20,00,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Punjab and Sind Home Loan Balance Transfer

Home Loan Transfer to Punjab and Sind Bank: Details

Last Updated 16th Sep 2021

Interest Rate8.05%
Processing Fee₹ 1,000
Lowest EMI per lakh₹ 737
Loan Tenure30 years
  • Punjab and Sind Bank offers a home loan balance transfer facility at low interest rates starting at 8.05% for a tenure of upto 30 years.
  • You can transfer your home loan to Punjab and Sind Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from Punjab and Sind Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Punjab and Sind Home Loan Transfer

Punjab and Sind, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Punjab and Sind Bank at the lowest interest rates. To transfer your housing loan to Punjab and Sind Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Punjab and Sind.

Punjab and Sind Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Punjab and Sind Bank, compare and calculate all the costs of loan transfer. The table below mentions Punjab and Sind Bank home loan transfer interest rate and other home loan transfer charges of Punjab and Sind Bank.

Punjab and Sind Home Loan Transfer Rates 8.05%
Processing Fees Upto 0.25% Minimum ₹ 1,000 and Maximum ₹ 15,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Punjab and Sind Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Punjab and Sind Bank offers lower home loan rates starting at 8.05% along with ₹ 1,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to Punjab and Sind Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of Punjab and Sind Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Punjab and Sind Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Punjab and Sind Bank Home Loan Transfer

To transfer your home loan to Punjab and Sind Bank, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for Punjab and Sind.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Punjab and Sind Bank.
  • You must be an Indian resident within the age criteria of Punjab and Sind Bank. The minimum & maximum age to avail a Punjab and Sind Bank home loan takeover is 21 and 70 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Punjab and Sind Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to Punjab and Sind Bank

The home loan balance transfer process to Punjab and Sind Bank is smooth and quick. To transfer your existing home loan to Punjab and Sind Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Punjab and Sind Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Punjab and Sind Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Punjab and Sind Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Punjab and Sind Bank will be completed.

Document Required for Punjab and Sind Home Loan Transfer

To avail of home loan balance transfer from Punjab and Sind, you need to submit the following documents to Punjab and Sind.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Punjab and Sind?

Yes, transferring your home loan to Punjab and Sind Bank is a good idea for home loan borrowers as Punjab and Sind Bank provides lower home loan rates starting at 8.05%, and minimal processing fee Of ₹ 1,000.

How can I transfer my Punjab and Sind home loan from one branch to another?

To transfer your Punjab and Sind Bank home loan from one branch to another, you can request through net banking/mobile banking. Punjab and Sind Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for Punjab and Sind home loan balance transfer?

Yes, Punjab and Sind Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a Punjab and Sind home loan balance transfer?

If you apply for a home loan transfer to Punjab and Sind Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my Punjab and Sind Bank home loan balance transfer?

To know your Punjab and Sind Bank home loan status, you can call Punjab and Sind Bank home loan customer care number or visit Punjab and Sind official website to check the status.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
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
Loader
Please wait while your information is being processed...