PNB Housing Loan is named among the quickest and the most convenient home loan in India. The home loan offers the money you require for owning your dream home at the hour of need and also comes with easy repayment facilities so that you can repay the loan without putting much pressure on your pocket.
PNB Housing Loan can be taken for construction or purchase of house or flats. For the purchase of house and flat from the original attorney on first power of attorney basis you can also opt for the loan. PNB Housing Loan can also be taken for repair, renovation, addition and alteration to the house or flat you already have.
PNB Home Loan offers up to 80% of the cost of construction or purchase of the house you want to build or buy. It also offers the same percentage of estimated cost for th repair, renovation, addition or alteration of th house. However in this case the maximum limit is up to 20lacs. If you intend to purchase a plot of land with PNB Housing Loan the maximum limit of loan is up to 10 lacs and for the home furnishing up to 2 Lacs is offered.
For availing the loan PNB Housing Loan facilities you have to mortgage your equity in a property. In case where mortgage is not possible immediately a tripartite agreement with the housing board, borrower and the bank has to be made. In case of first power of attorney you have to mortgage an additional security amounting to 125% of the loan amount . Third party guarantee is also acceptable for PNB Housing Loan.
PNB Housing Loan can be repaid in equated monthly installment basis within 25 years or before the borrower turn 65. the loan amount will be paid to th vendor in case of the purchase of house of flat. But i case of construction of house or flat the loan amount will be disbursed in stages according to the demand of the selling agency.