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Punjab and Sind Home Loan Interest Rates 2020

Punjab and Sind Bank Housing Loan Interest Rate

Last Updated 19th Aug 2020

Current Punjab and Sind Bank Home loan interest rates for Sep 2020 starts at 8.05% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.25%, Minimum ₹ 1,000 and Maximum ₹ 15,000.

Loan AmountPunjab and Sind Bank Home Loan Rate
Upto ₹ 30 Lakh8.05%
₹ 30 Lakh - ₹ 75 Lakh8.05%
₹ 75 Lakh - ₹ 1.50 Cr8.05%
Above ₹ 1.50 Cr8.05%

Punjab and Sind Bank Home Loan Interest Rates

Punjab and Sind Bank offers various products on home loan. Punjab and Sind Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Punjab and Sind Bank Home Loan Interest Rate starts from 8.05%.
  • Punjab and Sind Bank charges a processing fees of Upto 0.25%, Minimum ₹ 1,000 and Maximum ₹ 15,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Punjab and Sind Bank is ₹ 737 per lakh offered at the lowest interest rate of 8.05% at the longest loan tenure of 30 years.
  • Punjab and Sind Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Punjab and Sind Bank has an average customer rating of 2.5/5.0 from customers who have taken a home loan from the bank.

Punjab and Sind Bank Home Loan Rate

Current Punjab and Sind Bank home loan interest rates are in the range of 8.05% to 8.40%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 8.05%. The table below gives the interest rates on various housing finance schemes of Punjab and Sind Bank.

Punjab and Sind Bank Home Loan Scheme Interest Rates
Punjab and Sind Bank Home Loan8.05% - 8.40%

Punjab and Sind Bank Bank Home Loan Charges

Punjab and Sind Bank Home Loan Processing Fee

Punjab and Sind Bank home loan processing charges are upto 0.25% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 1,000 and has capped the maximum processing fees at ₹ 15,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Punjab and Sind Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Punjab and Sind Bank Home Loan Prepayment

Punjab and Sind Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Punjab and Sind Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Punjab and Sind Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Punjab and Sind Bank.

Punjab and Sind Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Punjab and Sind Bank Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Punjab and Sind Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on Punjab and Sind Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)8.05% to 8.4%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 5 years to 30 years
  • Punjab and Sind Bank Home Loan Interest Rate: 8.05% to 8.40%
  • Processing Fee payable to Punjab and Sind Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 0.25%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 737 for a 30 years ₹ 1 Lakh loan at 8.05% (lowest rate, longest time period) to ₹ 2,047 for a 5 years ₹ 1 Lakh loan at 8.40% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 32,810 for 5 years loan to ₹ 1.75 Lakh for 30 years loan

Punjab and Sind Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Punjab and Sind Bank.

FAQs

What is Punjab and Sind Home Loan interest rate?

Punjab and Sind Home Loan interest rate ranges between 8.05% to 8.40%.

Why should I opt for balance transfer to Punjab and Sind Bank?

Punjab and Sind Bank offers competitive Home Loan rates with the best EMI of ₹ 737 per lakh availed at a low-interest rate of 8.05% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 737 per lakh, you should consider the option for a loan transfer to Punjab and Sind Bank from your existing bank. EMIs can be calculated through Punjab and Sind Bank Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from Punjab and Sind Bank?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on Punjab and Sind Bank housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on Punjab and Sind Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

How will Punjab and Sind Bank housing loan rate of interest change in the future?

  • Punjab and Sind Bank offers RBI Repo Rate linked Home Loan which starts at 8.05%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Punjab and Sind Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 4.05% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Punjab and Sind Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Punjab and Sind Bank Repo Rate linked Home Loan rate will cut from 8.05% to 7.9%.

What is the current Punjab and Sind Bank Home Loan rate?

The current Punjab and Sind Home Loan rate starts from 8.05% with a processing fee of Upto 0.25%, Minimum ₹ 1,000 and Maximum ₹ 15,000

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Punjab and Sind Bank Home Loan News - Sep 2020
  • 2020-06-30 : Punjab and Sind Bank Q4 loss widens
    Punjab and Sind Bank reported widening of loss to Rs 236.30 crore for the fourth quarter of 2019-20 as provisions for bad loans rose. The public sector bank had posted a loss of Rs 58.57 crore in January-March, 2018-19. During the quarter, the bank backed by the retail loan like home, personal, gold, two-wheeler, car along with business and mudra loan, earned an operating profit of Rs 429.75 crore as against Rs 404.13 crore in the same period of the previous fiscal.
  • 2019-07-25 : Punjab and Sind Bank eyes for expansion in eastern states
    Public sector lender, Punjab and Sind Bank is looking to scale up its presence in the eastern states of Bihar, West Bengal, and Jharkhand. The lender has plans to open more number of bank branches in these regions to step up its retail loan business, including home loans and mortgage loans. Apart from this, the lender will also aim to offer improvised services to its customers, including lockers and digital banking facilities.
  • 2019-07-02 : Punjab & Sind Bank centralizes MSME, retail loan approvals
    Punjab & Sind Bank has set up the Centralised MSME & Retail Group (Cen-MARG) for credit facilities at its head office. Now, all MSME and retail credit approvals will be performed at this centralized setup. This initiative by the lender will help boost lead generation for retail and MSME lending and enhanced customer service.
  • 2019-04-18 : Punjab & Sind Bank revises MCLR by 5 basis points
    Punjab & Sind Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for overnight, the MCLR stands at 8.35% as compared to 8.30% earlier while for 1 month, the rate has been revised to 8.45% from 8.40% respectively and for 1 year the rate now stands at 8.85% from 8.80% earlier. The revised rates are effective from April 18, 2019. Further, the base rate at 9.70% and BPLR at 14.00% remains unchanged.
  • 2019-01-17 : Punjab & Sind Bank revises floating home loan rate by 5 basis points
    Punjab & Sind Bank has revised its home loan rates by 5 basis points. The lowest rate stands at 8.85%, which was 8.80% earlier. However, there is no change in the processing fee and other charges.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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