PNB Bank Application Form for PNB Baghban Loan (PNB 1193 (R1) Vehicle Loan) from Download

The PNB 1193 (R1) form is Punjab National Bank’s official application for “PNB Baghban”, a specialized Reverse Mortgage Loan scheme designed for house-owning senior citizens (Baghban ap… p. 1). (Note: While your query mentioned “Vehicle Loan”, this specific form code and document are strictly for the PNB Baghban Reverse Mortgage scheme (Baghban ap… p. 1)).

Under this concept, senior citizens can monetize their residential property to receive regular cash payouts from the bank (Baghban ap… pp. 1, 3). The key points and conditions from the application and its Most Important Terms & Conditions (MITC) include:

• Senior Citizen Focus: The form captures personal profiles for a main applicant and a co-applicant (typically a spouse) (Baghban ap… p. 1).
• Mandatory Identification: PAN card and Aadhaar numbers must be declared alongside standard KYC details (Baghban ap… p. 1).
• Legal Heirs Declaration: The applicant is required to clearly list the names, addresses, relationships, and PAN details of all legal heirs upfront (Baghban ap… p. 2).
• Financial Health: Despite being a reverse mortgage, applicants must disclose their current assets, outstanding liabilities, and any existing pension details (including PPO numbers and monthly pension income) (Baghban ap… pp. 2-3).

• Strict Property Criteria: The mortgaged asset must be a flat, apartment, or house that is self-acquired, self-occupied, and not an ancestral property (Baghban ap… pp. 3-4).
• Primary Residence: The borrower must declare that the property is free from any external encumbrances and will be used exclusively as their permanent, primary residence (Baghban ap… p. 4).
• Tenor & Payouts: The form captures the requested loan period and the desired Monthly Cash Payout amount to be credited to the borrower’s bank account (Baghban ap… p. 3).

• Interest Accrual: Interest is calculated on the daily outstanding balance and is charged at monthly rests, becoming part of the principal amount (Baghban ap… p. 5).
• RLLR Adjustments: For floating-rate options linked to the Repo Linked Rate (RLLR), any changes made by the RBI to the repo rate will affect the loan’s interest rate starting from the next working day (Baghban ap… p. 5).
• Switchover Rights: Borrowers can switch between fixed and floating rates maximum twice during the loan tenor (Baghban ap… p. 5). A second switchover is permitted only after 5 years have passed since the first reset (Baghban ap… p. 5).
• Switchover Fee: The processing cost for switching is 0.50% of the outstanding loan amount or ₹10,000, whichever is lower (Baghban ap… p. 5).

• Non-Refundable Fees: Upfront and processing service fees are non-refundable and must be paid before credit facilities are released (Baghban ap… p. 6).
• Penal Charges: Any material non-compliance (such as failing to submit review documents or delay in perfecting property security) attracts a penal charge of 2.00% to 3.00% p.a. (Baghban ap… p. 6). These penal charges are completely capped at 4% p.a. (Baghban ap… p. 6).
• Exemptions: Reverse mortgage drawings within the available value of the security are exempt from standard penal charges (Baghban ap… p. 6).
• Foreclosure: No prepayment or foreclosure penalties apply if an individual borrower prepays a floating-rate loan from their own financial sources (Baghban ap… p. 7).

• Mandatory Home Insurance: The borrower must insure the home at its reconstruction cost against fire, floods, earthquakes, and riots, listing PNB as the sole beneficiary (Baghban ap… p. 7).
• CIBIL Reporting: Account activities are shared with credit bureaus like CIBIL every month (Baghban ap… p. 8).
• Property Enforcement: If recovery procedures are initiated due to critical contract breaches, the bank enforces its security rights under the SARFAESI Act, 2002 to take possession and sell the mortgaged property (Baghban ap… p. 8).

• Document Return: Following full closure and settlement of the loan, PNB will return the original property title deeds within 30 working days (Baghban ap… p. 9).
• Grievance Escalation: Unresolved complaints can be escalated to the Principal Nodal Officer at the PNB Head Office in Dwarka, New Delhi if a branch or customer care ticket remains open for more than 15 days (Baghban ap… p. 9).

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