1

Name of the product

PSB Apna Ghar – गौरव

2

Eligibility

Defence Personnel serving in Indian Army, Indian Navy, Indian Air Force, Paramilitary Forces, BSF, ITBP, NSG, Sashastra Seema Bal including Pensioners.

3

Age limit

(i) For Defence Personnel including Pensioners not having Salary and Pension accounts with our Bank:

5. Entry age

• Minimum : 21 years
• Maximum: 60 years

5. Loan must be fully adjusted up to the age of 70 years.

(ii)For Defence Personnel including Pensioners having their Gaurav Bachat Salary Accounts and Pension Accounts with Punjab & Sind Bank:

5. Entry age

• Minimum : 21 years
• Maximum: 70 years

Loan must be fully adjusted on or before the age of 78 years.

4

Quantum of Finance

5. Minimum: Rs. 10 Lakh
5. Maximum: Need based finance

The sanctioning authority to consider obtaining ITR/ Form 16 for last one year only. However, the repayment capacity to be derived from the latest salary slip.

Take-home Salary/Income:

*For income (annual) upto Rs. 5 lakhs, the minimum take home  Income (annual) of Rs. 2 Lakhs shall be considered and remaining amount of income can be used to assess repaying capacity of the Borrower.

Income of co-borrower (only spouse/major children) can be considered to arrive repaying capacity irrespective of their profession.

5

Rate of Interest

As circulated by HO RMD Department on time to time.

1. APNA GHAR GAURAV

2. For Salary account holder of Serving (including cadets from Pre Commissioned Training Academy) Defense Personnel and Pension account holders (upto age -70 years):

6

Period of Loan

1. Maximum 30 years or upto the age of 70 years.
2. Maximum 30 years or upto the age of 78 years (For Gaurav Bachat  Salary/Pension Account Holder)

7

Moratorium period

Same as PSB Apna Ghar.

8

Prepayment charges

NIL

9

Processing Charges

Full waiver of processing charges.

10

Inspection Charges

Full waiver of Inspection Charges.

11

Legal & Valuation charges

Charges related to Advocate, Valuer (1^st & 2^nd, if applicable) to be borne by the Bank. These charges should be paid to agencies by debiting “ADVOCATE CHARGES, TECHNICAL PROF EXP-REGD GST/ UNREGD” as per the case.

12

Documentation Charges

Expenses such as Stamp/Revenue  Charges will be borne by the borrower.

13

Guarantee

1. In case of Co-borrower: Guarantee waived.
2. In all other cases: Guarantee of spouse, Major children to be obtained, if available.

Note: Only spouse/major children are eligible to become co-borrower under this scheme irrespective of their profession.

14

Due Diligence Report by External DDA

Waived

16

Locker Rent Concession

Locker Rent Concession: 50% concession on locker rent (for one small locker only) for self/ spouse/ jointly with spouse or major children, for first three years only.

17

EMI waive off

Under this scheme, the Bank shall waive off ‘Last three EMI’ subject to following conditions:

• Minimum loan size (Disbursed): Rs. 20 lakh
• Minimum loan tenure: 20 years
• Each and every EMIs to be paid on or before the due date.
• Restructured accounts are not eligible for waiver of EMIs.
• Lower of ‘Initial EMI (as per sanction letter) or effective EMI at the end of tenure’ shall be considered for waiver.  
• Waiver of EMIs shall not be allowed in case of prepayment of loan by the borrower or takeover of the loan by other Banks/FIs.

18

Others

• Credit Protect Insurance will be mandatory for Gaurav Bachat Salary/Pension Account Holders maintained with our Bank.
• Salary/Pension Account holders have to take No Objection Certificate from Punjab & Sind Bank before changing their Salary/Pension Accounts into another Bank.
• All other norms as applicable to PSB Apna Ghar will continue to be applicable for loans under this scheme.