PNB Plot Loan
PNB offers plot loans up to 75% of the plot’s market value to salaried as well as self-employed customers. The interest rate starts from just 9.50% p.a., and the borrowed funds can be repaid within a flexible tenure of up to 15 years. PNB plot loan can be obtained for the purchase of a residential plot on which you will build a home later.
PNB Land Purchase Loan Details
PNB Plot Loan allows you to finance the purchase of a residential plot on which you will build a home later. You can avail of up to 75% of the plot’s market value price as a PNB Housing plot loan while getting benefits like tax savings on commencement of construction on the purchased land, flexible tenure of up to 15 years, government-applicable interest subsidy, online post-payment services, and so on.
The key details of the PNB land purchase loan are:
| Interest Rates | 9.50% - 11.85% p.a. |
| Loan Amount | 70% - 75% of the plot’s market value |
| Processing Fees | 1% of the loan amount |
| Maximum Tenure | 10 - 15 years |
| Lowest EMI per Lakh | Rs. 1,044 |
| Eligibility | Up to 65 years old salaried individuals or business owners |
PNB Housing Finance Plot Loan Interest Rate
The following are the details of the PNB plot loan interest rates:
PNB Housing Plot Loan Interest Rates for loans up to Rs. 35 Lakhs
PNB land loan interest rates for loan amounts up to Rs. 35 Lakhs start from 9.50% p.a. for salaried/professional and 9.55% p.a. for business owners.
| Credit Score | Salaried/ Self-employed Professional (SEP) | Self-employed Non-professional (SENP) |
|---|---|---|
| 800 or above | 9.5% - 10% p.a. | 9.55% - 10.05% p.a. |
| 776 - 799 | 9.8% - 10.3% p.a. | 10.25% - 10.75% p.a. |
| 751 - 775 | 9.95% - 10.45% p.a. | 10.4% - 10.9% p.a. |
| 726 - 750 | 10.25% - 10.75% p.a. | 10.85% - 11.35% p.a. |
| 701 - 725 | 10.55% - 11.05% p.a. | 11.15% - 11.65% p.a. |
| 651 - 700 | 10.75% - 11.25% p.a. | 11.15% - 11.65% p.a. |
| Upto 650 | 10.75% - 11.25% p.a. | 11.15% - 11.65% p.a. |
| NTC CIBIL >=170 | 10.75% - 11.25% p.a. | 11.15% - 11.65% p.a. |
| NTC CIBIL <170 | 10.75% - 11.25% p.a. | 11.15% - 11.65% |
PNB Housing Plot Loan Interest Rates for Loans Above Rs. 35 Lakhs
PNB Housing Finance plot loan interest rates for loan amounts above Rs. 35 Lakhs start from 9.50% p.a. for salaried/professionals and 9.55% p.a. for self-employed.
| Credit Score | Salaried/ Self-employed Professional (SEP) | Self-employed Non-professional (SENP) |
|---|---|---|
| 800 or above | 9.5% - 10% p.a. | 9.55% - 10.05% p.a. |
| 776 - 799 | 9.9% - 10.4% p.a. | 10.4% - 10.9% p.a. |
| 751 - 775 | 10.05% - 10.55% p.a. | 10.75% - 11.25% p.a. |
| 726 - 750 | 10.4% - 10.9% p.a. | 10.9% - 11.4% p.a. |
| 701 - 725 | 10.75% - 11.25% p.a. | 11.35% - 11.85% p.a. |
| 651 - 700 | 10.95% - 11.45% p.a. | 11.35% - 11.85% p.a. |
| Upto 650 | 10.95% - 11.45% p.a. | 11.35% - 11.85% p.a. |
| NTC CIBIL >=170 | 10.95% - 11.45% p.a. | 11.35% - 11.85% p.a. |
| NTC CIBIL <170 | 10.95% - 11.45% p.a. | 11.35% - 11.85% p.a. |
Features & Benefits of PNB Housing Plot Loan
The following are the main features and benefits of the PNB Housing plot loan:
- With a Punjab National Bank plot loan, you can finance the purchase of a residential plot on which you will be building a home later.
- PNB Housing offers loans for acquiring urban residential plots.
- You can purchase the plots by direct allotment in real estate housing societies/projects or from development authorities.
- The bank offers finance in the range of 70% to 75% of the plot’s market value price.
- PNB land purchase loans’ repayment tenure is lengthy and ranges from 10 to 15 years.
- You can also receive home loan tax benefits if you start construction on the purchased land.
- PNB housing plot loan interest rates are attractive and range from 9.50% to 11.85% per annum.
- The bank offers quick and easy loans with doorstep services
- PNB has branches across India, ensuring easy access and a smooth process.
- Various repayment options are available.
- You can get a government-applicable interest subsidy.
- Online post-payment services are available.
- Possible increase in loan amount with tenure extension.
Eligibility Criteria For PNB Housing Finance Land Loan
The eligibility criteria for the PNB housing plot loan are explained below:
- Profession: The borrower should be a salaried employee, Self-employed Professional (SEP), or Self-employed Non-professional.
- Age: Applicants should not be aged above 70 years at the time of loan maturity.
- Credit score: The credit score of the borrower should be a minimum of 750 to qualify for an attractive interest rate. There will be an increase in the interest rate as the credit score decreases.
- Property cost: The cost of the plot to be purchased will determine the loan amount eligibility, as per PNB Housing’s LTV (Loan-to-Value) policies.
You can calculate your tentative loan eligibility using the instant PNB Plot Loan EMI Calculator or the loan eligibility calculator.
Punjab National Bank Plot Loan Fees and Charges
Apart from the applicable interest rate, the bank also levies the following charges for its plot loan:
- Delayed payment: Up to 24% p.a. on unpaid EMI for the delayed period.
- Prepayment charges: Nil.
- Processing fee: 1% of the sanctioned loan amount.
- Loan statement charges: Up to Rs. 500.
Documents Required for PNB Housing Plot Loan
You will need to submit the following documents to apply for PNB residential plot loan:
- Duly filled PLN plot loan application form with a recent photograph.
- Age proof, such as a PAN card, a passport, or any other certificate from a Statutory Authority.
- Residence proof, such as a passport, a telephone bill, a driving license, a ration card, an election card, or any other certificate from a Statutory Authority.
- Educational qualifications proof, like the latest degree.
- Salary slips for the latest 3 months, Form 16 for the last 2 years, and the last 6 months' salary account bank statements.
- Certificate and business existence proof, along with business profile (required for SEP & SENP only).
- Last 12 months' bank account statements (self & business), Income Tax Returns for the last 3 years (self & business) with Profit & Loss Account and Balance Sheets, duly certified/audited by a Chartered Accountant (required for SEP & SENP only).
- Processing fee cheque in favour of ‘PNB Housing Finance Ltd.’
- Photocopies of Title Documents of the property and the Approved Plan.
*All documents need self-attestation.
PNB Agriculture Land Purchase Loan
At present, there is no option for a PNB agriculture land purchase loan. You can only avail of a plot loan of up to 75% of the plot’s market value price for residential construction.
Government Loan for Purchase of Land
Currently, PNB Housing does not offer any government loans for land purchase. However, you can avail of its home loans like Roshni Home Loans or Unnati Home Loans to get a PMAY subsidy of up to Rs. 2.67 Lakhs for a home loan up to Rs. 30 Lakhs.
FAQs
Yes, you can apply for a loan against a self-owned piece of land. Various banks in India offer this credit facility.
The maximum tenure to repay a PNB plot loan is up to 15 years.
Most of the banks (including PNB Housing) offer land loans up to 75% of the value of the property.
- Visit the official website of the bank, i.e., https://www.pnbhousing.com/.
- Click on the ‘Plot Loan’ option under the ‘Housing Loan’ dropdown menu.
- Click on the ‘Apply Now’ subhead.
- Enter your full name, mobile number, email address, location, and preferred loan amount.
- Click on the consent checkbox.
- Click on the ‘Submit’ button to complete the online application process.
- You will get a call from the bank’s representative.
PNB Housing offers various modes for repaying plot loans, including the issuance of Post-dated Cheques (PDCs) or standing instructions to their banker to pay the instalments through an Electronic Clearing System (ECS) from your account. Cash payments are not accepted by the bank.
Getting approved for a PNB plot loan can take anywhere from just a few hours to several days. The loan approval time depends on various factors, including the completion and accuracy of documents, verification of the details submitted by the borrower, etc.
You can avail of up to 75% of the plot’s market value price as a PNB Housing plot loan amount.
Most banks offer up to 75% of the value of the property’s value as a plot loan amount.
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