Area Covered
:
State of Punjab
Beneficiary
:
Individual farmer/Co-operative Society
Purpose
:
To help needs beneficiaries in Construction/Renovation of Rural House
Eligibility
:
A person should meet the following conditions
- should reside in service area of bank.
- should be minimum 18 yrs of age.
- possess either agriculture land or be a lessee/Tenant of agriculture land.
Max.Loan
:
- Maximum 15 lakh for Construction of New House
- Rs.5 lakhs for Repair of House
Disbursal of Installments
:
2 (2nd Installment to be released after verification of construction upto Plinth level).
Margin
:
15% of Total Project Cost.
Repayment Period
:
- 5 years for Repair of House (10 Half Yearly equated installments).
- 15 years for Construction of New House
- In 1st year only interest is to be recovered in 2 Half-Yearly equated installments.
- In remaining 28 Half Yearly Installments, both Principal & Interest is to be recovered.
Collateral Security
:
Agricultural Land
Insurance
:
As per Insurance companies rate.
Subsidy
:
NA