In a bid to meet the rising customer demand for a housing loan solution that offers a long-term fixed interest rate structure, Pan Asia Bank ‘Nivasa’ home loan now offers an interest rate structure that is fixed for a period of 10 years from the date of granting the loan.
With this new fixed interest rate structure, ‘Nivasa’ Housing loan customers can now avoid frequently changing loan installment amounts despite interest rate fluctuations in the market. Under the new fixed interest rate structure, during the first two year of the loan, interest rate is fixed at 13.5 percent. Thereafter a fixed rate of 14.5 percent will be applicable from 3rd to 5th year and 15.5 percent will be applicable from 6th to 10th year.
Pan Asia Bank Nivasa housing loan can be obtained for multiple purposes including building a house, buying a block of land to build a house, completing, renovating or extending a partially built house, repaying an existing housing loan from a recognized financial institution.
Under this loan scheme customers can obtain loan facilities from 3 million to 25 million with repayment options of up to 25 years.
In order to make it more convenient, the bank has introduced a special hassle free documentation handling service to obtain various clearance certificates from local authorities such as street line and building line clearance certificate, certificate of non-vesting and certificate of ownership.