PNB Housing Loan Against Property

PNB Housing Finance Limited offers its customers loans against their properties wherein the loan is given against the mortgage of residential or commercial properties. The loan has various features which are enumerated below:

Features of PNBHFL Loan Against Property

• The loan is available against mortgage of property irrespective of the fact whether it is a residential property or a commercial one. The property is supposed to be mortgaged to the bank against the value of which the loan will be issued.
• The loan amount availed can be used for various purposes like business expansion, foreign travel, personal expenses like education, the marriage of children, family function, medical expenses, furnishing the house, purchasing expensive consumer durables, etc. The loan amount, however, cannot be used for any illegal or illegitimate purposes.
• The maximum amount of loan which would be offered would be 50% of the value of the property based on the certification of the PNBHFL’s approved value or repayment capacity of the borrower whichever is lower
• The loan eligibility will be determined by the institution after considering the income, age, qualification, occupation, etc. of the borrower to determine the credit worthiness or the repayment capacity
• Income of the borrower(s) or co-borrower(s) can be clubbed together for calculating the loan eligibility of the borrower
• The borrower is advised to get the property and the respective loan repayments insured to avoid loan liability in case of any unfortunate event during the repayment of the loan. For this, PNBHFL has tied up with Bharti AXA and ICICI Lombard to provide life and property insurance respectively. The companies offer the best products at competitive rates and even offer doorstep services for the convenience of customers.
• For availing the loan, security is required which is in the form of an equitable mortgage of the property to be financed and other collateral securities which the institution deems fit. Interim security may be called for by PNBHFL in cases where it sees fit.
• The disbursement of the loan will occur when the institution’s value has appraised the property completely and all legal documents have been duly submitted and accepted by PNBHFL. The loan is disbursed in a lump sum directly to the customer’s bank account.

The loan repayment mode through Equated Monthly Instalments (EMIs). You can repay the loan directly through Electronic Clearing System (ECS) or as per the instructions of the bank to debit the loan amount and credit it towards the loan amount. You can also repay by a post-dated cheques.