The Punjab and Sind Bank Housing Loan Scheme is granted for the purpose of house construction or purchase of a new house or flat or even for the purpose of repair, renovation or extension of an already existing house.

Eligibility:
• Individuals or a group of individuals or individuals belonging to housing societies are eligible to apply.
• The minimum age for applying for is 18 years, while the maximum age depends on the repayment period chosen.

Interest Rate:
P&S Bank charges the following interest rates based on loan amount slabs:
Loans Up to Rs.75 lakh – 1 year MCLR = 9.65%
Loans above Rs.75 lakh – 1 year MCLR + 0.25% = 9.90%
Where MCLR is 9.65%

Quantum of Loan:
There is no limit on the loan amount for the purpose of buying a house/ flat or plot or construction of house. But, it provides a maximum loan amount of Rs.20 lakh for repair, addition, modification or renovation of an already existing house or flat.

Loan Tenure:
For purposes such as repair, renovation or extension of house and for buying a plot, P&S Bank provides home loans with tenure of 15 years.

While for purchase of an already existing house or construction, it offers a maximum loan term of 40 years, provided the age and loan tenure do not cross the below criteria:
• Salaried (Without pension) – Loan repayment to be made by 60 years.
• Salaried (With pension) – Loan repayment to be made by 70 years.
• Other than salaried – Loan repayment to be made by 70 years.

Processing Fees:
It charges a one-time processing fee based on the loan amount being availed, as following:
• Up to Rs.25 lakh – 0.15% of loan amount (Maximum = Rs.1000 & Maximum – Rs.3000)
• Rs.25 lakh to Rs.50 lakh – 0.25% of loan amount (Maximum = Rs.10,000)
• Rs.50 lakh to Rs.75 lakh – 0.25% of loan amount (Maximum = Rs.15,000)
• Above Rs.75 lakh – 0.25%