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PNB Loan Against Property

PNB Mortgage Loan Interest Rates 2021

Last Updated 26th Nov 2021

PNB is one of the largest Public Sector Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 9.50% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of PNB Loan against property are mentioned below: 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 @ 6.90%* Get upto ₹ 1,000* Cashback

    PNB Loan Against Property Fees and Other Charges

    Along with PNB Loan against Property Rates, PNB also 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.

    Loan Against Property Interest Rates in PNB for Salaried Employees

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

    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%

    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%

    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 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%

    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%

    Steps to Apply for PNB Loan Against Property

    You can apply for PNB Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official PNB bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

    To apply online for PNB Loan against Property online, you need to follow these steps:-

    • Visit the official website of PNB and navigate to Loan Against Property.
    • Before applying, now check your eligibility for PNB Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a PNB Loan against property. Here, you can compare offers PNB with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. PNB Loan against property application process at MyLoanCare is hassle-free and transparent.

    Compare PNB Loan Against Property Interest Rate with Top Banks

    PNB offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Particulars PNB SBI HDFC
    Interest Rate 9.50% - 10.15% 8.80% - 13.10% 8.75% - 9.90%
    Processing Fees Upto 1.00%
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.75%
    Loan Tenure 10 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 5 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 21 and Max 65 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 1,294 per lakh ₹ 1,256 per lakh ₹ 999 per lakh
    PNB Floating Rate on Loan Against Property

    As on 29 Nov, 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%
    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 PNB Loan against Property Interest Rates

    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. 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 increasing your eligibility for higher loan amount.
    • Type of loan opted for: PNB offers differential rates for customers different profiles 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 to a salaried person than 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 will most likely take a mortgage loan for his personal purposes.

    PNB Loan Against Property Eligibility Criteria

    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 ₹ 0 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

    PNB Mortgage Loan Interest Rate and EMI Calculator

    You can also use an 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

    • The PNB Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • 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 that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than 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.
    Loan Against Property Top up, Transfer in PNB

    PNB offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of PNB at an affordable interest rate, higher loan amount and convenient loan tenure. PNB loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in PNB are 9.50%. Along with that, you can also avail of additional top-up on your loan against property.

    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 a balance transfer of loan to PNB.

    Did PNB Loan against property rates drop?

    Yes, PNB loan against property rates has decreased by 0.7% from the previous rate of 10.20% to 9.50%. The lowest mortgage rates of PNB are 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.

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

    Yes, you can foreclose your PNB loan against property 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 and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in PNB are 9.50%.

    What is PNB mortgage loan processing fees?

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

    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 - Nov 2021
    • 2021-10-28 : Punjab National Bank Profit Jumps To 78 percent
      Punjab National Bank (PNB) has posted a profit of 78 percent in net profit at Rs 1,105 crore for the second quarter ended September 30, 2021. Last year, the lender posted a net profit of Rs 620.81 crore during the corresponding quarter a year ago.
    • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
      Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
    • 2021-09-20 : PNB Introduces Festival Bonanza Offer
      Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
    • 2021-07-15 : OBC & UBI merged with PNB
      After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
    • 2021-07-09 : PNB Asks PNB Housing Finance To Restructure Fundraising Plan
      Government-owned Punjab National Bank has written to PNB Housing Finance Ltd, asking it to consider restructuring the Rs 4,000-crore fundraising plan which involves Home Loan and Loan Against Property. The fundraising plan announced on May 31, would have pruned PNB stake in the housing finance company to around 20% from 32.6% currently and raised the shareholding of private equity firm Carlyle to over 50%.
    *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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