PSB Bank Housing loan from Download

This document is the 13-page Punjab & Sind Bank (PSB) Housing Loan Application Form (Form HL 501 / HL 502 / HL 503) (housing_Ap… p. 1). It is used to apply for a loan to purchase a house or plot, construct a home, or execute repairs, renovations, and extensions (housing_Ap… p. 1).

• Eligible Activities: Purchase of a house/plot, new construction, or repair/renovation/extension of an existing property (housing_Ap… p. 1).
• Parties Involved: The form captures detailed personal, employment, and financial data for the Applicant, Co-applicant, and a Guarantor (housing_Ap… p. 1).
• Legal Jurisdiction: The bank reserves the absolute right to sue a defaulting borrower either in New Delhi (Head Office) or at the local branch holding the account (housing_Ap… p. 5).

All involved parties must provide a comprehensive set of legal and financial proofs (housing_Ap… p. 8):

• KYC & Identity: Passport-size photographs, Photo ID proof, Age proof, Residence proof, Aadhaar copy, and PAN card copy (housing_Ap… pp. 1, 8).
• Income Verification: Last 2 months’ salary slips (for salaried individuals) and the last 3 years of Income Tax Returns (ITR) with detailed income computations (housing_Ap… pp. 2, 8).
• Banking History: Bank statements or passbook photocopies spanning the last 6 months (housing_Ap… p. 8).
• Property Documents: Sale/lease deed with a clear chain of documents, an approved construction plan, a professional valuation report, property tax receipts, and a legal opinion (housing_Ap… pp. 5-6, 8).

The bank expects borrowers to upfront a specific percentage (margin) of the project cost depending on the asset type (housing_Ap… p. 9):

• Plot Purchase Only: A 25% margin is required for plot costs up to ₹100 lakh, increasing to 40% for amounts exceeding ₹100 lakh (housing_Ap… p. 9).
• Built-up Unit or Flat Purchase: 10% upfront margin for loans up to ₹20 lakhs, 20% for loans between ₹20 lakhs and ₹75 lakhs, and 25% for loans above ₹75 lakhs (housing_Ap… p. 9).
• Maximum Bank Cap: Total bank financing cannot exceed 60% of the overall project cost (housing_Ap… p. 9).
• Net Worth Disclosures: Both the borrower (Form HL 502) and the guarantor (Form HL 503) must submit a full statement of assets, liabilities, and calculated net worth (housing_Ap… pp. 10-13).

• Sanctioned Plan Enforcement: Construction must adhere strictly to the officially sanctioned plan (housing_Ap… p. 5). Borrowers must produce a completion certificate within 3 months of finishing construction, or the bank can recall the entire loan immediately (housing_Ap… p. 5).
• Property Insurance: The mortgaged property must remain insured at the borrower’s expense for its full value throughout the entire tenure of the loan (housing_Ap… p. 5).
• Non-Refundable Fees: All initial processing fees charged by the bank are completely non-refundable, regardless of whether the loan is ultimately sanctioned or rejected (housing_Ap… pp. 4-5).

If you plan to apply, tell me:

• What specific loan purpose you are pursuing (e.g., plot purchase, construction, or renovation) (housing_Ap… p. 1)
• Whether you are salaried or self-employed (housing_Ap… p. 2)

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