Loan Against Property

PNB Housing Finance Limited Loan Against Property

PNB Housing Finance Limited Loan Against Property

PNB Housing Finance Limited Loan Against Property: Your property is one of the greatest assets for you. It also holds the key to making your dreams come true. You can unlock the hidden potential of your hard-earned property during the financial crisis by availing the easy and convenient loan against your residential or commercial property. At PNB Housing Finance Limited, we provide loans against property of your existing residential, industrial or commercial immovable property. You can use this loan may be towards the expansion of business, foreign travel, personal requirements such as education and marriage of children, family function, medical expenses, the furnishing of the house, buying a new house, etc. However, funds should be used for only a legitimate purpose.

Punjab National Bank is an Indian multinational financial and banking services company that helps you to make your dreams come true. The nationalized financial corporation is based out of New Delhi and is regarded as the third largest bank in India as of June 2016. Punjab National Bank offers various credit plans and other financial products to its customers. Loan against Property scheme is a credit facility offered by Punjab National Bank in which loan is granted by the bank against the applicant’s property. PNB Housing Finance Limited offers loan against property to those people who require urgent funds to meet their business as well as their personal needs against the mortgage of their existing residential or commercial property.

Features and Benefits of PNB Housing Finance Limited Loan Against Property:

  • Punjab National Bank Housing Finance Limited provides an extensive range of non-home loan products like the loan for purchase & construction of commercial property, loan against residential & commercial property and leases rental discounting.
  • You can avail PNB Housing Finance Limited Loan Against Property for business expansion, converting your current loan at an attractive rate of interest, travel, marriage, education and other personal and professional requirements.
  • The maximum loan amount will be 60% of the market value of the property, as certified by approved acceptance of PNB Housing or repayment capacity of the customer, whichever is less.
  • PNB provides the facility of enhancement in loan amount in the event of growth in the cost.
  • PNB Housing Finance has a PAN India presence and thus customers can contact any branch present anywhere for availing a loan.
  • PNB provides strong service delivery model and doorstep services to ensure that delivery of loan approval is easy and fast.
  • PNB HFL have excellent post disbursement services.
  • PNB Housing Finance Limited has dedicated the team of well-experienced employees and workers who work on best-in-class information systems and network to deliver and provide customer satisfaction.
  • PNB Housing Finance provides various repayment options.
  • You can use the loan repayment mode through the Equated Monthly Instalments (EMIs). You can directly pay the loan through Electronic Clearing System (ECS) or debit the amount of loan according to the bank’s instructions and deposit it in the amount of loan.
  • You can also repay the loan by post-dated cheques.
  • Punjab National Bank provides complete transparency throughout the loan process.
  • In PNB Loan Against Property, there are no prepayment charges applicable for prepaying the loan.
  • For an overdraft facility, which is allowed on a Monthly Reducing Drawing Power basis, the Drawing Power would be reduced every month on a pro-rated basis.

Eligibility Criteria for PNB Housing Finance Limited Loan Against Property:

  • The minimum age of the applicant is 21 years.
  • The applicant must have a regular and steady source of income.
  • The maximum loan tenure for the loan against property is up to 15 years.
  • Age of the applicant should not be more than 60 years at the time of loan maturity (65 years for self-employed).
  • Both the salaried and self-employed people can apply for the loan against property.
  • After determining credit worthiness or repayment capacity, considering the borrower’s income, age, qualifications, business, etc., the loan eligibility will be determined by the bank.
  • Income of borrowers or co-borrowers may be clubbed together for calculation of loan eligibility.
  • Salaried employees should have minimum monthly salary is Rs.10,000 in the last three years.
  • Business enterprises and self-employed individuals availing the loan against property should have a minimum net annual income or net profit of Rs. 1.2 lakhs and above.
  • The applicant should have a good credit score.
  • The mortgaged property should have cleared all the necessary requirements from the concerned authorities and departments.

Explore More: PNB Housing Finance Limited Loan Against Property

Interest Rate on PNB Housing Finance Limited Loan Against Property:

1) PNB Housing Finance Floating Interest Rate:

Type of Property Floating Interest Rate
Loan against Commercial Property 10.00%-10.50%
Loan against Residential Property 9.75%-10.25%
Loan against Plot (residential/commercial) 11.00%-11.50%

2) PNB Housing Finance Fixed Interest Rate:

Type of Property Fixed for 1 years Fixed for 2 years Fixed for 3 years Fixed for 5 years Fixed for 10 years
Loan against Commercial Property 9.60% – 10.10% 9.75%-10.25% 9.75%-10.25% 9.75%-10.25% 10.25%-10.75%
Loan against Residential Property 9.50% – 10.00% 9.60% – 10.10% 9.60% – 10.10% 9.60% – 10.10% 10.25%-10.75%
Loan against Plot 10.75% – 11.25% 10.75% – 11.25% 10.75% – 11.25% 10.75% – 11.25% 11.25% – 11.75%

LIC Housing Finance Limited Loan Against Property Interest Rate

Documentation for PNB Housing Finance Limited Loan Against Property:

Purpose Documents for Salaried Documents for Self-employed
Loan Application
  • Properly filled loan application form
  • Passport size photograph
  • Properly filled loan application form
  • Passport size photograph
Proof of identity (any 1)
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
Address proof (any 1)
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
Property related documents
  • Permission for construction
  • Registered Agreement for Sale
  • Allotment Letter
  • Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement which showing all the payments made to Builder/Seller
  • Permission for construction
  • Registered Agreement for Sale
  • Allotment Letter
  • Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement which showing all the payments made to Builder/Seller
Income proof
  • Current Salary Slip or Salary Certificate
  • Copy of Form 16 for last 2 years
  • copy of IT Returns for last 2 financial years which is acknowledged by IT Dept.
  • IT returns for last 3 years
  • Balance Sheet & Profit & Loss A/c for last 3 years
  • Business License Details
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)
Account statements
  • Bank A/c. Statement (Individual) for last six months
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
  • Bank A/c. Statement (Individual) for last six months
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Processing Fee and Charges PNB Housing Finance Limited Loan Against Property:

Purpose Applicable Charges
Processing Fee 1% of the total loan amount
Foreclosure Charges 3% will be charged as foreclosure charge

 

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