PNB Max Saver: Want housing loan with maximum savings? Know about the eligibility, extent of loan, margin, and other details of the scheme

Realty sector is one of the most affected sectors due to the outbreak of the coronavirus pandemic. If you are planning to buy a house and facing financial crunch, then you can try for availing housing loan provided by Punjab National Bank (PNB).

"Make maximum savings with PNB Max Saver plan," the lender tweeted on its official twitter account.

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As per the information provided by the bank, this variant provides the borrowers advantage of substantial savings on the interest component on account of facility to deposit their surplus funds in the overdraft account; and withdraw the same (up to the drawing power) at their choice as per their needs.

Here is all you need to know about PNB Max Saver:

पीएनबी मैक्स सेवर योजना के साथ करें अधिकतम बचत। अधिक जानकारी के लिए क्लिक करें: https://t.co/krVeBInCO1 #PNBMaxSaver #HomeLoan #Savings pic.twitter.com/nSllAxSkFv

— Punjab National Bank (@pnbindia) July 31, 2021

Eligibility:

1. Prospective borrower - As per the existing housing loan scheme.

2. Existing borrower - Where complete disbursement has been made.

The existing Housing Loan borrower desirous of availing loan under the variant be allowed the benefit provided their Housing Loan account is running regular, no outstanding inspection irregularity, complete disbursement has been made and repayment has started in the account.

You can note that borrowers which are falling under Commercial Real Estate (CRE) will not be eligible under the said scheme.

Purpose:

For all purposes as per details described under Housing Finance scheme except for purchase of land/ plot only.

Nature Of Facility:

Overdraft with monthly reducing Drawing Power.

Extent Of Loan:

Minimum – Rs 10.00 lakh

Maximum – Need based as per “Housing Finance Scheme for Public”.

As per the information provided by the lender, in respect of existing housing loan borrowers, present outstanding of the loan amount will be taken into consideration for conversion of loan under this variant.

Margin:

As per Housing Finance scheme for public.

Repayment:

As per the existing housing finance scheme to public. Drawing Power on the overdraft will be reduced on monthly basis to the extent of the principal component of the EMI so that the overdraft is liquidated at the end of the loan tenure. Interest will be recovered as and when levied.

One can visit the official website of the bank or can click on the link- https://www.pnbindia.in/interst-rate-on-advances-linked-to-mclr.html#hou... to know about the interest rate and other details.