PNB HFL
Loan Against Property

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.

Additional Info: You can also avail Loan Against Property without Income Proof and ITR

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:

• High-value loans: PNB Housing Finance Loan Against Property is a secured loan. Hence, the main advantage of opting for this type of loan is that the loan amount available is substantial and directly linked to the value of the property. Depending on your credit profile, you can get loan amount as high as 60% of the value of the property.
• Low interest rates: Interest rates for PNB Housing Finance Loan Against Property interest rates start from 8.99% per annum for residential properties. Since PNB Housing Finance Loan Against Property is a secured loan, the interest rates are substantially lower than other unsecured loans such as personal loans. This means you are eligible for high-value loans and entitled to lower interest rates.
• High chances of approval: Generally, people who don't have a conventional job or a credit history often find it harder to get conventional loans. In such cases, opting for a PNB Housing Finance Loan Against Property increases one's chance of getting the required financial assistance. The reason being that as the property is offered as collateral, the company has the confidence that the risk associated with the loan has reduced significantly.
• Improve your credit score: Finally, paying off the Loan Against Property on time helps you improve your credit score. As the information is automatically received by the credit bureau, if you successfully pay off the loan on time, your credit score definitely becomes better.
• Longer repayment tenure: The loan can be repaid in maximum 20 years

Tip: Best Home Loan for Salaried Person before applying for a loan

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:

Additional Info: Best Home Loan Interest Rates @8.45%

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:

• Loan against commercial property
• Loan against residential property
• Loan against plot (residential/commercial)

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.

Additional Info: Also check Home Loan in Delhi

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 minimum age for applying for this loan is 21 years. The maximum age, at the time of maturity should not be over 60 years for salaried applicants and 65 years for self-employed applicants.
• Loan Against Property can be availed by salaried employees and self-employed professionals/ non-professionals. The main criterion considered while applying for this loan is that the applicant should have the potential to repay it.
• The EMI amount for the loan should not be more than 45% of the monthly income of the applicant.
• In case of salaried applicants, they should have been employed for at least the last three years. In the case of self-employed applicants, they should have been in business for more than three years with a steady income.

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.

Additional Info: Also check Bank of Baroda Balance Check Number

Listed below are the documents required to be submitted to avail a Loan Against Property by salaried persons, self-employed persons:

Additional Info: Also Apply for Home Construction Loan

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:

Additional Info: You can also Check Loan Against Property EMI Calculator

• Visit the MyMoneyMantra
• Go to the Financial Tools option and select "EMI Calculator"
• Simply enter the required information, and you will be provided with the amount of EMI you are expected to pay for a specific loan amount, interest rate, and loan repayment tenure.

**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:

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: customercare@pnbhousing.com

Corporate Office Address:

PNB Housing Finance Ltd, 9th Floor, Antriksh Bhavan, 22 Kasturba Gandhi Marg, Near Connaught Place, New Delhi 110001

Additional Info: Also check Home Loan Customer Care Number