Mortgage loan scheme from PNB

Punjab National Bank has introduced a new scheme that will provide finance against mortgage of immovable property to individuals and businessmen.

A non-encumbered residential house, flat or commercial property situated in an urban centre can be used for the purpose. Individual borrowers should have a minimum net annual income of Rs. 1.20 lakhs, and can raise loans up to twenty times their net monthly income.

The maximum amount of loan that can be availed will be Rs. 10 lakhs and the minimum loan amount will be Rs. 2 lakhs. The rate of interest will be 16 per cent and the loan can be repaid in 60 equal instalments.

According to the bank, the income of the spouse would also be considered for determining the loan.