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Punjab and Sind Bank

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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