PNB Housing Finance Loan Against Property

The key details of the Punjab National Bank loan against property are given below:

PNB Housing Finance Ltd provides loans against property following which an individual can utilise the proceeds for fulfilling various financial requirements that are beyond house purchase or renovation. Expenses related to higher education, marriage, medical treatment, immediate requirement for home improvement, a long-awaited vacation or pilgrimage, expansion of business, etc. A PNB Mortgage Loan can be truly helpful in case of a seasonal job loss or any unanticipated damage to property or assets.

PNB Housing Finance LAP allows you to meet your upcoming financial requirements efficiently, without stretching your finances. 

If you are wondering as to why you should apply for a Loan Against Property PNB for your financial needs, here are some reasons that you must make a note of:

• High-value loans: PNB Housing Loan Against Property is a secured loan. Hence, the main advantage of opting for this type of loan is that the loan amount available is substantial and directly linked to the value of the property. Depending on your credit profile, you can get a loan amount as high as 70% of the value of the property.
• Low interest rates: Interest rates for PNB Housing Finance Loan Against Property interest rates start from 9.24% - 12.45% per annum for residential properties. Since PNB Housing Loan Against Property is a secured loan, the interest rates are substantially lower than other unsecured loans such as personal loans. This means you are eligible for high-value loans and entitled to lower interest rates.
• High chances of approval: Generally, people who don't have a conventional job or a credit history often find it harder to get conventional loans. In such cases, opting for a PNB Housing LAP increases one's chance of getting the required financial assistance. The reason is that as the property is offered as collateral, the company has the confidence that the risk associated with the loan has reduced significantly.
• Improve your credit score: Finally, paying off the Loan Against Property on time helps you improve your credit score. As the information is automatically received by the credit bureau, if you successfully pay off the loan on time, your credit score becomes better.
• Longer repayment tenure: The loan can be repaid in a maximum of 20 years

You can also apply for a loan against property without income proof

Depending on the type of property provided by the customer as collateral, PNB Housing Finance Loan Against Property can be further classified into three types:

• Loan against commercial property
• Loan against residential property
• Loan against plot (residential/commercial)

Since the cost and the value of different types of properties are different, the amount of loan provided will also differ. The general policy of PNB Housing Finance is that the maximum loan amount approved will be up to 70% of the value of the property. Additionally, depending on the type of loan applied for, the interest rates will also change.

You can also check rates from different banks to apply online for a Loan against agricultural land.

PNB Housing Finance Ltd. has specified the following basic eligibility criteria for a LAP:

• The applicant should be a salaried employee, a self-employed professional or a self-employed non-professional.
• The age of a salaried applicant should not be more than 60 years at the time of loan maturity. 
• The age of a self-employed professional/ non-professional should not be more than 65 years at the time of loan maturity.

You can also check PNB Loan Against Property Eligibility Criteria Online to Apply Online.

Following is the required list of PNB loan against property documents:

Documents required for salaried employees

• Duly filled loan application form with photograph
• Age Proof (any one): PAN Card, Passport, any other Certificate from Statutory Authority
• Residence Proof (any one): Passport, Driving License, Election Card, Telephone Bill, Ration Card, any other Certificate from Statutory Authority
• Education Qualifications: Latest degree
• Income Proof: Latest salary slips for 3 months, Form 16 for last 2 years, last 6 months Bank Statements of salary account
• Property documents: Photocopy of Title Documents of the Property, Approved Plan, etc.
• Processing Fee Cheque: In favour of ‘PNB Housing Finance Ltd.’

Documents required for self-employed/professionals

• Duly filled loan application form with photograph
• Age Proof (any one): PAN Card, Passport, any other Certificate from Statutory Authority
• Residence Proof (any one): Passport, Driving License, Election Card, Telephone Bill, Ration Card, any other Certificate from Statutory Authority
• Education Qualifications: Latest degree (for professionals)
• Business Proof: Certificate and Proof of Business Existence along with Business Profile
• Income Proof: Last 3 years Income Tax Returns (self & business) with Profit & Loss Account and Balance Sheets (duly certified/audited by a Chartered Accountant), last 12 months Bank Account Statements (self & business)
• Property documents: Photocopy of Title Documents of the Property, Approved Plan, etc.
• Processing Fee Cheque: In favour of ‘PNB Housing Finance Ltd.’

The processing fees and other charges charged for PNB Housing Finance Loan Against Property are as follows:

The current PNB Lease Rental Discounting interest rates based on the borrower’s credit score are mentioned in the table below: 

You can use the PNB Housing Loan Against Property EMI Calculator available on our website to instantly find how much you would be paying. Follow the steps given below to use the calculator:

• Visit our portal and go to the Financial Tools page. 
• Select ‘Loan Against Property EMI Calculator’.
• Enter the required loan amount, interest rate, and tenure to get instant results.

Below is an example using our Loan Against Property EMI Calculator:

You can also calculate your PNB loan against property EMI using the formula mentioned below:

EMI amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], which uses three inputs i.e., Principal loan amount (P), tenure (N), and rate of interest (R).