PSB Mortgage Loan

Bank	Punjab and Sind Bank
Scheme	PSB Mortgage Loan
Description	This is an all purpose credit facility i.e. to meet legitimate need based expenses viz- marriage /medical /educational expenses / repairs / renovation / extension to the residence / commercial property/ purchase of consumer durables or any unforeseen expenses, and also for investment in business, to meet credit needs of trade, commercial activities, other bona fide requirements of business/ profession
Eligibility	Business Concerns (MSME) & Salaried Individuals who are income tax assesses; Partnership firms, Proprietary firms, Companies (Pvt./Public Ltd.), HUFs, Trusts, Societies, NRIs (subject to compliance of guidelines of Bank & RBI) Age limit: Min 18 yrs, Max 65 yrs and owning residential/ commercial property. Credit facility against agricultural property is strictly not permitted. Credit facility shall not be permitted against security of immovable property wherein Educational/ Religious Institutions are located. Vacant land may preferably be not taken as security under the scheme. In case of Firms/Companies & Trusts, credit facility may be considered against the property owned by Partner/Director/Trustee
Rate of Interest & Repayment	Repayment: For Term Loan: Maximum 10 years For Overdraft Facility: Repayable on demand. The limit once sanctioned will hold good for 3 years. The overdraft facility is not allowed for salaried class borrowers.
Collateral
Composite /loan Limit	Minimum: Rs 5 lacs Maximum Rs.500 lacs, (With deviations maximum finance can be upto Rs 1000 lacs)
Margin
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PSB Mortgage Loan

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