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:
- Purchase of residential accommodation like flats, bungalows, row houses, etc.
- Construction of flat / house, bungalows, etc.
- 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.