For purchase/ construction/ repair/ renovation/ upgradation of house situated in rural and semi urban areas only.
Housing Loan under the scheme would be extended only through Rural & Semi Urban Branches of the Bank.
Age
Borrower in age group between 21 and 60 years.
Quantum of Finance
Maximum Loan upto Rs. 20 Lac, subject to following sub-ceilings:-
a) Loan for purchase of plot not to exceed 20% of the loan sanctioned.
b) Loan for repair / renovation of house, not to exceed Rs.2 lacs.
Loan Eligibility based on the Income of the Borrower
The net income or surplus after payment of loan installments and all other deductions/liabilities should not be less than 40% of the gross income.
Income of spouse, son(s) and daughter(s)-in-law of the borrower may also be considered to arrive at the maximum permissible amount of loan.
Income to be arrived based on Income Tax Return/ Income Certificate issued by the Tahasildar/ Mandal Revenue Officer/ District Revenue Authorities/ Patwari or any competent authority taking into account extent of land holdings owned by the party, type of crops cultivated, average market price of the crop, cost of cultivation of the crop etc.
Security
By way of Registered/ Equitable Mortgage of property for which housing loan is sought, as per legal opinion.
However, where the mortgage of property for which housing loan is sought is not possible, any of the following alternate securities may be considered:
Mortgageable property (other than agriculture and non alienated property) having realizable value not less than 150% of the loan amount. The title of such property must be clear, marketable and free from encumbrance.
LIC Policy having surrender value not less than 150% of the loan amount.
KVP, NSC having face value not less than 150% of the loan amount.
Margin
Following minimum margin to be stipulated:
a) For Purchase of Plot - 40% of cost
b) For construction of House - 20% of cost of construction
c) For repair/renovation/upgradation - 20% of cost of repair etc.
d) For Purchase of House - 25% of the cost
Rate of Interest
1 year MCLR i.e. 8.40% at present
Processing Charges
Processing charges are Nil upto 10.11.2021
Guarantee
In case of Co-borrower: Obtaining of Guarantee may be waived.
In all other cases: Guarantee of spouse, Major son(s) or third party may be obtained, if available
Repayment
Maximum repayment period is 20 years, subject to the condition that the entire loan amount including interest should be recovered before the borrower attains the age of 70 years.
The repayment should commence not later than 6 months from the date of release of last disbursement ‘or’ 24 months from the date of first disbursement ‘or’ first harvest of the crops after the date of completion of house, whichever is earlier. The interest during the gestation period to be paid as and when it falls due.
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A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
General Manager-IT,
Punjab & Sind Bank
Internet Banking
Dear customers,
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
