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With the prices of property soaring high and the rising need for owning a house
at a young age, the home loan facility extended by various financial
institutions has enabled many to acquire their house which otherwise would have
taken them years to accomplish.
However, unforeseen circumstances strike without warning, like event of death of
the applicant, which can result in default in payment of loan. Further, if
there is no other earning member in the family, the security may be taken in
possession by the loaning institution due to non-payment of installments,
making the life of survivors miserable.
Hence, a policy that can provide cover against home loan on event of death of
borrower becomes a necessity.
Getting a loan cover policy in individual capacity is often a costly affair and
can burn holes in the pocket of the borrower, who is already incurring the
expenses towards monthly installments of the housing loan.
In such circumstances, a group insurance loan cover against death of borrower
offered by the loaning institution is not only welcome but also a major relief
from the tension of unforeseen future circumstances. Further, the cost of
taking such cover is also reduced considerably. In practice, very few housing
finance companies are offering this service to its customers.
As a measure to relieve its borrowers from the tension of unforeseen, PNB
Housing Finance Ltd. has come up with ‘HOME LOAN LIFE INSURANCE PLAN’ in
association with TATA AIG Life Insurance Company Ltd. at the lowest premium as
compared to other players in the market. It is an optional insurance cover for
the borrowers on decreasing life cover to the extent of loan outstanding on
single premium method.
The premium can be paid either as one-time payment or can be clubbed with home
loan and financed.
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Premium Chart for Loan amount of
Rs.5 lacs and for 15 years tenure |
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* The premium charged for a policy of Rs. 5 lacs and for 15 years term by
another major player of industry for life insurance is as under:
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Thus, the ‘HOME LOAN LIFE INSURANCE
PLAN’ is a value added product of PNB Housing Finance Ltd. with the additional
advantage of most affordable price. |
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| Floating Rate Loans |
The rate of interest for the loans under Floating Scheme vary
based on the movements of rates in the market and our lending rate/ PNBHFR
(Benchmark rate of PNBHFL) and the variations if any during year will be
communicated to the borrowers from time to time. The borrowers are informed in
case of change in PNBHFR. The latest PNBHFR is also displayed on the site.
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| Fixed Rate Loans |
The rate of interest for the loans under Fixed Rate Scheme is
initially fixed for three years. Thereafter, the rates would be as applicable
at the end of three years period. A borrower has the option to convert it into
floating rate as applicable at the end of three years period without any
charges. |
For latest interest rates on housing and
other loan,
Please refer individual loan schemes on our web site. |
| Processing and Administrative Fee payable with loan application
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| Commitment fee: |
1% p.a. of loan amount in case the loan is not availed within
12 months from the date of sanction or 3 months from the scheduled date of
disbursement whichever is earlier.
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| • Late payment charges/ overdue interest/ penal interest: |
2% p.m. on the delayed EMIs/ PEMIs for the delayed period |
| • For loans sanctioned for construction on plot which is to
within 18 months or as stipulated by allotting agency/developer |
Rate of Interest will be 2% higher than that of housing loan. |
| Stamp duty on creation of mortgage – As per the relevant State
Stamp Act |
As informed by the Branch In Charge. |
| Charges for dishonour of post dated cheques given towards EMIs
/ overdue/ pre-closure/ incidental charges |
Rs.250/- plus service tax for each such dishonour cheque. |
| Pre-payment charges for housing loans |
No charges for part pre-payment if it is upto 20% of the loan
outstanding. Thereafter, 2% on amount pre-paid. |
| Pre-closure charges for Loans
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Minimum 2% on the outstanding balance/or as prescribed by
company.
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| Charges for sending Statement of Account. |
Rs.100 annual charges. |
| Conversion fee/charges:
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| • For conversion of loan from Fixed to Floating
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2.00% of the outstanding amount as on the date of conversion |
| • For conversion of loan from Floating to Fixed |
2.00% of the outstanding amount as on the date of conversion.
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| • Conversion of loans from Fixed Scheme to Floating Scheme or
Floating Scheme to Fixed Scheme are permitted at the sole discretion of PNBHFL
on fulfillment of certain conditions.
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| • The charges stated above are subject to revision by the
Company from time to time. |
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* The customer has to bear the service
tax, surcharge, educational cess and other statutory expenses as per the
relevant Acts applicable from time to time. |
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All personal information of customers
shall be treated as private and confidential [even when the customers are no
longer customers], other than in the following exceptional cases: |
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a. If the information is to be given by
law |
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b. If there is a duty towards the public
to reveal the information |
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c. If our interests require us to give
the information (for example, to prevent fraud)
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d. If the customer permits or consents
for revealing the information.
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e. If the information is being given to
Credit reference agencies |
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f. The information will be revealed to
the credit reference agencies without the consent of the borrower if the
customer has defaulted in repayment of installments.
The copy of the information so revealed may be obtained on demand and payment
of necessary fee. |
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If the customer has any grievances, he
can make a complaint in writing addressed to the concerned Branch Manager,
quoting the account number, gist of the complaint and in case the grievance is
not resolved within 15 days, a copy of the complaint with acknowledgement to be
forwarded to the Grievance Escalation address given under; |
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Grievance Escalation: For unresolved
grievances please write to the Ex. Vice President (Operations), at the above
address or E-mail: evpnrv@pnbhfl.com |
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The customers shall submit or provide
necessary documents or proofs viz., PAN details, proof of identity, address,
educational qualification, employment etc. as and when called for by CFHL as
per the KYC norms, either at the time of applying for the loan or at any later
stage before closure of the account.
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The title deeds deposited by the borrower/s or
guarantor/s for creation mortgage will be returned to the said persons or their
legal heirs only on closure of the entire loan liabilities of the borrowers
/Guarantors due under the loan/s availed directly or indirectly against the
security of such properties. Borrower shall furnish the no due certificate to
the concerned department for getting the title deeds back. |
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For Life Insurance Premium Click
Here
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For contact details
Click Here
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