PNB Loan Against Property 2020
|Interest Rate||10.55% to 14.30% per annum|
|Loan Amount||Minimum: Rs. 2 lakh|
Maximum: Rs. 5 crore
|Loan Tenure||Up to 10 years|
|Processing Fees||0.75% of the loan amount, subject to a maximum of Rs. 1lakh|
Punjab National Bank (PNB) offers Loan Against Property (LAP) at a competitive interest rate starting from 10.55% per annum. Availing a LAP from PNB provides the flexibility to use the loan amount for any personal purpose except speculative purposes. LAP can either be availed as a Term Loan or Overdraft facility, against mortgage of immovable property.
Features & Benefits of PNB Loan Against Property
Mentioned below are some features and benefits of PNB LAP that customers get to enjoy.
- Flexible tenure of up to 10 years
- Freedom to use funds for any financial need
- High loan amount availability
- Competitive rate of interest
- No prepayment charges
- Swift and hassle-free loan processing
- Simple documentation
PNB Loan Against Property Interest Rate
The interest rate offered by Punjab National Bank on a Loan Against Property is linked with the Base Rate, which currently stands at 8.90%. The actual interest rate applicable is the sum of Base Rate and Spread, decided on the basis of the required loan amount and applicant’s CIBIL Score. PNB LAP interest rate starts from 10.55% per annum and goes up to 14.30% per annum.
PNB Loan Against Property Processing Fees & Other Charges
|Processing Fee||0.75% of the loan amount, subject to a maximum of Rs. 1lakh|
Note: The processing fee for overdraft facility shall be recovered upfront one time applicable for three years at the time of sanction. And thereafter, once in three years on the reduced or restored limit.
|Documentation Charges||● For loan up to Rs 50 lakh: Rs 2500|
● For loan above Rs 50 lakh: Rs 5,000
|Inspection Charges||Rs. 250|
|Statutory/Regulatory Charges||As per Actual|
* Applicable Goods and Services Tax (GST) will be levied in addition to the mentioned charges.
Note: Other applicable charges will be levied by the bank as and when required.
PNB Loan Against Property EMI Calculator
Loan against property EMI calculator is a free and easy-to-use online tool to find an estimate of the monthly installments to be paid towards loan repayment. Customers can use Paisabazaar’s Loan Against Property EMI calculator any time, as it is available 24/7 on the Paisabazaar website.
Follow the below-mentioned steps to calculate EMI using Paisabazaar’s LAP EMI Calculator.
- Visit Paisabazaar’s Loan Against Property EMI Calculatorpage
- Enter the following details, manually or by using the movable slider available on the page:
- Loan Amount: This is the principal amount borrowed from the bank or NBFC by the customer. Higher the loan amount, higher the EMI
- Rate of Interest: This is the most critical factor that determines your ability and the ease to repay the loan. Different banks and housing finance institutions offer different interest rates which keep changing from time to time. Higher interest rate on your loan means a higher EMI amount to be paid
- Loan Tenure: This is the time within which the borrower needs to repay the loan amount fully. The loan tenure depends on the borrower’s current age and the retirement age. Longer the tenure, smaller the EMIs and vice versa
Upon filling all the relevant details, the monthly installment amount will show up instantly in the right panel.
PNB Loan Against Property Eligibility Criteria
The minimum requirements that a customer must meet in order to avail a mortgage loan from Punjab National Bank are as follows:
|Eligible Profiles||Individual and Joint owners, having immovable property to be mortgaged and sufficient income to repay the loan|
|Minimum Income||● For salaried: net monthly salary of Rs.25,000|
● Other than salaried: net annual income of Rs.3,00,000
|Maximum Loan Amount||1. 65% of the realizable value of the property|
2. For Salaried: 36 times of gross monthly salary on the basis of last/latest salary certificate, whichever is lower of ‘1’ and ‘2’
3. For Non-Salaried: 36 times the average gross monthly income of the last three years, as reported in the last three ITRs, whichever is lower of ‘1’ and ‘3’
|Maximum Repayment Tenure||● Overdraft: 10 Years|
● Term Loan: 10 years or till the borrower attains the age of 65, whichever is earlier
|Age||Minimum: 21 years|
Maximum: 65 years
Check Also: Loan Against Property Eligibility Criteria
Documents Required for PNB Loan Against Property
The table below shows the list of documents required to apply for a Loan Against Property with LIC.
|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 of two years||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|
Apply for PNB LAP on Paisabazaar.com
Customers can apply online for PNB LAP through Paisabazaar.com by simply following the below-mentioned steps.
- Visit Loan Against Propertypage
- Fill in the following information:
- desired loan amount
- employment type
- annual income
- contact details
After this, various LAP offers, which you are eligible for, will appear on your screen from multiple banks. Select Punjab National Bank from the list and click on the ‘Submit’ button. Soon, a representative from Paisabazaar will connect with you on the provided contact number to process your application.
Punjab National Bank Customer Care Details
Customers can reach out to PNB through the below-mentioned contact details to get their loan-related queries addressed.
- Email: firstname.lastname@example.org
- Toll-Free: 1800 180 2222/1800 103 2222
- Phone: 0120-2490000
- Landline: 011-28044907
Q1. What is the security required to avail a LAP?
The security required to avail a LAP from PNB is equitable/registered mortgage of the non-encumbered built up and self-occupied residential House/Flat/ commercial/ industrial property having minimum residual life of 25 years.
Q2. How does Punjab National Bank calculate loan amount eligibility?
The eligibility of a customer to avail a certain loan amount depends upon the following factors.
- Repayment capacity,
- Co-applicant’s income,
- Age of the property,
- Value of the property,
- Current liabilities, and
- Credit history.
Q3. Is it mandatory to have property Insurance?
Yes, it is necessary to have property insurance in order to protect it against any uncertain disaster or natural calamity during the tenure of the loan.