Bank Of Punjab Announce Loan Process
Bank Of Punjab Announce Loan Process While inaugurating Apna Chhat Apna Ghar Scheme (Apni Chhat Apna Ghar Scheme) in the province of Punjab, Bank of Punjab has announced as subsidies that they have decided to give to 70 thousand people keeping in view the need of housing in Punjab which is very easy. And is being given in proper installments.
But due to financial problems, they are not able to do this because 70 percent of the population in Pakistan is below the poverty line. Explain the complete procedure of getting a loan under Bank of Punjab’s “Apni Chhat, Apna Ghar” scheme (Apni Chhat Apna Ghar Scheme) aims to provide loans to low and middle income people on easy terms
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So that they can build their own house because owning a house is no less than a blessing. The loan provided under this scheme can be repaid in installments over a long period of time. This also reduces the financial burden
Eligibility Criteria for BOP Housing Loan
The following eligibility criteria must be met to get a loan under (Apna Chhat Apna Ghar Scheme).
Age Limit: Applicant’s age should be minimum 21 years to maximum 60 years
Income: The monthly income of the applicant should mean that the beneficiary can pay the loan installments on time
Employment: Government or private employees, businessmen or self-employed entrepreneurs are eligible for loans under this scheme as every citizen is being included in this scheme (Apani Chhat Apna Ghar Scheme) so that every citizen has an own house. You should have your own house to live
Citizenship: The applicant must be a citizen of Pakistan and his national identity card is also made mandatory in the scheme
Registration Process For BOP Housing Loan
Supply of Application Form:
Download the application form from the official website of Bank of Punjab or visit the nearest branch of your city to get the housing loan scheme form.
To be done on the form.
The application form must be filled with complete and accurate information including your name, parentage, address, ID card number, employment details and how much land you own, etc.
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Necessary document
- Proof of your monthly income in required documents, income statement, bank statement or business statement Details.
- Property document if available
- Two passport size photographs of the applicant
- Form submission
- After filling the form with correct information and documents, submit it to your nearest Bank of Punjab branch
Checking the Application
After submitting the application, it will be scrutinized by the bank
In order to check the applicant’s financial status and credit status, the check consists of the following steps:
Income Test :
Punjab Bank assesses the income and financial status of the applicant to see if he is able to pay the loan installments regularly or not as most people do not pay the installments after taking the loan.
Credit History
Sometimes the bank checks the applicant’s credit history to see if his past credit repayment ability has been proven.
Property History
If the applicant owns any property, the bank checks that the land is not occupied by anyone
so that it can be pledged as security for sanction of loan.
Loan Approval For Housing Scheme
Punjab Bank approves the loan after the application is scrutinized,The following conditions are determined after the loan is sanctioned.
Loan Amount
The loan amount provided by the bank to the applicant is determined by the property value and the monthly income of the applicant.
Interest Rate :
The bank determines the interest rate that the applicant has to pay along with the loan installments. This rate may vary.
Payment period
The bank determines the repayment period of the loan, which can generally range from 10 to 25 years. This period depends on the financial condition of the applicant and the loan amount
Loan repayment and guidance
The applicant has to keep the following points in mind while repaying the loan
Regular payment of installments:
Pay the installments on time so that there is no difficulty in repaying the loan so that your track record remains intact
Bank contact in case of financial difficulties:
If the applicant faces any financial difficulties in paying the installments, he can consult the bank manager for extension of the loan period or other possible solutions.
This is being facilitated by the bank as a subsidy to the poor
Conclusion
Apna Chhat Apna Ghar Scheme has been introduced by Bank of Punjab as an excellent subsidy for the poor people who want to fulfill their dream of owning a house, they can apply for a loan at Punjab Bank and get a lawn on easy installments. because Punjab Bank is ready to guide you at every step. If you also dream of building a house to make your future better, then take advantage of this scheme and secure your future.
