PNB Housing Finance Loan Against Property Highlights |
|
|---|---|
| Interest Rate | 9.25%-15.00% p.a. |
| Processing Fees | 2% of the loan applied for + GST |
| Tenure | Up to 20 years |
PNB Housing Finance Loan Against Property Interest Rates
PNB Housing Finance provides different interest rates for loans against property based on the credit score and the type of loan being applied for by the borrowers.
| Credit score (any loan amount) | Loan Against Property (p.a.) |
|---|---|
| >= 825 | 9.25% to 9.75% |
| >800 to 825 | 9.35% to 9.85% |
| >775 to 799 | 10.30% to 10.80% |
| > 750 to 775 | 10.90% to 11.40% |
| > 725 to 750 | 11.30% to 11.80% |
| > 700 to 725 | 11.75% to 12.25% |
| >650 to 700 | 11.95% to 12.45% |
| upto 650 | 11.95% to 12.45% |
| NTC Cibil >=170 | 11.85% to 12.35% |
| NTC Cibil <170 | 11.75% to 12.25% |
Also read: Best Loan Against Property Interest Rate
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Types of PNB Housing Finance Loan Against Property
Loan Against Property
- Purpose: Potential borrowers can utilize loan against property to fulfill both business and personal needs.
- Loan Amount: The maximum loan amount, determined by Loan to Value (LTV) ratio, is 60% of the property's market value as assessed by an approved valuer of PNB Housing or the borrower's repayment capacity, whichever is lower.
- Loan Repayment: Repayment period extends up to 20 years.
- Security: The loan is safeguarded by a primary charge in the form of equitable mortgage on the financed property, along with any other collateral securities deemed suitable by PNB Housing. Additional or interim security may also be required at the discretion of PNB Housing.
Lease Rental Discounting (LRD)
- Loan Amount: The maximum loan amount, determined by Loan to Value (LTV) ratio, is 80% of the future rent receivable within the remaining period of the lease agreement.
- Loan Repayment: Repayment tenure extends up to 10 years
- Security: The loan is backed by a primary charge in the form of equitable mortgage on the financed property, along with any additional collateral securities considered suitable by PNB Housing.
Also read: Best Loan Against Property EMI Calculator
PNB Housing Finance Loan Against Property Fees & Charges
| Charges Type | Charges Applicable |
|---|---|
| Processing Fees | 2% of the loan applied for + GST |
| Part or Full Prepayment of loan (on Fixed Rate of Interest) ** | 3% of Principal Pre-paid + GST |
| Cheque/NACH Mandate Form Return (Bounce Charges) |
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| Part or Full Prepayment of loan (on Floating Rate of Interest) ** |
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In order for a payment to be considered and applied as part payment of the loan, it must be at least five times the prevailing Equated Monthly Installment (EMI).
Eligibility Criteria for PNB Housing Finance Loan Against Property
PNB Housing Finance extends loan against property to both salaried and self-employed individuals. Here are the eligibility criteria for obtaining a home loan:
- Maximum Age for Salaried Applicants: 60 years at the time of loan maturity.
- Maximum Age for Self-employed Professionals/Non-professionals: 65 years at the time of loan maturity.
Additionally, the bank considers various factors such as the nature of business for self-employed applicants, credit score, job profile for salaried applicants, monthly income, and more while assessing the eligibility of applicants for the home loan, similar to the practices of other lenders.
Also read: Best Loan Against Property Eligibility
Documents Required for PNB Housing Finance Loan Against Property
For Salaried Employees:
For Salaried Employees, the following documents are required to apply for a loan against property:
- Completed Application Form with Photograph
- Latest Salary-slips for the last 3 months
- Form 16 for the last 2 years
- Latest Educational Qualifications – Degree
- Processing Fee Cheque made in favor of ‘PNB Housing Finance Ltd.’
- Photocopy of Title Documents of the Property and Approved Plan.
- Bank Account Statements of the last 6 months (salary account)
- Age Proof (such as Passport, PAN Card, or any other Certificate from Statutory Authority)
- Residence Proof (such as Passport, Telephone Bill, Ration Card, Driving License, Election Card, or any other Certificate from Statutory Authority)
For Self Employed/Professionals
For Self-Employed Professionals, the following documents are required to apply for a loan against property:
- Completed Application Form with Photograph
- Bank Statements of the last 12 months (both personal and business)
- Processing Fee Cheque made in favor of ‘PNB Housing Finance Ltd.’
- Photocopy of Title Documents of the Property and Approved Plan.
- Latest Educational Qualifications – Degree (for professionals)
- Certificate & Proof of business existence along with Business Profile
- Last 3 years Income Tax returns (both personal and business) with Profit & Loss Account and Balance Sheets duly certified or audited by a Chartered Accountant
- Age Proof (such as Passport, PAN Card, or any other Certificate from Statutory Authority)
- Residence Proof (such as Passport, Telephone Bill, Driving License, Election Card, Ration Card, or any other Certificate from Statutory Authority)
For Lease Rental Discounting Loan
For applicants seeking a loan against property, the following documents are typically required:
- Completed Application Form with Photograph
- Registered Lease Deed copy (if applicable)
- Income Tax returns for the last 3 years (both personal and business) with Balance Sheets and Profit & Loss Account duly certified or audited by a Chartered Accountant
- Certificate & Proof of business existence along with Business Profile
- Processing Fee Cheque made in favor of ‘PNB Housing Finance Ltd.’
- Photocopy of Title Documents of the Property and Approved Plan
- Bank Statements of the last 6-12 months reflecting Rental Credits in the account
- Age Proof (such as Passport, PAN Card, or any other Certificate from Statutory Authority)
- Residence Proof (such as Passport, Telephone Bill, Driving License, Election Card, Ration Card, or any other Certificate from Statutory Authority)
Additionally, the housing finance company may request further documents based on the credit profiles of the applicants.
Also Read : Best Loan Against Property Documents Required
PNB Housing Finance Limited Loan Against Property – FAQs
1. Is there any collateral needed for an PNB Housing Finance Limited loan against property?
Yes, security in the form of collateral is required to be provided for the loan amount.
2. What is the eligibility for an PNB Housing Finance Limited loan against property?
The applicant must be either a salaried individual or self-employed, with an age not exceeding 60 years if salaried and 65 years if self-employed.
3. What is the loan amount that is given by PNB Housing Finance Limited?
PNB Housing Finance Limited offers loans against property of up to 60% of the property's market value, as determined by PNB Housing Finance Limited's approved valuer. However, the final loan amount is subject to the repayment capacity of the customer, and whichever is lower among the two will be considered for loan approval.
4.How do I repay my loan amount with PNB Housing Finance Limited?
Customers have the flexibility to repay their loan against property from PNB Housing Finance Limited through Equated Monthly Installments (EMIs). These payments can be made via Post Dated Cheques or through an Electronic Clearance System. The maximum repayment tenure allowed is up to 15 years, providing borrowers with options for managing their loan payments effectively.
5. What is an PNB Housing Finance Limited loan against property used for?
The loan against property can be utilized for various purposes such as business expansion, international travel, education expenses, wedding planning, expenses related to family functions, medical bills, purchasing new furniture for the house, acquiring high-value consumer durables, and more. However, it's essential to ensure that the loan amount is used for legitimate purposes only.