Urban Money

Punjab National Bank Housing Finance Loan Against Property

Punjab National Bank Housing Finance
4.5

Perhaps one of the expanses that come through along with your mortgage is the property taxes. This is one such payment that every homeowner must have to pay irrespective of the type of house. However, certain differences mean not all property tax payments. A certain difference thrives based on the property. Hence, if you ever need a huge bulk of the money, you can consider borrowing that amount considering the property you have as the collateral for the loan. Well! If you want to learn about loans against real estate and how they are calculated, you have done just the right thing to land on this blog that casts light on the subject matter. Before delving into further details, it will be best to know what loan property is? Well! a property is such a thing that can be equivalent to a huge amount. And in due course of time, the value of the assets and the property increases. Moreover, tax is a kind of fee paid to the country's real estate owner. This is a fee that is typically calculated based on the assessment of your property. In that regard, you must know that certain loans are available, like, specially designed to pay off the taxes of your house. Likewise, if you have any existing mortgage, you may choose to pay the amount along with property tax loans. If you own your own home, in a nutshell, you are likely to receive a bill on tax that is to be periodically paid. Hence knowing a few facts about ways to apply for Punjab National Bank Loan Against Property

  • Punjab National Bank Housing Finance
  • Loan Against Property
Loan Amount:₹2L - ₹5Cr
Interest Rate:7.9% - 10.25%
Processing Fee: Up to 1%
Tenure:20 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Punjab National Bank Housing Finance

7.9% - 10.25%

Up to 1%

₹2L - ₹5Cr

Tenure(1 - 20 Years)

Details

Features and Benefits of PNB Housing Loan Against Property

  • A vast line-up of non-home loan offerings including loans for buying and constructing commercial properties, loans for commercial and residential properties, lease rental discounting and more. 
  • All-India network of branches. 
  • Efficient service models with doorstep facilities for swift disbursal and processing. 
  • Possibilities for expanding the loan amount in case of an increase in costs. 
  • Dedicated employee team for ensuring customer satisfaction. 
  • Flexible options for repayment. 

PNB Housing Loan Against Property Overview

PNB Housing offers loans against the mortgage of any existing commercial or residential property at the branch locations. End-use for the LAP may be for business purposes, foreign vacations, weddings or higher education of children, family expenses, medical costs, purchasing appliances, etc. You can always apply for PNB Housing loan against property without any hitches and get the benefits of a seamless PNB Housing loan against property online application procedure. The maximum amount is up to 60% of the property’s market value after certification by the lender-approved valuer or the consumer’s repayment capacity (whichever is lesser). 

Eligibility is worked out on the basis of factors like age, income, occupation, and qualifications. The income of the borrower and co-borrowers may be joined for working out loan eligibility. Disbursement happens only after technical appraisal of the property and completion of all legal documentation procedures. The loan is first directly disbursed to the customer as a lump sum in his or her bank account. Repayment is done via EMIs and through ECS or post-dated cheques over a maximum duration of 20 years.

PNB Housing Eligibility Criteria for Loan Against Property

Here are the PNB Housing loan against property requirements in terms of the eligibility criteria: 

  • Salaried or self-employed non-professional/professional. 
  • Maximum 60 years for salaried borrowers and 65 years for self-employed professionals/non-professionals at the time of maturity of the loan. 

PNB Housing Loan Against Property Interest Rate

Rates of interest are determined on the basis of the credit score and many other factors. Here is a table for your perusal: 

Credit score (any loan amount) Loan Against Commercial Property Loan Against Residential Property (LAP) Loan against Plot/ Loan against Special Property
>= 800 7.75% to 8.25% 7.75% to 8.25% 10.50% to 11.00%
>775 to 799 8.50% to 9.00% 8.50% to 9.00% 10.50% to 11.00%
>750 to <775 8.50% to 9.00% 8.50% to 9.00% 10.50% to 11.00%
> 725 to < 750 8.75% to 9.25% 8.75% to 9.25% 10.50% to 11.00%
> 700 to < 725 9.20% to 9.70% 9.20% to 9.70% 10.50% to 11.00%
> 650 to < 700 10.30% to 10.80% 10.30% to 10.80% 10.50% to 11.00%
Up to 650 10.15% to 10.65% 10.15% to 10.65% 10.50% to 11.00%

How PNB Housing Compares with Other Lenders?

HDFC Bank 8-8.95% per annum
IDFC First 8% per annum onwards
ICICI Bank 8.35-10% per annum
SBI 8.45-10% per annum

Documents Required for PNB Housing Loan Against Property

Here is an extensive list of documents that are required in both categories:
Salaried Borrowers  Self Employed Borrowers 
Application Form and Photograph Application Form and Photograph
Proof of Age  Proof of Age 
Proof of Address  Proof of Address 
Educational Qualifications  Educational Qualifications 
Last 3 months’ salary slips  Proof and certificate of business existence with business profile 
Last two years’ Form 16  ITR for last 3 years with P/L account and audited/certified balance sheet by CA
Bank statements for the last 6 months  Bank statements for the last 12 months (both business and individual) 
Property Documents  Property Documents 

PNB Housing Loan Against Property Customer Care Number

You can contact the customer care number- 1800 120 8800.

Get your latest Credit Score, FREE

Related Articles

Get in-depth knowledge about all things related to loans and your finances

Home Loan Interest Rates Spiked After RBI's Repo Hike
Shiv Kumar GuptaMay 12, 2022

Home Loan Interest Rates Spiked After RBI's Repo Hike

The Reserve Bank of India regulates the home loan criteria, which are constantly changing owing to numerous economic circumstances. Read the blog to learn more about the RBI and how its latest home loan guidelines wil

Read More
The Collateral World of Mortgaging Property
Satish PrajapatiJan 21, 2022

The Collateral World of Mortgaging Property

A mortgage is any immovable property that is given as a security or collateral against a loan for building a property. The party lending the money

Read More
The Definitive Guide: Acquire Home Loan From The Best Financial Banks
Satish PrajapatiJan 21, 2022

The Definitive Guide: Acquire Home Loan From The Best Financial Banks

The present year 2021 has been identified as a good year to invest in homes due to the lower interest rate on home loans as well as the reducti

Read More