It was in the year 1908, when a humble idea to uplift the poorest of poor of the land culminated in the birth of Punjab & Sind Bank with the far-sighted vision of luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh. They enjoyed the highest respect with the people of Punjab.

Bank's Housing Loan Scheme facilitates for purchase of Plot and for Construction/ Acquisition/ Purchase/ Extension/ Repair / Renovation.

Eligibility

Individuals, Group of individuals and individual members of Co-operative housing societies are eligible under the scheme. Maximum age limit of the borrower to be as under-

1. For salaried class 60 years
2. For salaried class (Pensionable) 65 years
3. For salaried class, pensionable and major son (earning member) stands as co-borrower 15 years repayment irrespective of date of retirement.
4. For other than salaried class 65 years

In case of salaried class pensionable and major son (earning member) stands as co-borrower the income of the co-borrower can be clubbed / considered for computing the eligibility of repayment.

Quantum of Finance Upto Rs.. 150 lac.

Margin :

• For construction of house or purchase of house / flat - 25% of the value of property including registration charges / stamp duties.
• For carrying out repairs/ renovation / additions / alterations to existing house / flat- 25% of estimated cost.
• For purchase of plot margin shall be 50% of the cost of land / plot.

Rate of interest

Float Interest Rate	:	9.25 %
Float Loan Eligibility	:	19 to 27
Tenure	:	20
Prepayment Charges	:	NIL

Processing fee

0.50% of the sanctioned amount .Maxm.Rs.10,000/- Processing fee is exempted for Central/ State Govt./ P.S.U. employees.

Security

1. The security for the loan shall be first charge by way of equitable / registered mortgage of the property. The title of the property must be clear , marketable and free from encumbrance.
2. If an intending borrower who has purchased / has entered into an agreement to buy housing property on power of attorney basis offers sufficient collateral in the shape of equitable mortgage of any other property and / or Govt. Security ( ies ), the same may be considered and the property / security obtained at the time of sanction may be released after obtaining the equitable mortgage of Housing property financed which shall remain the primary security for the loan. During the intervening period the property financed by the bank shall remain charged to the bank.

Repayment :

The loan be allowed only in the shape of term loans for a maximum tenors of 20 years with the following criteria:

1. For salaried class Loan to be adjusted upto the age of 60 years Loan to be adjusted upto the age of 60 years
2. For salaried class (pensionable) Loan to be adjusted upto the age of 65 years Loan to be adjusted upto the age of 65 years
3. For salaried class, pensionable and major son (earning member) stands as co-borrower 15 years repayment irrespective of date of retirement 15 years repayment irrespective of date of retirement
4. For other than salaried class Loan to be adjusted upto the age of 65 years Loan to be adjusted upto the age of 65 years

Prepayment :

Prepayment charges will be @ 1.0 % of the balance outstanding on the date of adjustment if the account is adjusted through takeover of loan by another bank.. No pre-payment charge be levied, if the borrower adjust the account in full and final before scheduled time from his own verifiable legitimate sources i.e. on receipt of retirement benefits, maturity proceeds of NSC, LIC .etc.

Guarantee :

1. In case of PSU / Govt. employees where EMI is paid through salary deduction guarantee of spouse. In case the guarantee of spouse is not available then suitable third party guarantee required
2. In all other cases, as far as possible, one more guarantee of substantial means in addition to the guarantee of spouse / suitable guarantee.