PNB Housing

PNB Housing Loan Against Property

Apply PNB Housing Loan Against Property @ 10.5%
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Interest Rate

10.5%-11%

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Processing fee

Upto 0.75%

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Loan Tenure upto

15 years

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LTV (Loan to value)

75% to 90% of property value

About PNB Housing Finance 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.

One of the main players in the finance industry in India, PNB Housing Finance works under the aegis of NHB (National Housing Bank). As is obvious from its name, this bank specializes in Home Loans and Loans Against Property. Obtaining a PNB Housing Finance Loan Against Property is a simple and convenient process and is advantageous in many ways. Additionally, the interest rates are much lower as compared to any other options that you can access in situations of financial crunch, such as a personal loan or credit card.

Why Opt for PNB Housing Finance Loan Against Property?

Since Loan Against Property is secured with collateral, there are many financial institutions willing to offer this facility. So, why opt for PNB Housing Finance? The simple answer to this question is that it is a housing finance company and hence, specializes in housing loans and loans against property. Here are some of the major advantages that PNB Housing Finance enjoys over other financial institutions in the market:

  • Pan India services: PNB Housing Finance has a presence all across India and provides its services in every state of India with 84 branches and 36 outreach offices present in over 60 locations nationally.
  • Customer is the king: The products and services offered by PNB Housing Finance are customer-driven. They provide doorstep services to facilitate quick approval and disbursement of loans. This is especially advantageous when you are looking to get a Loan Against Property as it involves several inspections and assessments which require time while the end requirement might be time-sensitive. PNB Housing Finance specializes in loans against property and hence has a streamlined process in place for quick inspection, approval and disbursement.
  • Post-disbursement services: Taking a loan is a long and drawn-out process. Applying and getting approved for the loan are the primary steps. Since, it takes years and sometimes even a couple of decades to repay the loan, having a provider with good post-disbursement services can be advantageous in many ways. When you opt for PNB Housing Finance Loan Against Property, you are provided with this advantage thanks to their excellent post-disbursement policies and services.
  • Loan enhancement option: Another advantage of opting for PNB Housing Finance is the availability of loan enhancement option. In case there is an unexpected escalation of costs, you can opt for loan enhancement and get more to cover the added expenditure.
  • Flexible repayment options: Finally, the best thing about a PNB Housing Finance Loan Against Property is that you are provided with several flexible repayment options so that you can choose one that is best suitable for you currently as well as in the future.
  • Provides an extensive range of loan against residential and commercial property, and lease rental discounting.
  • Doorstep services ensuring you get easy and fast approval and disbursal of loan
  • Dedicated team of experienced employees
  • Various repayment options available

Features and Benefits of PNB Housing Finance Loan Against Property

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 start from 10.25% per annum for residential properties and 10.50% against commercial 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

PNB Housing Finance Loan Against Property Interest Rates

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:

Loan against residential property

10.25% to 11.10%

Loan against commercial property

10.50% to 11.10%

Loan against plot (residential/commercial)

11.25% to 12%

Types of Loan Against Property Offered by PNB Housing Finance Ltd

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.

Eligibility Criteria for PNB Housing Finance Loan Against Property

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 individual must be an Indian national. They should be a citizen of Indian or in case of an NRI, the borrower should have an Indian passport.
  • 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.

Documents Required for PNB Housing Finance Loan Against Property

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

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

Income proof

  • Salary slips for the last 3 months
  • Form 16 of the last 2 years
  • Bank account statements of salary account for the last 6 months
  • Certificate and proof of business existence with Business Profile
  • ITR for the last 3 years (for self and business) with Profit & Loss Account and Balance Sheets (duly certified or audited by a CA)
  • Bank account statements of last 12 months (for self and business)

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.'

Why Apply for PNB Housing Finance Loan Against Property on MyMoneyMantra?

You avail multiple benefits when you apply for PNB Housing Finance Loan Against Property on MyMoneyMantra, as the entire process is effortless and convenient. It is an online platform that specializes in servicing loans and other financial products.

Being in partnership with more than 90 banks and other financial institutions, our experts have the knowledge and experience to make your loan application journey as easy and hassle-free as possible.

MyMoneyMantra is an online platform where financial specialists assist applicants and help them through the entire process of application, document submission, verification, and disbursement.

How to Apply for PNB Housing Finance Loan Against Property using MyMoneyMantra?

To apply for PNB Housing Finance Loan Against Property through MyMoneyMantra, you have to:

  • Go to our website, i.e., MyMoneyMantra
  • Under Loans tab, select "Loan Against Property"
  • Enter and submit your details
  • Enter the OTP received on your registered mobile number

And, you are through; all you have to do now is to wait for a call from our representative who will walk you through the entire process of applying for and getting a PNB Housing Finance Loan Against Property simply, quickly, and conveniently.

Other Products Provided by PNB Housing Finance

PNB Housing Finance Ltd. is a financial institution that specializes in providing the following products part from Loan Against Property:

Home Purchase Loan

Home Extension Loan

Home Construction Loan

Home Improvement Loan

Residential Plot Loan

Home Loan for NRIs

Unnati Home Loans

Pradhan Mantri Awas Yojana

Commercial Property Loan

Lease Rental Discounting

Loan for Real Estate Developers

Fixed Deposit

Calculation of PNB Housing Finance Loan Against Property EMI

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:

  • 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.

PNB Housing Finance Loan Against Property - Processing Fee and Other Charges

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

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

500 + Applicable taxes

PNB Housing Finance Loan Against Property - Customer Care

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

PNB Housing Finance Loan Against Property FAQs

How long does it take to get the Loan Against Property?

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.

How is the disbursement of the loan made?

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.

How old should I be to get the loan?

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.

Are there any charges for prepayment of the loan?

Prepayment (part/whole) of loan for individual borrowers and at floating interest is completely free of charge.

Can I change the way I pay the monthly EMIs?

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.

What is the credit score I require?

The bank requires a minimum credit score of 650+to approve the loan application.

How can I apply for the loan easily?

MyMoneyMantra is a dynamic online platform that makes applying for loans easy and convenient.

How long is the maximum repayment tenure of the loan?

The maximum loan tenure permitted by the financial institution is 20 years.

What is the maximum loan amount provided?

The maximum loan amount provided will be around 60% of the market value of the property as evaluated by a PNB Housing certified valuer.

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