Loan Against Property By PNB Housing Finance

Loan Against Property

 

At PNBHFL, we provide loans against mortgage of existing residential/commercial immovable property in our branch locations. End use of the loan may be towards expansion of business, foreign travel, personal requirements such as education, marriage of children, family function, medical expenses, furnishing of the house, buying high cost consumer durables, etc. However, funds should be used for only a legitimate purpose.

Advantages of taking Non Home Loan from PNBHFL

  • Provides an extensive range of non-home loan products like Loan for Purchase & Construction of Commercial Property, Loan Against Residential & Commercial Property and Lease Rental Discounting
  • Pan India branch network
  • Robust service delivery model - door step services ensuring easy and fast approval & disbursal of loans
  • Excellent post disbursement services
  • Facility of enhancement in loan amount in the event of escalations in cost
  • Dedicated team of well-experienced employees who work on best-in-class information systems & network to deliver and provide customer satisfaction
  • High standards of ethics, integrity and transparency
  • Various repayment options

 

Eligibility Criteria For Home Loan By PNB Housing Finance :

 

  • You should either be a salaried employee or a self-employed professional/ non-professional.
  • Your age should not be more than 60 years if you are a salaried employee and not more than 65 years if you are a self-employed professional/ non-professional, at the time of loan maturity.

 

Loan Amount :

  • Maximum loan amount would be 50% of the market value of the property as certified by PNBHFL's approved valuer or repayment capacity of the customer, whichever is lower. 
  • Loan eligibility shall be determined by PNBHFL taking into account income, age, qualification and occupation etc.
  • Income of borrower(s)/ co-borrower(s) may be clubbed together for calculation of loan eligibility.

 

 

Rate of Interest :

FLOATING RATE

PNBHFL offers floating rate of interest, linked to its benchmark rate PNBHFR: 14.35% p.a.
Rates are applicable w.e.f. April 27th  , 2015

Loan against Commercial Property

Non Home Loan Product
Floating Rate of Interest

Loan against Commercial Property
12.50% - 13.00%

Loan against Residential Property

Non Home Loan Product
Floating Rate of Interest

Loan against Residential Property
12.25%-12.75%

Loan against Plot (residential/commercial)

Non Home Loan Product
Floating Rate of Interest

Loan against Plot (residential/commercial)
13.25% - 13.75%

* The above rates of interest are subject to change at the sole discretion of PNBHFL

FIXED RATE

PNBHFL offers 3 year, 5 year & 10 year Fixed Rate Scheme. Rates are applicable w.e.f April 27th, 2015

Loan against Commercial Property

Non Home Loan Product
Fixed for 3 years
Fixed for 5 years
Fixed for 10 years

Loan against Commercial Property
12.50% - 13.00%
12.50% - 13.00%
12.50% - 13.00%

Loan against Residential Property

Non Home Loan Product
Fixed for 3 years
Fixed for 5 years
Fixed for 10 years

Loan against Residential Property
12.00-12.50%
12.00-12.50%
12.00-12.50%

Loan against Plot (residential/commercial)

Non Home Loan Product
Fixed for 3 years
Fixed for 5 years
Fixed for 10 years

Loan against Plot (residential/commercial)
13.25% - 13.75%
13.25% - 13.75%
13.25% - 13.75%

Post the fixed rate period, interest rate would automatically get converted into floating rate prevailing at that time for the residual loan amount.

* Rates of interest are subject to change at the sole discretion of PNBHFL

 

 

Customer Safty :

 

PNBHFL, for the safety and extended comfort of its customers, suggests that they should get their property and loan repayments insured to overcome an unfortunate event during the re-payment term of the loan.

For the convenience of customers, PNBHFL has tied up with Bharti AXA and ICICI Lombard – to offer best-in-class products and services at their doorstep.

Property financed is to be insured as per the terms and conditions of PNBHFL

 

Secutiry :

 

Security for the loan is a first charge by way of an equitable mortgage of the property to be financed and/or such other collateral securities as may be deemed fit by PNBHFL.

Additional/ interim security may be required as acceptable to PNBHFL.

 

Loan Disbursement :

 

  • Disbursement will be made after the property has been technically appraised and all legal documentation has been completed.
  • The loan would be disbursed directly to the customer in lump sum through his/her bank account.

 

 

Loan Repayment:

Loan repayment is in Equated Monthly Installments (EMI) comprising of principal and interest through Post Dated Cheques/ Electronic Clearance System over a maximum period of 15 years.

 

Documents Required For Home Loan By PNB Housing Finance :

 

 

Salaried Employees
Self Employed/Professionals

Duly filled Application Form with Photograph
Duly filled Application Form with Photograph

Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)

Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)

Education Qualifications – Latest Degree
Education Qualifications – Latest Degree (for professionals)

Latest Salary-slips for 3 months
Certificate & Proof of business existence along with Business Profile

Form 16 for last 2 years
Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant

Last 6 months Bank Statements(salary account)
Last 12 months Bank Account Statements (self & business)

Processing Fee Cheque in favour of 'PNB Housing Finance Ltd.'
Processing Fee Cheque in favour of 'PNB Housing Finance Ltd.'

Photocopy of Title Documents of the Property, Approved Plan
Photocopy of Title Documents of the Property, Approved Plan etc.

All documents need self-attestation.

PNB Housing Finance Limited (PNBHFL) is a registered housing finance company with National Housing Bank (NHB). It was incorporated under the Companies Act, 1956 and commenced its operations on November 11, 1988. PNBHFL is a subsidiary of Punjab National Bank (PNB), which holds 51% of share capital in the Company.

In December, 2009, it entered into a strategic financial partnership with Destimoney Enterprises Private Limited (DEPL). In February 2015, DEPL’s majority shareholder Destimoney Enterprises Limited has sold its entire shareholding to Quality Investments Holdings, which is owned by Carlyle Group, a global investment firm.

With over two decades of specialised experience in housing finance, PNBHFL has a robust network of branches spread across the country which help its customers avail financial services (loans and deposits) seamlessly.

Loan Against property lets you unlock the full potential of your property, and use it to build a bigger life for yourself. Whether your property is residential, industrial or commercial, a loan against property will ensure maximum finance, taking care of your unique needs as either a salaried or self-employed individual. At My Loan Partner, we help to unlock the wealth in our client's real estate assets.

Your loan application is now a very simple process as never before and we will get your loan approved asap.

We have multiple options of financial institutions to provide various types of financial services to our esteemed customers at their doorsteps at competitive rates.

We are thus providing a list of documents which are required from your side to get your loan approved from the respective banks and financial institutions.

List of documents for Salaried persons
. Proof of Identity:- Passport/Driving Licence/Voters ID/PAN Card(any one).
. Proof of Residence:- Leave and License Agreement/Utility Bill(not more than 3 months old)/Passport(any one).
. Latest 3 months Bank Statement(where salary/income is credited).
. Salary slips for last 3 months.
. 2 Passport Size Photographs.

List of documents for Self-Employed
. KYC Documents:- Proof of Identity;Address proof;DOB proof.
. Proof of Residence:- Leave and License Agreement/Utility Bill(not more than 3 months old)/Passport(any one).
. Income proof(audited financials for the last two years).
. Latest 6 months Bank statement.
. Office address proof.
. Proof of residence or office ownership.
. Proof of continuity of business.

Interested? Please leave your details and we will contact you soon