Financial Daily
from THE HINDU group of publications
Tuesday, August 29, 2000
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Financial Daily from THE HINDU group of publications Tuesday, August 29, 2000 |
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PNB scheme for finance against immovable property
Our Bureau
NEW DELHI, Aug. 28
PUNJAB National Bank (PNB) has introduced a scheme for providing finance against mortgage of immovable property. The scheme is designed to offer a quick solution to the financing needs of a business or to finance an individual's personal needs.
Under the scheme, finance will be available to a business enterprise or individual against a non-encumbered residential house, flat or commercial property situated in urban centres.
Borrowers having a minimum net annual income of Rs. 1,20,000 can raise loans up to 20 times their net monthly income or Rs. 10 lakhs, whichever is lower. The minimum loan amount under the scheme is Rs. 2 lakhs.
The loan would be at a rate of 16 per cent per annum, and can be repaid in 60 equal instalments.
PNB has said the income of the spouse would be considered for determining the loan amount.
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