NEWS & ADVICE : HOME LOANS
PNB ties-up with state authorities to provide housing loans
By Joseph Samson
Jul 17, 2009
Print    Email    RSS   

Punjab National Bank has entered into an understanding with state housing department authority to extend housing loans to economically challenged sections of the society.

Under the agreed terms, the bank will provide loans to lower income group and economically weaker sections.

The bank has already signed MOU with some of the state development authorities, which include Gorakhpur, Varanasi, Lucknow, Meerut, Moradabad, Hapur and Allahabad.

In a statement bank said, "The main points which were covered in the MoU were execution of tripartite agreement with the allotee, creation of customer help desks by PNB at allotment office of LDA, expeditious and prompt sanctioning of loans to allottee and sharing of allottee database between two organisations."

The benchmark lending rate of PNB is currently pegged at 11 percent which is lowest in the industry.

Earlier, in a similar move Central Bank of India approved disbursal of home loans proposal by Ahmedabad Municipal Corporation for development of low-cost housing units for urban poor. Under the scheme, named as ‘Interest Subsidy Scheme for Housing the Urban Poor (ISSHUP)', a total loan amount of Rs 120 crore was sanctioned.

The Union budget 2009-10 has proposed an allocation of Rs. 2,000 crore to National Housing Bank to enable housing finance companies (HFCs) to get low-cost funds. This is expected to boost low cost housing in India.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
What should you do if interest rates are...
A chronicle of excesses by loan recovery...
Bankers concerned on RBI loan recovery...
Carnival of Indian Personal Finance Blogs#10
Banking Ombudsman: to the aid of the customer


PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

NEWS THIS WEEK
Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive