PNB Plot Loan

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:

Additional Info: Also Check ICICI Plot Loan

Following are the details of PNB plot loan interest rates:

1. PNB Housing Plot Loan Interest Rates for Loan up to Rs. 35 Lakhs

PNB land loan interest rates for loan amount up to Rs. 35 Lakhs start from 9.50% p.a. for salaried/professional and 9.55% p.a. for business owners.

1. PNB Housing Plot Loan Interest Rates for Loan Above Rs. 35 Lakhs

PNB housing finance plot loan interest rates for loan amount above Rs. 35 Lakhs start from 9.50% p.a. for salaried/professionals and 9.55% p.a. for self-employed.

Additional Info: Rs. 35 Lakh Home Loan EMI

Following are the main features and benefits of PNB Housing plot loan:

• With 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 loan’s 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 available.
• You can get a government applicable interest subsidy.
• Online post-payment services are available.
• Possible increase in loan amount with tenure extension.

Additional Info: Also Check Best Banks for Home Loan in India in 2023

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 reduces.
• 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 loan eligibility calculator.

Additional info: Also Check PNB MCLR Rate

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. 

Additional Info: PNB Home Loan EMI Calculator

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 PAN card, passport, or any other certificate from Statutory Authority.
• Residence proof, such as passport, telephone bill, driving license, ration card, election card, or any other certificate from Statutory Authority.
• Education 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 Approved Plan.

*All documents need self-attestation.

You can also Check Pan Number for All Banks

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.

Additional Info: Also check DDA Housing Scheme 2023

Currently, PNB Housing does not offer any govt loan 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.

Also Read - LRD Loans