Punjab & Maharashtra Co-operative Bank Ltd. – Home loan

By | March 29, 2011

The Punjab & Maharashtra Co-operative Bank Ltd. (PMC bank) started its operations first time on 13th February, 1984. The bank was established with an aim to provide banking services that provides the customer utmost ease and convenience. Within a short span of just 16 years, it has achieved ‘scheduled’ status on 29/01/2000 and is the youngest co-operative bank to achieve the status.

Purpose: This home loan finances the following:

  1. Purchase of residential accommodation like flats, bungalows, row houses, etc.
  2. Construction of flat / house, bungalows, etc.
  3. Addition / alteration to the existing residential accommodation.

Quantum of Loan: Maximum of Rs. 50 lakhs to a beneficiary of the dwelling unit.

Margin: 15% (on agreement Value + Stamp Duty + Registration Fees + Amenities in Flat if agreement for the same is registered)

Rate of Interest:

Loans up to Rs.7 lakhs Loans above Rs.7 lakhs
Floating 9.5% 10% Up to Rs. 25 lakhs
10.5% Above RS. 25 lakhs
Fixed cum floating(A) 8.5% 1st year 9% 1st year
9% 2nd year 10% 2nd year
Floating rate 3rd year 11% 3rd year
Floating rate 4th year onwards Floating rate 4th year onwards
Fixed cum floating(B) 13.5% Up to 5th year 13.5% Up to 5th year
Floating rate 6th year onwards Floating rate 6th year onwards

 

Repayment: Repayment period of the loan may vary from 5 to15 years.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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