Punjab National Bank Housing Finance Loan Against Property

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.