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PNB Housing Finance Ltd Loan Against Property

Apply PNB Housing Finance LTd Loan Against Property

Processing Fee

1%

Max Tenure

30 yrs

Best Rate

9.99%

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PNB Housing Finance Limited Loan Against Property

PNB Housing Finance Limited (PNB Housing) is a registered housing finance company with National Housing Bank (NHB). It began its operations on 11th November 1988. PNB Housing Financing Limited has a strong network of branches that have been established over three decades and are spread over India to help provide their customers with financial services with ease. PNB Housing Finance Limited issues housing loans to their customers and to corporate bodies to enable them to buy, construct, repair and upgrade their houses. PNB Housing Limited also offers loans for commercial spaces, loan against property and loans to buy residential plots.

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What is a loan against property?

A loan against property or a property loan is a type of a secured loan as one gives the lender collateral that is in the form of a house, land or other property as security for the loan amount. The interest rates on such loans are generally low as the lender can always sell the property to settle the loan if the customer fails to repay it. A certain percentage of the property’s market value is released to the customer. Documents for the ownership of the property must be submitted to the lender along with other basic documents to get the loan approved and sanctioned. The loan amount is then transferred to the customer’s bank account directly. The ownership of the property is under the bank until the loan is re-payed completely. Once repaid in full, the property is given back to the customer along with all the ownership documents.

An introduction to PNB Housing Finance Limited Loan Against Property

PNB Housing Finance Limited offers loans against property of existing residential or commercial immovable property in all their branch locations. The main advantage of this loan is its flexible end use. It can be utilized to expand business, travel abroad, pay for education, plan a wedding, buy items for a family function, pay medical bills, buy new furniture for the house, buy expensive consumer durables and more. However, the loan amount must be utilized for a legitimate purpose.

Features and benefits of PNB Housing Finance Limited Loan Against Property

  • Good loan amount
  • PNB Housing Limited provides up to 60% of the market value of the property as certified by PNB Housing Limited’s approved valuer or the repayment ability of the customer, whichever is lower.

  • Flexible tenure
  • PNB Housing Finance Limited offers tenures that can extend up to 15 years. The tenure can be chosen by the customer as per his/her convenience.

  • Minimal documentation
  • There is very minimal documentation needed for a PNB Housing Finance Limited loan against property. Apart from one’s ID proof, age proof, address proof and income proof, only the documents for the property must be turned in.

  • Safety of property
  • PNB Housing Finance Limited suggests that the customers should get their property and loan repayments insured for the safety and comfort of the customers. This can help them overcome unfortunate events that can occur during the repayment of the loan. PNB Housing Finance Limited has ties up with Bharti AXA and ICICI Lombard for this purpose.

  • Speedy disbursal
  • PNB Housing Finance Limited has a very strong delivery model. They provide door step services thereby enabling easy and fast approvals and disbursals of the loan amount to the customer. They also provide great post disbursement services.

Interest rates

Loan against Commercial Property

Non - Home Loan ProductFloating Rate of Interest
Loan against Commercial Property10.60% – 11.10%

Loan against Residential Property

Non-Home Loan ProductFloating Rate of Interest
Loan against Residential Property10.50% – 11.10%

Loan against Plot (residential/commercial)

Non-Home Loan ProductFloating Rate of Interest
Loan against Plot (residential/commercial)11.50% – 12.00%

The above rates of interest can change at the sole discretion of PNB Housing Finance Limited.

Eligibility criteria

  • The individual should either be a salaried or a self-employed.
  • The individual should not be more than 60 years of age if salaried and not be more than 65 years of age if self-employed.

Documents needed

For salaried employees

1. Filled application form with photograph

2. Age proof

  • PAN Card
  • Passport
  • Other certificate from Statutory Authority

3. Residence proof

  • Passport
  • Driving License
  • Telephone Bill
  • Ration card
  • Election card
  • Other certificate from Statutory Authority

4. Education qualifications – Latest Degree

5. Salary slips for last 3 months

6. Form 16 for last 2 years

7. Bank statements for last 6 months

8. Processing Fee Cheque in favour of ‘PNB Housing Finance Ltd.’

9. Photocopy of Title documents of the property and approved plan

For self-employed individuals

1. Filled application form with photograph

2. Age proof

  • PAN Card
  • Passport
  • Other certificate from Statutory Authority

3. Residence proof

  • Passport
  • Driving License
  • Telephone Bill
  • Ration card
  • Election card
  • Other certificate from Statutory Authority

4. Education qualifications – Latest Degree

5. Certificate and proof of business existence along with business profile

6. Last 3 years Income Tax Returns with profile and loss account and balance sheets duly audited

7. Bank statements for last 12 months

8. Processing Fee Cheque in favour of ‘PNB Housing Finance Ltd.’

9. Photocopy of Title documents of the property and approved plan

Loan repayment

A customer can repay his/her PNG Housing Finance Limited loan against property in Equated Monthly Instalments (EMI) through Post Dated Cheques or through an Electronic Clearance System over a maximum tenure of 15 years.

PNB Housing Finance Limited Loan Against Property – FAQs

1. What is the loan amount that is given by PNB Housing Finance Limited?

PNB Housing Finance Limited provides up to 60% of the market value of the property as certified by PNB Housing Finance Limited’s approved valuer or the repayment ability of the customer, whichever is lower.

2. How do I repay my loan amount with PNB Housing Finance Limited?

A customer can repay his/her PNG Housing Finance Limited loan against property in Equated Monthly Instalments (EMI) through Post Dated Cheques or through an Electronic Clearance System over a maximum tenure of 15 years.

3. Is there any collateral needed for an PNB Housing Finance Limited loan against property?

Yes, there is collateral that needs to be provided as security for the loan amount.

4. What is the eligibility for an PNB Housing Finance Limited loan against property?

The individual should either be a salaried or a self-employed. He/she should not be more than 60 years of age if salaried and not be more than 65 years of age if self-employed.

5. What is an PNB Housing Finance Limited loan against property used for?

It can be utilized to expand business, travel abroad, pay for education, plan a wedding, buy items for a family function, pay medical bills, buy new furniture for the house, buy expensive consumer durables and more. However, the loan amount must be utilized for a legitimate purpose.

Customer Reviews

4 / 5 (44 Reviews)
5 Sep 2018

Very good and useful app

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