to Rs. 20 lakh
•                  • 20% of the value of construction, proportionate for loans above Rs. 20 lakh

 (Loan amt. for ascertaining margin would be sanctioned limit for the project i.e. for plot + for construction)

4. iv. For Purchase of Built up dwelling unit/Flat:

•                     • 10% of the total value of property for loans up to Rs. 20 lakh
•                      • 20% of the total value of property for loans above Rs. 20 lakh

5. v. For Extension / Renovation /Repair: 10% of the total estimated cost.

Rate of Interest

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Additional concessions in applicable ROI:

1. i. Borrower whose salary account with our Bank:- 0.20%
2. ii. Special concession for women - 0.10%.

Note: Subject to maximum concession of 0.20%.

Period of Loan

Maximum 30 years subject to maximum age.

Prepayment charges

NIL

Processing Charges

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Concession in applicable processing charges as under:

1. i. Where salary account is maintained with our Bank – 50% concession
2. ii. For others: 25% concession

(No Processing Charges during PSB Utsav Mala campaign, valid till 31.03.2021.)

Inspection Charges

Full waiver of Inspection Charges for the first year.

Security

Mortgage of the property financed.

Locker Rent Concession

50% concession on locker rent (small locker only) for self and spouse for first three years, who avail loan under this scheme.