Punjab and Maharashtra Co-operative bank offers various types of loans. One of the loans that it offers is the Punjab and Maharashtra Co-operative Bank Mortgage Loan.
The PMC bank has commenced its operations on 13th February, 1984 with an aim to provide banking services that gives the customer utmost ease and convenience.
Within 16 years, it has achieved scheduled status and the back claims to be the youngest co-operative bank to achieve that status.
The PMC bank offers the mortgage loan for the following purposes:
Sometimes, the borrowers need finance instantaneously and banks take time to process the loan and disburse the loan after documentation.
In order to overcome this difficulty, the PMC Bank lends money against the immovable property in the form of Mortgage Loan.
The period of time for which the loan can be availed is as mentioned below:
If the person availing the loan is on a job or i.e. is a salaried person or is a proprietor, then the person avail the loan for a loan period of 10 years. And for the rest, the loan can be availed for a maximum period of seven years.
The interest rate that is levied on the PMC bank is -
If you are opting for a mortgage loan then the interest rate is 14.50* per cent per annum. And, if you are option for an overdraft then the interest rate levied is 15.50* per cent per annum (*Condition Apply).
The margin offered on the home loan is as follows:
The margin is 50 per cent of the value assessed by Bank's approved Architect/Valuer, which mean, an architect or a valuer from the bank will be sent to verify the property against which you are asking for a loan and the loan amount that will be offered to you will be half of the value that s/he assesses of your property.
Mortgage of immovable property
One solvent third party guarantee for loan amount above Rs. 3.00 lakh