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With PCHFL, you can avail Home Loan for purchase of under-construction / ready to move / resale properties.
You can also avail a Home loan for purchasing a plot and constructing a house thereon, or get a loan for constructing a house on an owned plot.
It is mandatory as well as advisable to have a co-applicant. Having a co-applicant may increase your eligibility, if co-applicant generates income, and your chances of getting the home loan sanctioned. Moreover, co-owner(s) of your property has to be co-applicant(s), but co-applicant(s) need not be co-owner(s).
If you are an individual, your parents, your spouse or even your major children can be your co-applicants. Apart from that, non-individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.
The Retail Prime Lending Rate (RPLR) is also referred to as the Benchmark Prime Lending Rate (BPLR). It is the benchmark rate based on which the floating rate of interest for loan is decided.
PCHFL calculates interest on “daily reducing balance” and is charged with monthly rest.
A fixed interest rate loan is one where your interest rate is locked in (i.e. fixed) for a certain period.
A variable interest rate loan is one where interest rate changes with change in the RPLR/BPLR whenever reviewed by the financial institution.
EMI stands for equated monthly instalment paid towards a loan. EMI includes contributions towards both principal and interest on the loan amount.
Pre-EMI interest is paid on the loan amount availed in part and before the start of actual EMI. This mainly occurs in self-construction or construction stage linked disbursals.
The EMI starts post full disbursal of loan. Hence, Pre Emi interest is charged on partially disbursed loan amount until full disbursal of loan.
Generally, financial institution lends up to 90% of the cost of property bought. The difference amount between cost of Property and PCHFL loan amount is referred as your own contribution, which is to be paid by buyer for purchasing property.
You can visit our website www.pchf.in > Existing customer > Email / Mobile update section for update of mobile number and email id.
After full repayment of loan, our branch officials will contact you to fix the appointment once documents are ready for collection from the respective branch office.
Note: All applicants & Co-applicants need to be present along with their original valid identity proof at the time of collection of property documents.
NACH E-Mandate is a standing instruction given by borrower(s) to a “lending institution” to debit borrower’s bank account on a periodic basis for instalments like Equated monthly Instalments (EMIs).
There are 2 different ways with which one can set up an NACH E-mandate:
Benefits of NACH E-mandate:-
Currently E- Mandate registration is available for majority of the banks. You can refer following link to check the list of banks which are currently registered with NPCI to provide this service.
Registration can be done through Internet banking facility of respective banks using net banking credentials or Debit card.
No, it is absolutely free. PCHFL does not charge anything to borrower for this facility.
After successful authentication of the NACH E-mandate, the borrower’s bank page will display registration status.
Minimum amount is Rs.5,000 and Maximum is Rs.10 Lakh for E-Mandate.
Yes. You are eligible for tax benefits on both the Interest & Principal components of your repayments during a financial year under the Income Tax Act, 1961.
Borrower who is required to deduct tax at source from monthly instalment towards a loan can take the TDS refund by sending the digitally signed Form 16A from his/her registered email id to firstname.lastname@example.org.
The refund will be processed on receipt of the Form 16A and the TDS amount reflection on “TRACES” website. The TDS refund will be credited to borrower’s bank account from where monthly instalment is paid towards the loan.
You may download the Provisional/Final income tax statement by visiting on our website www.pchf.in > Existing customer > Loan statement.
The statement can be availed using Loan account number.
Having Insurance coverage helps de-risk the customer and the family members in case of any unseen/unfortunate adversities and limit the liabilities. Hence, we guide the customers to avail insurance and they may evaluate the best product & insurance partner that suit their requirement.
Life Insurance – Term plan offering financial coverage against outstanding loan to the Borrower and/or Co-borrowers for a specific period. Additional riders are also available to cover other risks.
Property Insurance – This insurance coverage is against damage to the property which is financed under the loan.
Insurance premium can be funded by PCHFL, the premium amount is added to the Loan and EMI is calculated on the total loan amount including premium.
You have the option to continue or surrender the insurance policy to the insurance company post closure of the loan.
You can change your EMI repayment bank account by visiting our nearest PCHFL branch and submit the following documents from your new repayment account:
1 Cancelled cheque
9 undated cheques
NACH Mandate form in 3 originals
1 cheque/DD for the repayment swap charges
In case your EMI is returned/bounced, the same is represented to your repayment bank account within next 3 working days.
Please refer to MITC for the details of charges applicable
PCHFL will provide ex gratia credit to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 01.03.2020 to 31.08.2020 (6 months / 184 days).
Note: Ex-gratia credits are subject to review and audit by SBI and will be withdrawn if such claims are rejected.
The main features / highlights of the scheme are as under:
No, the ex gratia relief will be credited to the account of all eligible borrowers by PCHFL without any requirement to apply.
PCHFL will finalise the list of eligible borrower for the relief based on the Govt of India guidelines.
PCHFL will assess this on the basis of information available with them as well as information accessible from credit bureaus.
No, non-fund based limits will not be included for arriving at the eligibility.
No, the loan should not be a “Non Performing Asset (NPA) as on 29.02.2020 to be eligible for this refund.
Yes. The package will be available for all eligible borrowers irrespective of whether they have availed or partially availed or not availed the moratorium on repayment announced by RBI vide DOR. No. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020.
Yes, partly disbursed loans can be eligible under this relief package, provided that the sanctioned and outstanding amounts do not exceed Rs. 2 Crores and are not classified as Non Performing Asset as on 29.02.2020. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount.
Yes. Such borrowers are eligible for refund of differential interest from 01.03.2020 upto the date of closure of account (not later than 31.08.2020).
Yes. Eligible accounts pre-closed during the period of 01.03.2020 to 31.08.2020 are covered under the scheme
The differential amount will be credited to the respective loan account(s).
The amount will be credited to the borrower’s savings/ current account (loan repayment account) by PCHFL.
For all eligible housing loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate of interest as specified in the loan agreement(s)/ documentation applicable as on 29.02.2020.
The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the loan account.
The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation.
PCHFL will send e-mail intimation to all eligible borrowers on their registered e-mail ID post ex gratia payment process is complete and the details of the same can be viewed by customers in the repayment statement and statement of accounts from “Loan statement” (https://www.pchf.in/Loan-Statement)
With PCHFL, you can avail Loan Against Property for any of your personal or business needs. Existing Loan Against Property (LAP) from other banks or financial institutions can be transferred to PCHFL.
You can mortgage your residential/commercial property, which is fully constructed, self-owned & free from any charge.
Yes, you can apply for a pre-approved Home Loan, which is an in-principal approval for a loan given based on your income & capacity to repay. The in-principal sanction is valid for 90 days from the date of sanction letter.
You can find the required documents checklist for a Balance Transfer Loan clicking HERE
Yes, all customers with an existing Home Loan, Home Improvement Loan or a Home Extension Loan can apply for a Top up Loan after 12 months of the final disbursement of your existing Home Loan and upon possession/completion of the existing financed property.
You can download the Statement of loan account / repayment schedule of your Loan by visiting our website www.pchf.in > Existing customer > Loan statement.
The statement can be availed using Loan account number.