In today’s fast-paced world, financial needs can arise unexpectedly. Whether it’s for expanding your business, funding a dream wedding, or covering medical expenses, having access to substantial funds is crucial. PNB Loan Against Property (LAP) offers the solution, allowing you to unlock the hidden value of your residential or commercial property.
PNB Loan Against Property: Competitive Interest Rates
PNB Housing offers attractive floating interest rates starting from 9.25%, depending on your credit score. Here’s a breakdown:
| Credit Score | Interest Rate (LAP & Commercial Property) |
|---|---|
| >= 825 | 9.24% to 9.74% |
| 800 – 825 | 10% to 10.5% |
| 775 – 799 | 10.3% to 10.8% |
| 750 – 775 | 10.9% to 11.4% |
| 725 – 750 | 11.3% to 11.8% |
| 700 – 725 | 11.75% to 12.25% |
| 650 – 700 | 11.95% to 12.45% |
| Up to 650 | 11.95% to 12.45% |
| NTC CIBIL >=170 | 11.95% to 12.45% |
Minimum and Maximum Loan Amount
| Minimum Loan Amount | Maximum Loan Amount |
|---|---|
| ₹2,00,000 (Rs. 2 lakhs) | ₹5,00,00,000 (Rs. 5 Crores) |
PNB Loan Against Property Eligibility Criteria
| Criteria | Requirement |
|---|---|
| Who can Apply? | Individuals and joint owners with immovable property willing to mortgage and sufficient income to repay the loan. |
| Income Requirements | Salaried: Minimum net monthly salary of ₹25,000. Self-Employed: Minimum net annual income of ₹3,00,000. |
Documents Required for PNB Loan Against Property
| Category | Documents Required |
|---|---|
| Application Form | Duly filled with recent photographs |
| Age Proof | PAN Card, Passport, or any statutory certificate. |
| Residence Proof | Passport, Driving License, Telephone Bill, Ration Card, Election Card, or any statutory certificate. |
| Income Proof | Salaried: Last 3 months’ salary slips and Form 16 for the last 2 years. Self-Employed: Income Tax Returns for the last 3 years. |
| Bank Statements | Last 6 months’ statements of your salary or business account. |
| Processing Fee Cheque | In favor of ‘PNB Housing Finance Ltd.’ |
| Property Documents | Photocopies of the property’s title documents and approved plan. |
Assessment of Loan Amount
The loan amount is determined based on:
- Property Value: Up to 65% of the property’s realizable value.
- For Salaried Individuals: 36 times the gross monthly salary as per the latest salary certificate.
- For Self-Employed Individuals: 36 times the average gross monthly income over the last three years, as per income tax returns.
Note: The eligible loan amount will be the lowest of the above criteria.
Repayment Capacity Evaluation
- Maximum Permissible Deductions:
- Gross Monthly Income up to ₹1,00,000: 60%
- Gross Monthly Income above ₹1,00,000: 70%
- Considerations: All deductions include the proposed loan installment, existing deductions (excluding statutory ones), installments of other loans, and interest on term loans.
Repayment Terms
- Overdraft Facility: To be liquidated within 15 years or up to the age of 70, whichever is earlier, on a reducing Drawing Power (DP) basis.
- Term Loan: Maximum tenure of 180 months or up to the age of 70, whichever is earlier.
Conclusion
Unlock the potential of your property with PNB Housing’s Loan Against Property. With attractive interest rates, flexible repayment options, and a customer-centric approach, PNB Housing makes it easier for you to meet your financial goals.
Ready to take the next step? Visit Credit Dharma to explore your options and apply for a Loan Against Property today!
Frequently Asked Questions
Yes, joint owners of the property are eligible to apply for a LAP from PNB Housing.
Both residential and commercial immovable properties are accepted.
The loan can be repaid over a maximum of 15 years or up to the age of 70, whichever comes first.
Loans are offered even for credit scores up to 650, though interest rates may be higher than usual.
With PNB Housing’s efficient service delivery, loans are approved and disbursed quickly, often with doorstep services.
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