PNB Housing Loan Against Property
PNB Housing Finance offers a loan against property up to 70% of the property’s market value to salaried employees, self-employed professionals, and non-professionals. The loan against property comes at an interest rate starting from just 9.00% p.a. and a processing fee of 0.75% of the loan amount. The loan can be repaid in tenure up to 20 years.
Apply for PNB Housing Finance Loan Against Property @ 9.00% Interest Rates
Key Details of PNB Housing Finance Loan Against Property
Here are the key details for the PNB Housing Finance Loan Against Property (LAP):
| Feature | Details |
|---|---|
| LTV (Loan-to-Value) | Up to 70% of the property value (depending on property type and location) |
| Interest Rate | Starting from 9.24% p.a. (rates may vary based on profile) |
| Loan Tenure | Up to 20 years (depending on applicant's profile and property type) |
| Processing Fee | Up to 1% of the loan amount (plus applicable taxes) |
Benefits of Obtaining a Loan Against Property from PNB Housing
Here are some of the key benefits of PNB Housing Finance loan against property:
- High-value loans: PNB Housing Loan Against Property loan amount 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: PNB Housing Finance loan against property interest rates range from 9.24% to 12.45% p.a. depending on the borrower’s CIBIL score and the type of property.
- 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.
- Flexible repayment tenure: The borrowed loan amount can be easily repaid in a maximum tenure of 20 years.
- Other benefits: Personalised doorstep service, various repayment options, customised eligibility program.
PNB Housing Finance Loan Against Property Interest Rates
PNB LAP interest rates are floating. Below is the table for the current PNB loan against property interest rates:
| Credit Score | Loan Against Commercial Property (p.a.) | Loan Against Residential Property (LAP) (p.a.) | Loan Against Plot/ Loan Against Special Residential/ Commercial Property (p.a.) |
|---|---|---|---|
| >=825 | 9.24% - 9.74% | 9.25% - 9.75% | 9.25% - 9.75% |
| >800 - 825 | 10% - 10.5% | 10% - 10.5% | 10% - 10.5% |
| >775 - 799 | 10.3% - 10.8% | 10.3% - 10.8% | 10.3% - 10.8% |
| >750 - <=775 | 10.9% - 11.4% | 10.9% - 11.4% | 10.9% - 11.4% |
| > 725 - < =750 | 11.3% - 11.8% | 11.3% - 11.8% | 11.3% - 11.8% |
| > 700 - <= 725 | 11.75% - 12.25% | 11.75% - 12.25% | 11.75% - 12.25% |
| > 650 - <= 700 | 11.95% - 12.45% | 11.95% - 12.45% | 11.95% - 12.45% |
| Up to 650 | 11.95% - 12.45% | 11.95% - 12.45% | 11.95% - 12.45% |
| NTC CIBIL >=170 | 11.95% - 12.45% | 11.95% - 12.45% | 11.95% - 12.45% |
| NTC CIBIL <170 | 11.95% - 12.45% | 11.95% - 12.45% | 11.95% - 12.45% |
Types of Loan Against Property Offered by PNB Housing Finance
Depending on the type of property mortgaged by the customer as collateral, PNB Housing Finance Loan Against Property can be further classified into the following three types:
- Loan against commercial property
- Loan against residential property
- Loan against plot (residential/commercial)
- Reverse mortgage loan
Since the cost and the value of different property types 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 property's value. Additionally, depending on the type of loan applied for, the interest rates will also change.
PNB Housing Finance Loan Against Property Fee & Charges
The processing fees and other charges charged for the PNB Housing Finance Loan Against Property are as follows:
| Processing fees | 2% of the loan amount + applicable taxes |
| Conversion from floating to the floating rate of interest | 1% of principal outstanding + applicable taxes |
| Conversion from fixed to floating rate of interest | 3% of principal outstanding + applicable taxes |
| Overdue charges | 2% p.m. on overdue payment + applicable taxes |
| Statement of account | Rs. 200 + applicable taxes |
| Part/full prepayment by the individual borrower (Floating interest rate loan) | Free of charge |
| Part/full prepayment by the non-individual borrower, being applicant or co-borrower (Floating interest rate loan) | 3% of principal prepaid + Applicable taxes |
| Part/full prepayment by the individual borrowers/non-individual borrower, being applicant or co-borrower (Fixed interest rate loan) | 3% of principal prepaid + Applicable taxes |
| Loan pre-closure statement or List of original property documents or Photocopies of original property documents | Rs. 500 + Applicable taxes |
Eligibility Criteria for PNB Housing Finance LAP
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 be at most 60 years at the time of loan maturity.
- The age of a self-employed professional/ non-professional should be at most 65 years at the time of loan maturity.
Documents Required for PNB Housing Finance Loan Against Property
Following is the required list of the PNB loan against property documents:
Documents required for salaried employees
- Duly filled loan application form with photograph
- Age Proof (any one): PAN Card, Passport, or any other Certificate from Statutory Authority
- Residence Proof (any one): Passport, Driving License, Election Card, Telephone Bill, Ration Card, or 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, or any other Certificate from Statutory Authority
- Residence Proof (any one): Passport, Driving License, Election Card, Telephone Bill, Ration Card, or 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.’
PNB Housing Loan Against Property FAQs
The interest rate of PNB Housing on a loan against property ranges from 9.24% to 12.45% p.a. depending on the CIBIL score of the borrower and the type of property.
Existing residential and commercial immovable properties are eligible for PNB Housing Finance LAP.
You can get up to 70% of your property’s cost as a loan amount.
Yes, you can prepay your PNB Housing Finance LAP. Prepayment (part/full) of loan for individual borrowers and at floating interest is free of charge.