Choosing PNB Housing Loan Against Property To Tackle Your Financial Worries

Even when your savings are well-planned, you may go through unforeseen circumstances that strain your finances. During such hard times, you need some assistance to tide you over. This is when a housing loan could come to your rescue. It means you can leverage your home as collateral to get a loan from the bank. 

While various types of loans are available in the market, a loan against property (LAP) is one of India’s most secure and cheapest options. Besides, you also get a higher amount than that received through a personal loan, as you’ll be offering collateral. Moreover, PNB Housing has a hassle-free, easy-to-avail LAP scheme that you can consider. Another plus point is that interest rates are comparatively feasible and lower than the usual market rate. 

How to apply for the PNB Housing Loan Against Property?

PNB Housing is a great platform to avail loan against property to meet your financial needs. To get the loan, you need to mortgage a commercial or residential immovable property that you own in a PNB branch location. 

Required Documents

The loan application process requires you to submit self-attested copies of:

  • The application form
  • Your age proof (Passport, PAN card, or any other certificate from a statutory authority)
  • Proof of residence (DL, Passport, Voter ID, telephone bill, ration card, or a certificate from a statutory authority)
  • Salary slips of 3 months (latest)
  • Educational qualification (latest degree)
  • IT returns for the previous 3 years if you’re self-employed / Form 16 of the past 2 years if you’re a salaried employee.
  • Bank statements of last 12 months if you’re self-employed / Bank statements of last 6 months if you’re a salaried employee
  • Processing fee cheque 
  • Photocopy of the title documents of approved plan or property

Eligibility criteria

To apply for a loan at PNB, you must either be a self-employed professional or a salaried employee. Salaried employees shouldn’t exceed the age limit of 60 years, while self-employed professionals shouldn’t be over 65 years when the loan matures. 

Tenure

Most banks typically grant tenure of 1-9 years for a loan, but if the amount is enormous, they are most likely to extend the term for up to 15 years. But, much to your delight, PNB Housing offers a maximum of 20 years for loan repayment. What’s more, you can choose from multiple options for loan repayment, the most convenient being Equated Monthly Installments (EMIs).

Interest Rates

PNB Housing loans against property interest rates are floating by nature and depend on your CIBIL or credit score. Loan borrowers with a high credit score incur lower interest rates. The rates for LAP start at 7.75% and can go up to 11%, based on the type of property (residential/commercial/particular property). 

Closing thoughts

If you have the necessary documents ready and meet the qualifications, you are all set to apply for a PNB loan. It only takes 3-5 minutes to apply for the loan online. We hope this article has helped sort out your doubts regarding PNB housing loans.