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PSB Mortgage

Purpose This is an all purpose credit facility i.e. to meet legitimate need based expenses viz- marriage /medical /educational expenses / repairs / renovation / extension to the residence / commercial property/ purchase of consumer durables or any unforeseen expenses, and also for investment in business, to meet credit needs of trade, commercial activities, other bona fide requirements of business/ profession
Eligibility
  • Business Concerns (MSME) & Salaried Individuals who are income tax assesses;
  • Partnership firms, Proprietary firms, Companies (Pvt./Public Ltd.), HUFs, Trusts, Societies, NRIs (subject to compliance of guidelines of Bank & RBI)
  • Age limit: Min 18 yrs, Max 65 yrs and owning residential/ commercial property.
  • Credit facility against agricultural property is strictly not permitted. Credit facility shall not be permitted against security of immovable property wherein Educational/ Religious Institutions are located. Vacant land may preferably be not taken as security under the scheme.
  • In case of Firms/Companies & Trusts, credit facility may be considered against the property owned by Partner/Director/Trustee
  • The property of following close relatives may be considered subject to becoming of their co-borrower in the facility
Spouse Father Mother Son Son’s Wife
Daughter Daughter’s Husband Brother Brother’s Wife Sister
Sister’s Husband Spouse’s Brother Spouse’s Sister Spouse’s Mother Spouse’s Father
Quantum of Finance Minimum:

For MSME: Above Rs. 10 lakh

Non MSME: Rs.5 lakh


 

Maximum:

Rs.1000 lakh
Quantum of Finance is subject to For salaried persons: Maximum 10 times of average net annual income based on salary slip (last 12 months)/ latest Form No.16 or ITR.

For others: Maximum 10 times of average net annual income based on ITR for last 3 Financial Years.
  • MPBF is subject to maximum of 50% of realizable value of immovable property.
  • Security in the form of NSCs (Margin 25%) /Bank’s Own Deposits (Margin 10%) /LIC Policies (Margin 10%) may be taken to supplement the overall security requirements.
  • The income of the spouse / major sons may be added if he/she is a co-borrower.
  • In case of Firms/ Companies/ Trusts/ HUF, Partners/ Directors/ Trustees/ Co-parceners with regular & independent income may join as co-borrower to supplement repayment capacity.
  • Cash accruals/ Depreciation may also be added to income, in case of borrowers other than salaried class.
Rate of Interest Click here
Processing Charges:  Click here
 

 
Repayment For Term Loan: Maximum 15 years
For Overdraft Facility: Repayable on demand. The limit once sanctioned will hold good for 3 years.
The overdraft facility is not allowed for salaried class borrowers.
Guarantee Not Mandatory
Concession in ROI for MSMEs Only
  • Concession of 0.25% in RoI for cases, where external credit rating is 1 to 4 by SMERA, ICRA, ONICRA or CRISIL
  • Concession of 0.25% in RoI if account is classified under Priority Sector Advances. 

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