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Punjab & Sind Bank Home Loan

Punjab & Sind Bank
4.5

For various objectives, Punjab and Sind Bank (PSB) offers 5 different types of home loans. You can apply for a home loan from the bank to build, buy, or acquire a home as well as for remodelling, repairing, and adding on to it. With no processing fees on the majority of house loans, interest rates on loans begin at 7.05 percent annually.

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Home Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Punjab & Sind Bank Home loan Interest Rate

7.05% - 10.35%

Up to 1%

₹5L - ₹5Cr

Tenure(Up to 10 Years)

Details

Features & Benefits of Punjab & Sind Bank Home Loan

The founders' philosophy of keeping a customer-centric approach, is now upheld by the Punjab & Sind Bank, which is now a public sector bank with its presence spread across India. Despite the nation's severe lack of affordable housing, PSB's house loans align with India's homeownership traditions. Punjab & Sind bank home loan requirements can be met by any individual who dreams of owning a home.

Familiarise yourself with how to apply for Punjab & Sind Bank home loan and understand its interest rates, features and eligibility criteria.

The features and benefits of the PSB home loan are given below:

  • Affordable interest rates
  • The 30-year loan repayment period is offered. Aditya Birla Finance Home Loan will be solely responsible for managing all loans.
  • Quick distribution of funds.
  • transparent process, with few complications.
  • Home loans with variable rates don't have prepayment penalties.
  • Everyone has access to an interesting balance transfer feature.
  • At your door services

Eligibility Criteria of Punjab & Sind Bank Home Loan

The following Punjab & Sind Bank home loan eligibility criteria must be met by the people who wish to apply for a loan:

PSB Apna Ghar - Sahaj

  • The age range is 21 - 60 years for those who do not get pension and the age range for the employees who receive pension are 21-70 years
  • The applicants must be a permanent employee of Central/State Government/PSUs or an education institution as approved by the bank

PSB Apna Ghar

  • Individuals, group of individuals and housing societies members are eligible
  • The age range for salaried employees is 18-60 years, salaried employees with pension is 18-70 years and other than salaried is 18-70 years

PSB Apna Ghar Top-Up

  • The property in conversation must be wholly-owned by the applicant
  • The property must be complete
  • The eligible repayment history of the Government/PSU employee with salary account with PSB Bank is 6 months, employees without salary account in PSB Bank is 12 months. For all others, the repayment record is 24 months.

PSB Kisan Home Loan

  • The age range is 21-60 years
  • Following the deduction of EMI and other obligations, net income cannot be less than 40% of gross Income. In addition, the income laws governing the son, husband, and daughter are considered.

Factors Affecting Punjab & Sind Bank Home Loan Eligibility

The factors affecting Punjab & Sind Bank home loan eligibility are as follows:

Credit Score

This has a big effect on your interest rates. Your credit score is an indicator of your dependability, self-control, and history of repayment. A lower credit score indicates a bigger credit risk, necessitating higher interest rates from lenders to cover such risks. On the other hand, a higher credit score suggests a decreased risk of default, which would encourage lenders to offer lower interest rates.

Income

Your annual income supports the maximum loan amount that may be approved. Additional incentives offered by some banks and financial institutions include an EMI vacation, flexible repayment options, low-interest rates on loan amount top-ups, and numerous other value enhancements. Your ability to repay a mortgage depends in large part on your income.

Employment

Your employment status is as important to consider, just like your income. It offers monthly income security. Even if you run a successful, self-employed firm, the lender will extend you a loan with flexible repayment terms based on your revenue. A person's chances of qualifying for a mortgage are diminished if they operate an unstable business or hold an unpredictable job.

Age

Age is one of the criteria used to determine loan eligibility for a home. Age is important since the lender will base your repayment plan on the years you have left as a paid or professional person. Years before retirement, especially at the beginning of your work, choosing a home loan enables a smooth sanction procedure and provides you with a larger value and better interest rate.

Punjab & Sind Bank Home Loan Fees and Charges

Punjab & Sind Bank home loan requirements can be met by paying a fee. The fees charged by the bank are different for each scheme, and the charges differ according to the loan amount. The table below points out the fees and charges:

PSB Apna Ghar

Processing Fee Up to INR 25 lakh: 0.15% of the loan amount  (INR 1,000 - 3,750)  INR 25 lakh - INR 50 lakh: 0.25% of the loan amount (Up to INR 12,500)  INR 50 lakh - INR 75 lakh: 0.25% of the loan amount (up to INR 15,000)  INR 75 lakh and above: INR 0.25% of loan amount
Documentation Charges As per actuals
Prepayment Charges NIL

PSB Apna Ghar Top-Up

Processing Fee Up to INR 10 lakh- 0.15% of loan amount (INR 1,000 - 3,750)
Documentation Charges As per actuals
Prepayment Charges NIL

PSB Kisan Home Loan

Processing Fee Up to INR 10 lakh- 0.15% of the loan amount (INR 1,000 - 2,000)

Punjab & Sind Bank Home Loan Interest Rates

Punjab & Sind Bank's home loan interest rate can be found in the following table:

PSB Home Loan Interest Rate
PSB Apna Ghar 7.05% to 8.00% p.a.
PSB Apna Ghar Top Up 8.50% to 9.05% p.a.
PSB Kisan Home Loan 7.05% to 8.00% p.a.
PSB Mortgage 9.75% to 10.35% p.a.
PSB Sukhmoney (Reverse Mortgage Loan Scheme) 9.30% to 10.35% p.a.

Note: The interest rates given in the table above are mentioned as of October 1, 2022.

Factors affecting Punjab & Sind Bank Home Loan interest rates

Punjab & Sind Bank home loan interest rates are affected by the following reasons:

Loan-to-Value (LTV) Ratio

LTV stands for the portion of the property's worth that the loan can fund. A larger loan carries a higher interest rate since the credit risk is higher. A larger down payment can help reduce the loan amount, lowering interest rates.

Marginal Cost of Funds-based Lending Rate

A bank can only lend money at this interest rate as a minimum.

Additionally, it depends on the operational cost, the marginal cost of borrowing, the Cash Reserve Ratio (CRR) and any negative carry-on, and the tenor premium. The MCLR has an annual reset date during which banks evaluate the rate for current home loan borrowers. Even if the MCLR changes between the reset date and the next year's reset date, the MCLR on the reset date continues to be effective. This implies that your interest rate may change depending on how the MCLR rate fluctuates.

Interest Type

There are three interest rates: fixed, variable, and blended. The Reserve Bank of India's adjustments affects floating interest rates (RBI). Your EMIs will be reduced if the most recent RBI regulations lead to lower interest rates and vice versa. With a fixed interest rate, your interest rate remains constant for the course of the loan. Mixed-rate loans begin with a fixed interest rate that lasts for a set amount of time before changing to a variable rate.

Credit Score

The borrower's credit score has a significant amount of impact on the PSB interest rates since it is a reflection of their financial discipline, trustworthiness, and repayment history. A lesser credit score indicates a bigger credit risk, necessitating higher interest rates from lenders to cover such risks.

On the other hand, a higher credit score denotes a lower credit risk, which would encourage lenders to offer lower interest rates.

Tenure

Loans with shorter durations have lower interest rates than loans with longer terms, even when the EMIs are larger (which will have lower EMIs but a higher interest rate). Calculating the ideal loan tenure is straightforward by using an online EMI calculator for house loans.

Documents Required for Punjab & Sind Bank Home Loan

The documents required for Punjab & Sind Bank home loan are given below:

  • Application for a loan
  • ID documents including a passport, driving licence, PAN card, and Aadhaar card.
  • such as a utility bill, an Aadhaar card, or a driver's licence, serve as address evidence.
  • Salary slips, Form 16, IT returns, a P&L statement, and a balance sheet are examples of proof of income documentation.
  • Personal Asset and Liability Statement
  • For another bank, a bank account statement for the last six or twelve months
  • Statement of loans for the last six months (if obtained from another bank or FII)
  • biographical information including schooling, employment history, age, and the nature of one's career or business.
  • ITR of the guarantor for the past two years Income evidence of the spouse, earning children, or parents to establish the loan amount and repayment capacity
  • Guarantor's form and income or net worth documentation
  • An agreement from the employer on the payment of EMI
  • Evidence of the advance or margin payment made for the purchase of the dwelling
  • construction permission from the appropriate authority
  • copy of the prospective development or purchase's approved map or plan
  • Sale contract, sale deed, and a comprehensive estimate of the land to be built
  • Letter of allotment from the cooperative society, the development authorities, and the apartment owners' association

How Can You Calculate the EMI For Punjab & Sind Bank Home Loan?

In the long run, your work may be made simple and hassle-free if you calculate your EMIs before even applying for a loan. Find the ideal tenure, interest rate, and loan amount using the Urban Money home loan EMI calculator. However, you can use the following formula to calculate the EMIs by hand:

EMI = (P × r × (1+r)^n)/((1+r)^n-1) Here, 
  • ‘P’ depicts the principal amount, 
  • ‘r’ depicts the interest rate
  • ‘n’ depicts the tenure of the loan.

Punjab & Sind Bank Home Loan Customer Care Number

PSB Bank has provided its customers with toll-free numbers apart from branches to help them resolve their queries and assist them if an issue arises when they apply for Punjab & Sind Bank home loans. The toll-free customer care number of the PSB Bank is 1800-419-8300.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Punjab & Sind Bank Provide Home loans at the best rate?

Yes, Punjab & Sind Bank Provide Home loans at the best rate.

What is the interest rate of a Home Loan in Punjab & Sind Bank?

PSB offers an interest rate of 7.90% on the home loan amount.

What are the benefits Punjab & Sind Bank Provides on Home Loan?

Government employees and women receive a concession of 0.10% on the interest rate as a benefit.

Does Punjab & Sind Bank have a fixed interest rate on a home loan?

Yes, Punjab & Sind Bank has a fixed interest rate on a home loan.

What documents are required in Punjab & Sind Bank for a home loan?

To know about the complete list of documents required in Punjab & Sind Bank for a home loan, you must read the documents required section of the page.

How to apply for a home loan in Punjab & Sind Bank online?

Visit the official page of PSB. A bank representative will guide you through the process.

How to check Home Loan Status in Punjab & Sind Bank?

To check your home loan Status in Punjab & Sind Bank, contact the customer care number at 18004198300.

Does Punjab & Sind Bank check for CIBIL Score for Home Loan?

Yes, Punjab & Sind Bank checks for CIBIL score for a home loan.

What is the maximum and minimum home loan amount I can get from Punjab & Sind Bank?

The maximum and minimum home loan amount I can get from Punjab & Sind Bank is INR 5 lakh and INR 5 crores, respectively.

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