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| 1. Construction Finance or Project Finance |
| Object | : | Construction Finance or Project Finance is a unique offering under which Banks directly finances real estate developers for projects they are developing. This product comes with customized offerings built around real estate developer’s project acquisition and construction cost basis a detailed evaluation of the project by PNB Housing. Our focus in Construction Finance is primarily on financing residential projects which give fillip to retail mortgage business. | ||
| Loan term | : | Minimum-6 Months Maximum-5 years | ||
| Security & Title | : | Mortgage of the land over which the building is proposed along with super structure. Personal Guarantee of the Partners / Promoters Corporate Guarantee (if required) | ||
| Disbursement of loan | : | Installments depending on the progress of work in the project, its funding requirements and availability of sufficient security cover. | ||
| Repayment of loan | : | Through Escrow Account. | ||
| 2. Term Loan | ||||
| Object | : | To Builders/Developers for business purpose. |
| Loan term | : | Minimum – 6 Months Maximum – 3 years |
| Security & Title | : | Mortgage of the Security of adequate Value acceptable to Banks as may be deemed necessary. The Receivables from various ongoing Projects to be assigned in favour of Banks. Personal Guarantee of the Promoters of the Company. Any other security as may be considered necessary by Banks |
| Disbursement of loan | : | In single tranche or in Installments based on the requirement of the Applicant Company as agreed mutually. |
| Repayment of loan | : | Through Escrow Account. |
| Profession | Salaried persons working in government, private or MNC companies and self employed professionals like Doctors, CA, CS, Architects |
| Eligible Age | 21 years to 60 years |
| Minimum Income for Loan Eligibility | Rs. 25,000 per month for salaried; Rs. 5 Lakh gross annual receipts for professionals |
| Work Experience Required | 3 years and above |
| Experience in Current Company | Varies from 1 month to 1 year |
| Minimum CIBIL Score | 650 |
| Maximum EMI as percent of Income | 65% |
- Identity proof: Aadhar Card, Valid Passport, Valid Voter ID Card or a Valid Driving License
- Address proof: Ration card/passport/telephone/rental agreement/electricity bill
- 6 months bank passbook or last 3 months bank statement
- Recent salary slip or current salary certificate.
- Latest Form 16
- PAN Card: For Company /Firm/ individual
- Identity proof: Passport/ Aadhaar Card/Voter’s ID card/Driving License/Pan Card
- Address proof: Aadhaar Card/Passport/Driving License/ Voter ID-Card
- Latest 6 months Bank Statement
- Latest ITR along with computation of income, recent Balance sheet along with Profit & Loss a/c (CA Certified /Audited) for the last 2 years
- Proof of continuation
- Apart from these documents, other compulsory documents are – Sole Proprietorship Declaration Or Certified Copy of Partnership Deed, Certified original copy of Memorandum and Articles of Association (certified by Director) and Board resolution (Original)