Punjab and Sind Bank Home Loan

• You can use this loan to build a house, buy a built house, or purchase a plot.
• You can also utilize the loan for repairs, renovations, and extensions. However, the maximum loan amount for these purposes is limited to Rs. 20 lakh.
• The bank currently waives the processing fee for this loan as part of their festival campaign.
• Enjoy flexible loan tenures of up to 40 years, depending on your current age and chosen loan tenure.

• This loan is specifically designed for current PSB home loan borrowers who need extra funds for personal reasons.
• You can apply for a maximum loan amount of Rs. 10 lakh.
• The loan amount is granted based on the remaining value of your residential property mortgaged with PSB.
• This loan is available as both a term loan and an overdraft.
• For a term loan, the tenure will match the remaining tenure of your existing home loan. For an overdraft, interest is charged monthly.
• The processing fee is 0.15% of the loan amount, with a minimum charge of Rs. 1,000 and a maximum of Rs. 3,750.

• This home loan is specifically designed for activities like building, buying, renovating, repairing, or upgrading a house in rural or semi-urban areas.
• It's available at PSB branches located in rural and semi-urban areas.
• The maximum loan amount you can get is Rs. 20 lakh, and the longest period you can borrow for is 20 years.
• During certain festivals, PSB waives the processing fee for this loan.PSB Mortgage

• This is a flexible credit facility that you can use for various personal purposes such as weddings, education, medical expenses, and property repairs or renovations.
• The loan amount can range from a minimum of Rs. 5 lakh to a maximum of Rs. 5 crore, with the possibility of extending up to Rs. 10 crore.
• The processing fee is 1% of the loan amount for a term loan, with a minimum of Rs. 2,000, and 0.50% of the sanctioned limit for an overdraft.
• For term loans, the maximum repayment period is 10 years, while overdrafts are repayable on demand within a sanctioned limit for up to 3 years.

• This is a unique scheme designed for senior citizens, offering a reverse mortgage to support their lifestyles. They can obtain a loan based on the current market value of their property.
• The loan amount can be utilized for various purposes such as supplementing income/pension, covering medical expenses, renovating/extending their house, or repaying existing loans.
• The maximum loan amount available is Rs. 1 crore, with a repayment period of up to 15 years.
• A processing fee of 0.50% of the loan amount is charged, with a maximum fee capped at Rs. 15,000.

Also Read : Best Home Loan EMI Calculator

Also read: Best Home Loan Fees and Charges

Here are some common criteria applicable to all home loans offered by Punjab & Sind Bank:

Age:

• Minimum age: 18 years; 60 years for PSB Sukhmoney for Senior Citizens.
• Maximum age: 65 years.

Guarantor:

• May or may not be required depending on the home loan scheme.

Loan Type:

• All home loan schemes offered by the bank are secured loans, meaning the property has to be pledged to the bank.

Also Read : Best Home Loan Eligibility

To apply for a loan with Punjab & Sind Bank, you'll typically need to provide the following documents:

• Age Proof
• Address and ID proof
• Completely filled application form with 2 passport sized photographs
• Statement of personal assets and liabilities.
• Proof of advance or margin payment made for the purchase of the dwelling unit.
• Permission from the competent authority for house/flat construction if applicable.
• Approved map/plan copy of the proposed construction or purchase.
• Sale agreement, sale deed, and detailed estimate of the property to be constructed or purchased.
• Bank account statements for the last 6 to 12 months if you have accounts with other banks.
• Loan account statements for the past 6 months if you have loans from other banks or financial institutions.
• Bio-data including educational qualifications, job experience, age, and details about your profession or business.
• Income proof of spouse, earning children, or parents to assess the loan amount and repayment capacity.
• Income proof of spouse, earning children, or parents to assess the loan amount and repayment capacity.
• Guarantor's form along with net worth or income proof.
• Undertaking from your employer for the remittance of Equated Monthly Installments (EMI).
• Allotment letter from co-operative societies, development authorities, or association of apartment owners.
• Income Proof:
• For salaried:
• Latest salary slip for last 3 months
• ITR/Form No.16 for past 3 years
• Business and Other Individuals:
• Business and address proof
• ITR and certified/audited balance sheets for past 3 years of business/activity
• Other documents depending on:
• Purchase of resale property
• House construction on a separate plot
• Direct sale by Development Authority
• Property purchased directly from the borrower
• Property that belongs to a Co-operative Housing Society (Registered)

Also Read : Best Home Loan Documents Required

Yes, You have the option to prepay your home loan obtained from Punjab & Sind Bank, and the bank does not impose any prepayment charges for home loans with floating interest rates.

Punjab & Sind Bank exclusively provides home loans at floating interest rates.

Also read: Best Home Loan Balance Transfer

Punjab & Sind Bank provides a 10 basis points (bps) interest rate concession on home loans to female applicants, given that she is either the owner or co-owner of the property and contributes to the Equated Monthly Installments (EMIs).

Punjab & Sind Bank does not have a specified cut-off credit score for home loan applicants. However, they offer lower interest rates to applicants with higher credit scores. For instance, those with credit scores ranging from 768 to 900 are offered the lowest interest rates, followed by scores ranging from 753 to 767, 732 to 752, and so forth.

Yes, Punjab & Sind Bank considers the income of not only the primary applicant but also the spouse, son, and daughter-in-law when assessing eligibility for a home loan.

Punjab & Sind Bank provides a 25 basis points (bps) interest rate concession to applicants who hold a salary account with the bank.