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Punjab and Sind Home Loan

Punjab and Sind Housing Loan 2021

Last Updated 16th Sep 2021

Punjab and Sind Bank is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 8.05% with quick approval and online process. Home Loan in Punjab and Sind Bank is quite popular with its special features and attractive rates under various Punjab and Sind Bank home loan schemes for different income and occupation groups. Some of the key features of Punjab and Sind Bank housing loan are:

  • Punjab and Sind Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Punjab and Sind Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Punjab and Sind Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

Punjab and Sind Bank Home Loan Details

Punjab and Sind offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Punjab and Sind

Age Min 21 and Max 70 years for Salaried
Min 21 and Max 70 years for Self Employed
Repayment Tenure 30 years
Interest Rate 8.05%
Interest Rate Linked To RLLR
Processing Fee Upto 0.25%, Minimum ₹ 1,000 and Maximum ₹ 15,000
Lowest EMI Per Lakh ₹ 737
  • Purpose of Loan: Punjab and Sind house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Punjab and Sind Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 70 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 8.05% to 8.40%.
    • Punjab and Sind home loan EMI per lakh starts from ₹ 737. However, you can calculate your home loan EMI using Punjab and Sind home loan calculator 2021.
  • Special schemes: Punjab and Sind offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Punjab and Sind Bank Home Loans

Some of the features and benefits of Punjab and Sind Bank Home Loans are listed as follows:-

  • Punjab and Sind Bank Home Loan Interest Rate starts from 6.70%.
  • 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 per lakh offered at the lowest interest rate of 6.70% 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.

How to Get Easy Home Loan from Punjab and Sind Bank?

Getting a home loan from Punjab and Sind is fairly easy with an online application process. 5 Steps for Punjab and Sind Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Punjab and Sind and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Punjab and Sind or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Punjab and Sind’s representative will visit your home or office to collect your documents.
  • Step 4: Punjab and Sind will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Punjab and Sind and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Punjab and Sind Bank Home Loan Documents Required

To apply for a home loan in Punjab and Sind, the bank asks you to submit the following Punjab and Sind Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Punjab and Sind account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Punjab and Sind Bank Home Loan EMI Calculator

Punjab and Sind home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Punjab and Sind Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Punjab and Sind Bank Home Loan Eligibility Calculator

Punjab and Sind Bank Home loan eligibility calculator is an online tool that helps the Punjab and Sind home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Punjab and Sind Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Punjab and Sind?

To apply for Punjab and Sind Bank Home Loan, you will be required to submit Punjab and Sind home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Punjab and Sind Bank ?

Below-mentioned is the reason why you must avail a home loan from Punjab and Sind

Can I apply for an Punjab and Sind home loan online?

Yes, you can apply for a Punjab and Sind home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Punjab and Sind home loan scheme?

Choosing the best Punjab and Sind home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Punjab and Sind home loan scheme is based on one’s needs.

Is Punjab and Sind good for a home loan?

Punjab and Sind is one of the best home loan lenders in the country. Currently, Punjab and Sind home loan interest rate 2021 starts at 6.50%.

How can I check my Punjab and Sind home loan status?

One can check their Punjab and Sind home loan status on Punjab and Sind’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Punjab and Sind mobile app

What is the eligibility for a Home Loan of Punjab and Sind Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Punjab and Sind Bank Home Loan procedure?

There are two methods to complete the application for Punjab and Sind Bank Home Loan Process online:

  • Apply online at Punjab and Sind Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under Punjab and Sind Bank house loan?

Punjab and Sind Bank offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does Punjab and Sind Bank check CIBIL for home loan?

Yes, to avail home loan from Punjab and Sind Bank, you must fulfill Punjab and Sind Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Punjab and Sind Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Punjab and Sind Bank can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Punjab and Sind Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Punjab and Sind Home Loan News - Dec 2021
  • 2021-05-20 : Punjab and Sind Bank revised its Marginal cost of lending rates
    Punjab and Sind Bank revised its MCLR. The overnight MCLR is 7.10%. The one-month and three months MCLR stand at 7.15% and 7.25%, respectively. Further, the six months and one-year MCLR is 7.40% and 7.60%, respectively. The revised rates are effective 16 May 2021. The revised rates will impact MCLR based home loans.
  • 2021-02-05 : Punjab and Sind Bank reported a loss of Rs. 2375 crores
    Punjab & Sind Bank net loss in December quarter 2020-21 spiralled to Rs 2,375.53 crore on higher provisions for bad loans. Total income fell to Rs 1,982.52 crore from Rs 2,077.01 crore in the same period of 2019-20. Further, Net income fell 9.1% to Rs 1,763.10 crore and income on investments was down 12.1% to Rs 455.42 crore.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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