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PNB Loan Against Property

PNB Mortgage Loan Interest Rates 2021

Last Updated 02nd Jun 2021

PNB offers Loan Against Property starting at interest rate of 9.50% which is one of the best mortgage loan rates in India. Check Best Offers

Processing Fee Upto 1.00%
Max Tenure 10 years
Lowest EMI ₹ 1,294 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
    Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

    PNB Loan Against Property Fees and Other Charges

    PNB charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on PNB LAP Loan is 0.75%. This fee is charged by PNB to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Mortgage Loan Interest Rates in PNB for Salaried employee

    The mortgage loan interest rates in PNB for salaried employee are listed in the table:-

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.50%
    ₹ 25 Lakh - ₹ 75 Lakh 9.50%
    ₹ 75 Lakh - ₹ 1.50 Cr 9.50%
    Above ₹ 1.50 Cr 9.50%

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.50%
    ₹ 25 Lakh - ₹ 75 Lakh 9.50%
    ₹ 75 Lakh - ₹ 1.50 Cr 9.50%
    Above ₹ 1.50 Cr 9.50%

    PNB Property Loan Interest Rate for Business Man or Self Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.50%
    ₹ 25 Lakh - ₹ 75 Lakh 9.50%
    ₹ 75 Lakh - ₹ 1.50 Cr 9.50%
    Above ₹ 1.50 Cr 9.50%

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.50%
    ₹ 25 Lakh - ₹ 75 Lakh 9.50%
    ₹ 75 Lakh - ₹ 1.50 Cr 9.50%
    Above ₹ 1.50 Cr 9.50%

    Steps to Apply for PNB Loan Against Property

    Loan against property in PNB can be availed through two ways online as well as offline. To apply online perform the following steps:-

    • Visit the official website of PNB
    • Go to products
    • Select Loan Against Property
    • Check eligibility and interest rates and fees
    • Click on Apply Now
    • Fill the application form
    • Upload the required documents
    • Bank will do the verification
    • In 10-15 days loan amount will be sanctioned in your bank account

    You can also apply offline, through the following steps:-

    • Visit the nearest PNB branch
    • Fill the loan against property form
    • Submit the required documents
    • Banks will do the verification and inform you if loan is approved or not
    • Once loan is approved you will receive the amount in your bank account
    PNB Floating Rate Loan Against Property lap (LAP)

    As on 14 Jun, 2021, PNB offers the lowest rate starting at 9.50%. PNB Loan against property rates have been dropped by 0.7%, from the earlier rate of 10.20% with effect from 07 Jun, 2021.

    PNB Mortgage Loan Interest Rates
    PNB Loan Against Property Floating 9.50%
    PNB Reverse Mortgage Loan 9.50%
    PNB Loan Against Property Floating
    Loan AmountCurrent LAP Rates
    Upto ₹ 25 Lakh 9.50%
    ₹ 25 Lakh - ₹ 75 Lakh9.50%
    ₹ 75 Lakh - ₹ 1.50 Cr9.50%
    Above ₹ 1.50 Cr 9.50%

    PNB Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    07 Jun, 2021 9.50%
    13 May, 2021 0.00%
    20 Apr, 2021 9.50%
    08 Apr, 2021 9.50%
    05 Apr, 2021 9.50%
    01 Apr, 2021 10.20%
    31 Mar, 2021 10.20%

    Factors Affecting Property Loan Interest Rate PNB

    Some of the factors that impact PNB Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in PNB depend upon the loan amount you apply for. You can get a minimum loan of ₹ 5 Lakh from PNB.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity which will increase your eligibility for higher loan amount.
    • Type of loan opted for: PNB offers differential rates for different profiles of customers and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
    • Your profession: PNB may charge a higher interest rate on a mortgage loan by a salaried person as compared to a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who who will most likely take a mortgage loan for his personal purposes.

    PNB Loan Against Property lap Eligibility

    PNB has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 21 to 60 years
    Loan Amount ₹ 5 Lakh to ₹ 5 Cr
    Minimum years of business existence 2 years
    Minimum work experience 3 years
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    • Age: Age is one of the important factors to examine your eligibility. PNB offers loans to salaried and self employed from the age of 21 years. Any person taking a loan at the age of 21, can get a loan of up to 15 years, thus reducing the burden on existing income and hence, improving loan amount eligibility.
    • Income: Property loan is mostly taken by self employed individuals primarily to meet their business requirements. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings.
    • Business Stability: Self employed person should be in business for a minimum of 3 years during which the business should be profitable.
    • CIBIL Score: Past CIBIL history and repayment record of existing loans and credit cards has adverse impact on your loan eligibility. If you have a poor repayment record, then you may find it difficult to get a loan. A regular repayment record not only improves your chances of getting a loan, but also increases your loan eligibility. PNB grants loans to borrowers with a CIBIL score of 650 and above.
    • Loan Amount: PNB gives you an amount ranging from ₹ 5 Lakh to ₹ 5 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
    • Property Value: The value of the property to be mortgaged is used to calculate maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 50% depending on the type of property. PNB will conduct a detailed property assessment to establish that all legal titles are in place, assess the market value of the property, and its sale ability. LTV is calculated based on the estimated fair market value or registered value, whichever is lower.
    • Fixed Obligations to Income Ratio (FOIR): The bank will also calculate the proportion of your fixed obligations to your income to calculate the Fixed Obligations to Income Ratio, known as FOIR. Fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a PNB mortgage loan is 0.65.

    PNB Mortgage Loan Eligibility Calculator

    PNB Property Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. You can use PNB LAP eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

    PNB Mortgage Loan Interest Rate and EMI Calculator

    You can also use online PNB Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • EMI calculator of PNB helps you to calculate your monthly EMI at different rates of interest and also check and compare lowest EMI per lakh on LAP.
    • Higher the loan amount, higher the EMI. You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor which affects your EMI is the interest rate on the loan. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly high in a longer tenure loan compared to a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.

    What are the Benefits of Calculating PNB Mortgage Loan EMI?

    • EMI calculator helps you to calculate your monthly EMI at different rate of interest
    • PNB Mortgage loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
    • Getting an EMI estimate will help you ascertain the monthly EMI you can comfortably service, thus allowing you to choose the right combination of loan amount and loan tenure.
    Loan Against Property Top up, Transfer in PNB

    PNB offers mortgage loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of PNB.You can avail additional top-up loan against property from PNB, subject to your eligibility.With PNB Top up LAP loan, you can continue with your existing LAP loan at affordable interest rate, higher loan amount and convenient loan tenure.

    PNB Loan Against Property Documents Required

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 0 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 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
    For Salaried employee
    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 0 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 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
    • Registered Sale Deed/ Conveyance/ Lease Deed
    • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
    • Latest House Tax Return/ Receipt
    • Approved Building Plan from Municipal Corporation

    FAQs

    What is PNBs loan against property interest rate?

    PNB offers loan against property at a rate of 9.50% with the lowest EMI of ₹ 1,294. If you are currently paying a higher interest rate than PNB rate, you can opt for balance transfer of loan to PNB.

    Did PNB Loan against property rates drop?

    Yes, PNB loan against property rates has been decreased by 0.7% from the previous rate of 10.20% to 9.50%. The lowest mortgage rates of PNB is effective from 07 Jun, 2021.

    How to increase my eligibility on PNB Mortgage 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.

    Do I get tax benefit on Loan against property from PNB?

    There are no tax benefits available for loan against property.

    • PNB offers RBI Repo Rate linked mortgage loan which starts at 9.50%. Current Repo Rate of RBI is 4.00%. Banks adds a mark up on RBI’s repo rate which is called PNB 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 5.5% to the Repo Rate to arrive at this rate.
    • When RBI increases rates, the bank may increase its Repo Rate linked property loan rates by the same basis points for all existing and new mortgage loans. When RBI cuts interest rates, the PNB loan against property interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.

    Can I foreclose my Mortgage loan? What are the charges applicable?

    Yes, you can foreclose your loan anytime you want with Nil foreclosure charges.

    What is the maximum loan tenure I can opt under PNB Property loan?

    PNB offers a maximum tenure of 10 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

    What is the benchmark rate applicable for Mortgage loan?

    The benchmark rate applicable for property loans in PNB is RLLR

    Can I transfer my LAP from another bank to PNB?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to PNB offers you to pay lower EMIs and save money.

    Can I club the income of my spouse with mine and apply for joint Property loan?

    Yes, you can club the income of your spouse to increase your loan eligibility.You can bring in your spouse as a co-owner of the property or guarantor of the loan.

    What is PNB mortgage loan processing fees?

    The loan processing fee charged is 1.00% of the total loan amount.

    What is PNB property loan procedure?

    You can apply for a PNB property loan by contacting the bank directly or by approaching them through online marketplaces like MyLoanCare. Approaching the bank through an online marketplace improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

    What security do I need to provide for PNB Mortgage Loan?

    PNB requires a registered mortgage of the property against which the bank will provide you a loan.

    • Property on which you intend to take loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
    • Your total EMIs on all loans and credit cards (from PNB and other banks) are no more than 60 - 70% of your net monthly income.
    • You have not defaulted on loans or credit card dues to PNB and other banks and all EMI's have been paid. Note that PNB can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to PNB in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
    • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
    • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

    Are prepayment or foreclosure charges applicable on PNB loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:

    • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
    • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

    PNB Loan Against Property Reviews 4.8/5  by 3 customers
    MyLoanCare Service
    4.7/5.0
    Banks Service
    5/5.0
    Ranganathaiah, Bangalore
    Reviewed on 06th Mar 2018
    5 / 5 stars
    PNB Loan Against Property Availed in Feb 2018

    Good response and Guidance. Networking is good too. The follow up and connectivity with client is apRead more...

    Samar Khera, Indore
    Reviewed on 09th Feb 2018
    5 / 5 stars
    PNB Loan Against Property Availed in Feb 2018

    Excellent support by myloan and PNB executive. It was a nice experienceRead more...

    Sam Jacob George, Hyderabad
    Reviewed on 18th Sep 2017
    4.5 / 5 stars
    PNB Loan Against Property Availed in Jul-17

    Thanks for the prompt service and also reaching out to the right bank, though the process was delayeRead more...

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    PNB Loan Against Property News - Jun 2021
    • 2021-02-08 : PNB reported net profit of 506 crores
      PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
    • 2020-08-25 : PNB to offer one-time loan restructuring option
      Punjab National Bank is planning to provide a one-time loan restructuring window to corporate and retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans. The plan is to assist customers whose income has decreased due to COVID-19 pandemic and subsequent lockdown.
    • 2020-08-10 : PNB reports profit in Q1FY21
      Punjab National Bank reported a net profit of Rs.475.19 crores as compared to a net loss of Rs.596.99 crores for the period ended March 31, 2020. The total income of the bank stood at Rs.24727.72 which was bolstered by retail loans like a two-wheeler, home, personal, car, and gold loan along with business and mudra loans.
    • 2019-08-01 : Banks eye retail loans to augment business growth
      Most of the lenders, including SBI, ICICI Bank, and PNB, are eyeing on retail segment loans like home loans, mortgage loans, or personal loans to achieve business growth. The retail lending is up by 50% and is further expected to grow as per the numbers released by the lenders during first quarter.
    • 2019-07-02 : PNB makes home loans cheaper
      Punjab National Bank (PNB) has cut its lending rates by 5 basis points which will make all the loans, including home loans, auto loans, and mortgage loans cheaper. These loans are benchmarked at a one-year MCLR rate, which is 8.40% at present as compared to 8.45% earlier. The rates are effective from July 1, 2019.
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