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Punjab & Sind Bank Home Loan Interest Rate

On seeing the surge in number of home buyers, banks and other financial institutions have come up with various home loan products, catering to the diverse needs of customers.

Given the high competition, many banks and NBFCs offer home loans at attractive terms and rates. Punjab & Sind Bank, one of the popular banks in the country, offer attractive interest rates towards their home loan products.

The bank currently provides housing loans to their customers by name PSB Apna Ghar for which the interest rate ranges between 8.40% to 11%. However, this varies among different customers based on factors such as age, credit score, down payment, income, etc.

Punjab & Sind Bank Home Loan Eligibility

The interest rates on Punjab & Sind Bank home loan is determined based on the applicant’s eligibility criteria. Better the eligibility criteria, greater is the chances of securing a low interest home loans at better terms. Following are the eligibility criteria that one must fulfil to get the home loan form Punjab & Sind Bank.

  • You must be salaried, government or private employee, or self-employed with a regular source of income.
  • You must be a minimum of 18 years in order to qualify for a Punjab & Sind Bank home loan.
  • Individuals either singly or jointly with family members can apply.
  • The applicant must have a good credit history. Positive track record of repayment on past loans are preferred for better home loans.

Interest Rates and Other Charges on Punjab & Sind Bank Housing Loans

The interest rates on Punjab & Sind Bank home loan are fixed based on Marginal Cost of Funds Based Lending Rate (MCLR). The rates may be revised by the bank at various point of time as per the Government’s regulation. Following are the MCLR of Punjab & Sind Bank w.e.f. 16/06/2019.

S. NoTenureRate of Interest
1Overnight MCLR8.40%
21 Month8.45%
33 Months8.55%
46 Months8.65%
51 Year8.75%
63 Years9.15%

The interest rate on PSB Apna Ghar is fixed based on the above MCLR rates. Following the current rate of interest offered on home loan.

Loan AmountRate of Interest
Up to Rs. 75 LakhsOne Year MCLR
Above Rs. 75 LakhsOne Year MCLR + 0.25%

Processing Fee: For loans up to Rs. 10 lakhs, the processing fee is 0.15% of the loan amount, subject to a minimum of Rs. 1000 and maximum of Rs. 3750.

Prepayment Charges: Punjab & Sind Bank does not charge anything on prepayment.

Punjab & Sind Bank Home Loan Overview

Whether you are looking for a property, or wish to construct your own house, you could perhaps consider Punjab & Sind Bank home loans. Home loan interest rates in Punjab & Sind Bank are competitive. Some of the features and benefits include:

  • Flexible repayment tenure up to 15 years.
  • No cap on the maximum of loan amount. However, housing loans for repairs, renovation and extension, the maximum loan amount is Rs. 20 Lakhs.
  • Competitive interest rate
  • Hassle-free documentation
  • If you have a co-applicant or a co-borrower, third-party guarantee will be waived.

Punjab & Sind Bank Housing Loans can be availed for the following purpose

  • For Construction / Additions / Purchase of House / Flat
  • For purchase of Land / Plot for construction of house thereon
  • For repairs / renovation / remodelling/ alterations

How to calculate Interest/EMI on Punjab & Sind Bank Home Loan

Using a home loan EMI calculator takes the guesswork out of figuring out what kind of loan you can afford. There is no need to manually calculate the cost of different loan products offered by various lenders. It is quick, simple, accurate, and you need to know only three things when using the home loan calculator: the loan amount, the interest rate and the tenure. The Home Loan calculator will do the hard number crunching and present you with a breakup of the EMI amount. The whole process of calculating your EMI only takes a few minutes.

You can use CreditMantri’s Home Loan EMI calculator to calculate the exact amount that you will need to pay on a monthly basis provided that you enter all the amounts correctly. The tool will show you a detailed break up that includes the amount borrowed, the amount of interest payable and the processing fee. Calculating EMIs can be a very tedious and often confusing process. CreditMantri’s free and user-friendly online EMI Calculator helps calculate the monthly instalments payable on any of the loans you have undertaken. Using our EMI Calculator, all you need to do is enter the following information:

  • Loan amount
  • Tenure
  • Rate of Interest

Our tool will do the rest for you and present you with a breakup of the amount you need to pay over the years.

Punjab & Sind Bank Home Loan FAQs

1. What is the maximum loan term that I can avail by taking a home loan from Punjab & Sind Bank?

The maximum loan tenure offered by Punjab & Sind Bank on its home loan is 15 years.

2. Is there a prepayment charge?

You can make a full payment towards paying off your loan before your tenure. It is best to contact the bank directly for the most up to date charges.

3. Does my property need to be insured?

Property insurance is mandatory in order to protect your property against uncertainties like earthquake, fire or any damage and destruction due to natural and man-made calamities, during the tenure of the loan.

4. Is third-party guarantee required?

Generally, third party guarantee is not insisted upon if you apply along with a co-applicant. In case you are applying indivisibly, your spouse / parent / sibling can be a guarantor.

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