Financial emergencies have become part and parcel of modern lives. Expenses like higher education, marriage, starting a new business, medical treatment, etc. require you to spend a lot of money upfront. If you do not have such amount of money in your account, there is a possibility that you might panic. In such a situation property, a piece of land or a completely built home can be a great asset for you.
Most banks and financial companies provide Loan Against Property that can help you meet your upcoming expenses. The best thing about this loan is that the financial institution doesn't have to know what the end purpose is, and you can continue using the property against which you have availed the loan. Whatever your end requirement is, when you need urgent cash and own a property, financial institutions like PNB Housing Finance Limited, provide loans against property for your financial requirements.
PNB Housing Finance Loan Against Property allows you to meet your upcoming financial requirements in an efficient manner, without stretching your finances. If you are wondering as to why you should apply for a PNB Housing Finance Loan Against Property for your financial needs, here are some reasons that you must make a note of:
PNB Housing Finance offers some of the lowest interest rates on loans against property currently available in India today. Depending on the type of Loan Against Property, the interest rates applicable are as follows:
|Credit Score (Any Loan Amount)||Loan Against Commercial Property||Loan Against Residential Property||Lease Rental Discounting|
|Less than Zero||10.15%||10.15%||10.15%|
|650 to 700||10.15%||10.15%||10.15%|
|700 to 750||9.05%||9.05%||9.05%|
|750 to 800||8.35%||8.35%||8.35%|
|Credit Score (Any Loan Amount)||Loan against Plot/ Loan against Special Property||Loan for Purchase of Non-Residential Property||NRPL-Unnati|
|Less than Zero||10.50%||10.15%||12%|
|650 to 700||10.50%||10.15%||12%|
|700 to 750||10.50%||9.05%||12%|
|750 to 800||10.50%||8.35%||12%|
Depending on the type of property provided by the customer as collateral, PNB Housing Finance Loan Against Property can be further classified into three types:
Obviously, since the cost and the value of different types of properties are different, the amount of loan provided will also differ. The general policy of PNB Housing Finance is that the maximum loan amount approved will be 60% of that of the value of the property. Additionally, depending on the type of loan applied for, the interest rates will also change.
Just like any other financial institution, PNB Housing Finance Ltd. also has specified eligibility criteria that you need to check out before applying for a Loan Against Property.
Here are the eligibility norms that you must consider before applying for a PNB Housing Finance Loan Against Property:
The credit history of the borrower should be clean. This doesn't mean that you shouldn't have had borrowed anything up to that point; the only requirement is that you should have been making on-time payments for the loans you have been approved for previously. Making on-time payments results in a good credit score. A good credit score not only makes getting a loan easy; it will also provide you with leverage to negotiate for a lower interest rate. Ideally, you should have a credit score of 650+ in order to be approved for a PNB Housing Finance Loan Against Property.
Tip - Check Your Cibil Score for Free before applying for a loan against property.
Listed below are the documents required to be submitted to avail a Loan Against Property by salaried persons, self-employed persons:
|Particulars||Salaried persons||Self-employed/ Professionals|
|Application form||Duly filled application form affixed with passport photograph||Duly filled application form affixed with passport photograph|
|Age proof||PAN Card/ Passport/ Any other certificate issued by Statutory Authority||PAN Card/ Passport/ Any other certificate issued by Statutory Authority|
|Residence proof||Passport/ Driving License/ Ration Card/ Telephone Bill/ Election Card/ Any other certificate issued by Statutory Authority||Passport/ Driving License/ Ration Card/ Telephone Bill/ Election Card/ Any other certificate issued by Statutory Authority|
|Educational qualifications||Latest degree||Latest degree for professionals|
|Property documents||Photocopy of Property's Title Documents, Approved Plan, etc.||Photocopy of Property's Title Documents, Approved Plan, etc.|
|Processing fee cheque||In favour of 'PNB Housing Finance Ltd.'||In favour of 'PNB Housing Finance Ltd.|
The most convenient method to calculate the EMI for PNB Housing Finance Loan Against Property is online. Simply visit the MyMoneyMantra website and you are provided with an automatic EMI Calculator that does the math for you. All you have to do is:
**You can also check your credit score by pan card on MyMoneyMantra.
The processing fees and other charges charged for PNB Housing Finance Loan Against Property are as follows:
|Processing fees||2% of loan + Applicable taxes|
|Conversion from floating to the floating rate of interest||1% of principal outstanding + Applicable taxes|
|Conversion from fixed to the floating rate of interest||3% of principal outstanding + Applicable taxes|
|Overdue charges||2% p.m. on overdue payment + Applicable taxes|
|Statement of account||Rs. 200 + Applicable taxes|
|Part/full prepayment by the individual borrower (Floating interest rate loan)||Free of charge|
|Part/full prepayment by the non-individual borrower, being applicant or co-borrower (Floating interest rate loan)||3% of principal prepaid + Applicable taxes|
|Part/full prepayment by the individual borrowers/non-individual borrower, being applicant or co-borrower (Fixed interest rate loan)||3% of principal prepaid + Applicable taxes|
|Loan pre-closure statement or List of original property documents or Photocopies of original property documents||Rs. 500 + Applicable taxes|
Tip - Calculate cibil score before applying for a loan against property.
You can contact PNB Housing Finance to get any query answered through the following ways:
Phone number: 1800 120 8800
Email Address: firstname.lastname@example.org
Corporate Office Address:
PNB Housing Finance Ltd, 9th Floor, Antriksh Bhavan, 22 Kasturba Gandhi Marg, Near Connaught Place, New Delhi 110001
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ICICI bank loan against property up to 5 crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
It takes around 5-8 days from the day you submit your documents till the loan disbursement, subject to positive reports from the technical and legal department.
The total loan amount will be directly paid to the customer's bank account. The disbursement will be made only after the proper appraisal and legal documentation.
The minimum age to apply for a Loan Against Property is 21 years while the maximum age is 60 and 65 years for salaried and self-employed applicants respectively.
Prepayment (part/whole) of loan for individual borrowers and at floating interest is completely free of charge.
Yes, but you will have to provide an application at the office of the PNB Housing Finance regarding your request for the change of the payment method.
The bank requires a minimum credit score of 650+to approve the loan application.
The maximum loan tenure permitted by the financial institution is 20 years.