Punjab and Sind Bank Home Loan 2021
|Interest Rate||6.90% onwards|
|Loan Tenure||Up to 40 years|
|Loan-to-Value Ratio||Up to 90% of the property value|
|Processing Charges||Full waiver on processing charges during the Festival Campaign Period|
Punjab and Sind Bank (PSB) offers home loans at an attractive interest rate starting from 6.90%. The bank extends home loan facility to all the eligible salaried and non-salaried borrowers. There are multiple home loan schemes which can be used for various purposes such as purchase, construction, repair, renovation, and extension of an existing house.
Features and Benefits of Punjab and Sind Bank Home Loan
- High loan-to-value ratio of up to 90%
- No limit on the maximum loan amount
- Longer repayment tenure of up to 40 years
- No prepayment penalty
- No processing and inspection charges
- No hidden charges
- Attractive interest rate
- Balance transfer facility
Punjab and Sind Bank Home Loan Interest Rates
The rate of interest offered by Punjab and Sind Bank Home Loan is directly linked with the External Benchmark Linked Lending Rate (EBLR). The total interest rate applicable on a home loan is the combination of EBLR and spread (basis the borrower’s CIBIL score). The table below shows the ROI offered by PSB against different home loan schemes.
|Home Loan Scheme||CIBIL Score||Rate of Interest (p.a.)|
|PSB APNA GHAR||768 – 900||6.90%|
|753 – 767||7.35%|
|732 – 752||7.50%|
|690 – 731||7.65%|
|PSB APNA GHAR Top-up||768 – 900||8.50%|
|753 – 767||8.55%|
|732 – 752||8.70%|
|690 – 731||8.85%|
|PSB Kisan Home Loan||768 – 900||7.25%|
|753 – 767||6.90%|
|732 – 752||7.45%|
|690 – 731||7.60%|
PSB Home Loan Processing Fee and Other Charges
|Processing Fee||● For PSB APNA GHAR and PSB Kisan Home Loan: Full waiver of processing charges during the Festival Campaign period|
● For PSB APNA GHAR Top-up: 0.15% of the loan amount, subject to a minimum of Rs. 1000 and a maximum of Rs. 3750
|Inspection Charges||Full waiver of Inspection Charges for the first year. Afterwards, in subsequent years, charges will be levied as per extant guidelines till the liquidation of loan|
|Documentation Charges||● Up to Rs. 2 lakh: Nil|
● Above Rs. 2 lakh to up to Rs. 10 lakh: Rs.2500
● Above Rs. 10 lakh to up to Rs. 25 lakh: Rs.5000
● Above Rs. 25 lakh to up to Rs. 50 lakh: Rs.7500
● Above Rs. 50 lakh to up to Rs. 100 lakh: Rs.10000
● Above Rs. 100 lakh: Rs.20000
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Note: Other loan-related charges shall be levied by the bank as and when applicable.
PSB Home Loan EMI Calculator
PSB Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Punjab & Sind Bank home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Punjab & Sind Bank home loan EMI.
Punjab & Sind Bank Home Loan EMI Calculation
The table below shows Punjab & Sind Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||30 years||40 years|
|Rs. 30 lakh||6.90%||Rs.27,471||Rs.23,802||Rs.20,567||Rs.19,300|
|Rs. 60 lakh||7.50%||Rs.55,621||Rs.48,336||Rs.41,953||Rs.39,484|
|Rs. 90 lakh||7.65%||Rs.84,200||Rs.73,331||Rs.63,856||Rs.60,226|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Punjab & Sind Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Punjab & Sind Bank.
|Eligible Profiles||Salaried and Non-Salaried Individuals, Group of individuals, and individual members of housing societies|
|Maximum Repayment Tenure||● For purchase of plot: 15 years|
● For Extension/Renovation/Repair: 15 years
● For purchase/construction of a house: 40 years
|Quantum of Loan||● For construction of house or purchase of house/ flat/Plot: Need-based finance (no maximum limit)|
● For repairs/renovation/additions/alterations: Maximum Rs. 20.00 lakh
|Age||Minimum: 18 years|
● For salaried class (non-pensionable): 60 years
● For salaried class(pensionable): 70 years
● For other than salaried class: 70 years
PSB Home Loan Documents Required
Following are the documents required to successfully apply for Punjab & Sind Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
PSB Home Loan Schemes
|PSB APNA GHAR||PSB APNA GHAR Top-up|
1. PSB APNA GHAR
This is a regular housing scheme available to all the salaried and non-salaried borrowers who are in need of funds for construction/acquisition/purchase/extension/repair/renovation of a house or flat. The maximum repayment tenure offered under the scheme is 40 years and the margin is as follows.
- For Purchase of Plot only, offered/allotted by Govt. authorities and/or Builders who are Bank’s borrowers:
- a) 25% of the Cost of the plot up to a finance amount of Rs.100 lakh upfront
- b) 40% of the Cost of the plot for the finance amount over and above Rs.100 lakh upfront
- For Construction or for Purchase of Plot & Construction:
- a) For purchase of plot: 40% of the cost of land/plot upfront
- b) For construction:
- 10% of the value of construction, proportionate for loans up to Rs. 20 lakh
- 20% of the value of construction, proportionate for loans above Rs. 20 lakh & up to Rs 75 lakh
- 25% of the value of construction, proportionate for loans above Rs. 75 lakh(loan amt. for ascertaining margin would be after clubbing both the loans i.e. for plot + for construction)
- For Purchase of a built-up dwelling unit:
- a) 10% of the total value of the property for loans up to Rs. 20 lakh upfront
- b) 20% of the total value of the property for loans above Rs. 20 lakh & up to Rs. 75 lakh upfront
- c) 25% of the total value of the property for loans above Rs. 75 lakh up-front
- For Extension/Renovation/Repair:
10% of the total estimated cost, proportionate for loans up to Rs. 20 lakh.
2. PSB APNA GHAR Top-Up
This scheme is specially designed to offer an additional loan amount to the existing housing loan borrowers having a successful repayment record of a minimum of 24 months. The loan is provided against the residual value of the residential property mortgaged with the Bank, and can be availed either as an OD (overdraft) or Top- Up facility or Term Loan. The maximum loan amount available under the scheme is capped at Rs. 10 lakh, and this can be used to manage any personal expenses.
3. PSB Kisan Home Loan
This scheme is available to borrowers for purchase/construction/repair/renovation/upgradation of a house situated in a rural or semi-urban area only. The maximum Loan available under the scheme is Rs. 20 lakh, which is subject to the following sub-ceilings:
- Loan for purchase of plot: 20% of the loan sanctioned
- Loan for repair/renovation of the house: Rs.2 lakh
The maximum repayment tenure is 20 years, subject to the condition that the entire loan amount including interest should be repaid before the borrower attains the age of 70 years.
Note: Housing Loan under this scheme would be extended only through Rural & Semi-Urban branches of the bank.
Apply for Punjab & Sind Bank Home Loan on Paisabazaar.com
Customers can apply online for Punjab & Sind Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
PSB Home Loan Customer Care Details
Customers can reach out to Punjab & Sind Bank through the below-mentioned contact details to get their home loan-related queries addressed.
- Toll-free: 1800-419-8300
- For queries from abroad: 011-25728462,25850059
Q1. What is the guarantee required by PSB for a home loan?
In the case of co-borrower, third party guarantee may be waived. In all other cases, the guarantee of spouse or major son may be obtained, if available.
Q2. What is the security required to avail a home loan?
The security for the loan shall be first charged by way of equitable/registered mortgage of the property for which the loan is availed. It is important to note that the title of the property must be clear, marketable and free from encumbrances details.
Q3. What is the margin associated with PSB Kisan Home Loan?
The margin associated with PSB Kisan Home Loan is as follows.
- For purchase of a Plot: 40% of the cost
- For construction of House: 20% of the cost of construction
- For repair/renovation/upgradation: 20% of the estimated cost of repair
- For purchase of a House: 25% of the cost