Your property is an important investment and nothing makes it work like loan against property. Under this kind of arrangement, a loan based on value of property is extended to the borrower and the property is held as collateral. The secure nature of this loan makes it less risky for the lender and easier for the borrower to get funds. Amongst the leading name in the lending sector, is PNB or Punjab National Bank’s housing division. This fast growing company has played an important role in servicing clients all over India and helping them realise their dreams.
Why PNB Housing
PNB Housing is primarily a housing finance Company and is a subsidiary of reputed Punjab National Bank. It provides housing loans to individual customers as well as corporate entities for construction, purchase, repair and renovation of house property and covers commercial space, loan against property and loan for purchase of residential plots as well.
PNB Housing has been servicing clients for past decade and with its specialisation and focus on housing finance, it is but natural that their service is based on a very strong foundation. Handling entire loan process seamlessly and in the best interest and according to requirement of the client are some of the advantages that PNB housing offers. It has a wide and robust network of branches across India employing qualified and highly trained professionals in this area.
All needs, one place- PNB
PNB Housing provides loans against mortgage of existing residential and commercial immovable property. Individual branches under whose purview the area where property is located comes, handles the loan application and process. PNB provides loans for an extensive list of purposes that include:
✔ Expansion of business
✔ Foreign travel
✔ Personal requirements such as education, marriage of children, family function, medical expenses etc
✔ Furnishing of the house
✔ Buying high cost consumer durables.
Advantages of taking Non Home Loan from PNB Housing
✔ PNB Housing has a comprehensive bouquet of home as well as non-home loan products including loans for commercial property.
✔ It has a vast network and presence across India with branches handling loan processing
✔ Their delivery model makes use of door step services that result in easy and fast approval and disbursal of loans
✔ Robust and proactive post disbursement customer services.
✔ Dedicated team of well-experienced employees
✔ State of Art information systems and network to deliver and provide customer satisfaction
✔ High standards of ethics, integrity and transparency
Age criteria for loan application
To apply for loan from PNB
✔ Borrower should either be a salaried employee or a self-employed professional/ non-professional.
✔ The age should not be more than 60 years if you are a salaried employee and not more than 65 years if you are a self-employed professional/ non-professional, at the time of loan maturity.
Rate of Interest and tenure for Non-home loan product
PNB housing provides loan both on flexible as well as fixed rate of interest over a tenure of 3-10 years. Following is the range of interest under various categories
✔ Commercial: 11.25%-11.75%
✔ Residential property: 11-11.5
✔ Plot: 12-12.5%
✔ Commercial: 11.25%-12%
✔ Residential property: 11-11.75
✔ Plot: 12-13%
Other Important features
✔ Facility of enhancement in loan amount in the event of escalations in cost
✔ Provision of various repayment options and freedom to choose from them.
✔ Loan eligibility shall be determined by PNB Housing taking into account income, age, qualification and occupation etc.
✔ Income of borrower(s)/ co-borrower(s) may be clubbed together for calculation of loan eligibility.
✔ Disbursement of loan amount is made after the property has been technically appraised and all legal documentation has been completed.
✔ The loan is disbursed directly to the customer in lump sum through his/her bank account.
✔ Duly filled Application Form with Photographs
✔ Age Proof : PAN Card, Passport, Birth Certificate or any other Certificate from a Statutory authority
✔ Residence Proof: Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority
✔ Education Qualifications – Latest Degree
✔ Latest Salary-slips for 3 months for salaried applicants; Certificate & Proof of business existence along with Business Profile for self-employed individuals
✔ Form 16 for last 2 years for salaried applicants or Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant
✔ Last 6 months Bank Statements of salary account or Last 12 months’ Bank Account Statements for self & business in case of self employed individuals
✔ Processing Fee: Cheque in favour of ‘PNB Housing Finance Ltd.
✔ Photocopy of Title Documents of the property and approved Plan
Deriving Loan Amount
PNB housing provides a fair loan to value ratio to all its clients. Their procedures for the same are very transparent and easy to understand. Maximum loan amount is 50% of the market value of the property as certified by PNB Housing’s approved valuer or repayment capacity of the customer, whichever is lower.
PNB believes in world class standards of service while taking care of its client and safeguarding its own position. They encourage applying for a loan insurance which takes care of the cases where there is a default in repayment. They have a tie up with Bharti AXA and ICICI Lombard who offer best-in-class products and services at the borrowers’ doorstep.
Loan repayment is in Equated Monthly Instalments (EMI) comprising of principal and interest. Customer has the option of making the repayment through Post Dated Cheques or Electronic Clearance System over a maximum period of 15 years.
PNB housing also offers online application and instant sanction letter within two minutes. After the sanction letter, applicant can begin formalities related to actual loan processing, documentation and property appraisal. It is another endeavour on part of PNB to make the process convenient, speedy and seamless.