The move that would bring cheers to middle and lower income segment will enable them realise their dream of owning a home at affordable Equated Monthly Instalments (EMIs).

Named ‘Unnati Home Loans’, the tenure of loan is up to 30 years with an option of fixed and floating interest rates, which will significantly lower the monthly outflow in terms of EMIs. It also offers the customers to opt for the loan on combined income of applicant and co-applicant. Customer can take loan up to 90 per cent of the property’s market value. These loans are being offered at interest rates starting at 10.50% p.a. It also offers the option of fixed rate for 3, 5 and 10 years that will shield the customer from market fluctuations.

The documentation requirements are simple and is expected to encourage a larger customer base in the segment to reap the benefits of the scheme.

Sanjaya Gupta, managing director, PNB Housing said, “Unnati is a focussed endeavour to reach out to employees of indigenous establishments and smaller SMEs. We are committed to help in bringing their dream of owning a home closer to them by providing such customized credit schemes. At PNB Housing, we extensively support the government’s vision of ‘Housing for All by 2022’ and ‘Unnati’ supports the low income groups.”

With this scheme, PNB Housing Finance is eyeing individuals residing in peripheries of Tier I cities as well as those in living in Tier II and III cities.