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PNB Housing Finance Loan Against Property

PNB Housing Finance Mortgage Loan Interest Rates

Last Updated 10th Sep 2020

PNB Housing Finance offers Loan Against Property starting at interest rate of 9.80% which is one of the best mortgage loan rates in India. Check Best Offers

Processing Fee Upto 1.00%
Max Tenure 20 years
Lowest EMI ₹ 952 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

Online sanction facility in lockdown

PNB Housing Finance Loan Against Property LAP in India

PNB Housing Finance offers loan against property to people who require funds to meet their business as well as personal needs against the mortgage of their existing property. Taking a loan from PNB Housing Finance has the following benefits:

  • Online sanction facility in lockdown
  • High loan amount eligibility
  • PAN India presence
  • Affordable interest rates
  • Online sanction facility in lockdown
PNB Housing Finance Floating Rate Loan Against Property LAP
PNB Housing Finance Mortgage Loan Interest Rates
PNBHFL Loan Against Property Floating 9.80%
PNBHFL Loan Against Property Floating
Loan AmountRate
Upto ₹ 30 Lakh 9.80%
₹ 30 Lakh - ₹ 75 Lakh9.80%
₹ 75 Lakh - ₹ 1 Cr9.80%
Above ₹ 1 Cr 9.80%

Fixed Rate Loan Against Property

Product Interest Rates
PNBHFL Loan Against Property Fixed 10.25%

PNB Housing Finance Loan Against Property Rate

  • Loan amount: Property loan rates in PNB Housing Finance depends upon the loan amount you apply for. You can get minimum loan of ₹ 20 Lakh from PNB Housing Finance.
  • 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 Housing Finance offers differential rates for different profile of customers and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan product.
  • Type of property: Typically, loan against prime residential properties are easier to get and can be availed at the lowest rates compared to loan against commercial and industry properties.
  • Your profession: PNB Housing Finance may charge a higher interest rate on a mortgage loan by a salaried 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 who will most likely take a mortgage loan for his personal purposes.

Interest Rate and its impact on PNB Housing Finance Loan Against Property Eligibility

PNB Housing Finance 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
Minimum Income ₹ 50,000
Loan Amount ₹ 20 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 60%
FOIR (Fixed Obligations to Income Ratio) 0.65
  • Age: Age is one of the important factors to examine your eligibility. PNB Housing Finance offers loan to salaried and self employed from the age of 21 years. Any person taking loan at the age of 21, can get loan of up to 15 years, thus reducing servicing burden on his existing income and hence, improving his 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.PNB Housing Finance will ask for ITRs of 3 years to consider you as eligible for LAP.
  • 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 Housing Finance grants loan to borrowers with a CIBIL score of 650 and above.
  • Loan Amount: PNB Housing Finance gives you an amount ranging from ₹ 20 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 60% depending on the type of property. PNB Housing Finance 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 Housing Finance mortgage loan is 0.65.

PNB Housing Finance Loan Eligibility Calculator

PNB Housing Finance 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 eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

PNB Housing Finance Mortgage Loan EMI and Interest Calculator

You can also use online PNB Housing Finance 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 Housing Finance helps you to calculate your monthly EMI at different rate 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 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 Housing Finance Mortgage loan EMI?

  • EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • PNB Housing Finance 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.
Other Charges

In addition to interest rates, property loan also carry some other charges which include:

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. PNB Housing Finance allows prepayment of loan against property with 3% prepayment charges.
  • Processing Fee - PNB Housing Finance charges a processing fee of 1.00% of the total loan amount.
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.
Loan Against Property Top up, Transfer

Transfer of LAP from another bank to PNB Housing Finance

PNB Housing Finance offers mortgage loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of PNB Housing Finance.

You can avail additional top-up loan against property from PNB Housing Finance, subject to your eligibility.

Loan Against Property PNB Housing Finance Products

PNB Housing Finance offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Loan Against Lease Rental Discounting

Description:
  • Get up to 80% of the total future rent receivable as a loan against lease rental discounting.
  • Loan against lease rental discounting can be availed for business needs such as the expansion of business, working capital needs etc.
Who is Eligible?
  • Property owners who have rented their property to Bank, Multinational Company, AA* or AAA* Rated Corporate and Government/ Semi-Government Undertakings are eligible to take a loan against rental discounting.
  • If you have a property in metro/ urban/ semi-urban areas and rented to someone, you can avail loan against future rent receivable.

Mortgage Loan for Personal Use

Description:
  • Get upto 60% of the value of your property as approved by PNB Housing’s approved valuer or repayment capacity of the customer, whichever is lower.
  • You can avail mortgage against a commercial or residential property for personal needs such as travel, education, medical expenses, wedding etc.
Who is Eligible?
  • A salaried employee should not be more than 60 years to avail a mortgage loan for personal use.
  • Self-employed professionals above the age of 65 years cannot take mortgage loan against property.
  • Salaried and self-employed professional/ non-professionals can avail a mortgage loan for personal use.

Loan Against Property for Business Use

Description:
  • Get upto 70% of the value of the property as a loan against property based on your income, age, qualification and occupation.
  • You can take a loan against property for buying equipment for business, expanding business or for working capital needs.
Who is Eligible?
  • Partnership firms and corporate bodies should have at least existence for three years.
  • Loan against property for business use can be availed by salaried employees/ self-employed professionals/ non-professionals.

PNB Housing Finance Loan against property documents required

For Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 3 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 PNB Housing Finances loan against property interest rate?

PNB Housing Finance offers loan against property at rate of 9.80% with the lowest EMI of ₹ 952. If you are currently paying higher interest rate than PNB Housing Finance rate, you can opt for balance transfer of loan to PNB Housing Finance.

How to increase my eligibility on PNB Housing Finance 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 loan.

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

There are no tax benefits available for loan against property.

How will interest rate on PNB Housing Finance LAP change in future?

  • Floating interest rate on PNB Housing Finance property loan is linked to its PLR, which is currently 14.35%. So, when PNB Housing Finance offers a loan against property at 9.80%, it applies a -4.55% premium to its PLR to arrive at this rate.
  • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new loan against property would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new loan account customers.

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

Yes, you can foreclose your loan anytime you want with 3% foreclosure charges.

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

PNB Housing Finance offers maximum tenure of 20 years to repay your loan.

What is the benchmark rate applicable for Mortgage loan?

The benchmark rate applicable for property loan in PNB Housing Finance is PLR

Can I transfer my LAP from another bank to PNB Housing Finance?

Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to PNB Housing Finance 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 if the spouse is co-owner of the property or guarantor of the loan.

What is PNB Housing Finance mortgage loan processing fees?

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

What is PNB Housing Finance property loan procedure?

You can apply for a PNB Housing Finance property loan by contacting the bank directly or by approaching them through online marketplaces like MyLoanCare. Approaching the bank through an online market place 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?

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

What are the five things to check before applying for loan against property in PNB Housing Finance ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in 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 Housing Finance 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 Housing Finance and other banks and all EMI's have been paid. Note that PNB Housing Finance can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to PNB Housing Finance 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 Housing Finance 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 Housing Finance Loan Against Property Reviews 4.1/5  by 18 customers
MyLoanCare Service
4.2/5.0
Banks Service
4.1/5.0
ravi verma, Ludhiana
Reviewed on 17th Mar 2020
5 / 5 stars
PNB Housing Finance Loan Against Property Availed in Mar 2020

Services were excellent and quick. I will surely recommend the same to my friends also.Read more...

Gopinath M V, Chennai
Reviewed on 03rd Feb 2020
5 / 5 stars
PNB Housing Finance Loan Against Property Availed in Jan 2020

I applied for a loan through MyLoanCare. Mr.Nitin was my executive and I am happy with the overall eRead more...

RAJ RANGARAJ, Bangalore
Reviewed on 25th Nov 2019
5 / 5 stars
PNB Housing Finance Loan Against Property Availed in Sep 2019

Thanks for helping me get a loan from PNB.Read more...

Ranatosh Saha, Kolkata
Reviewed on 04th Sep 2019
5 / 5 stars
PNB Housing Finance Loan Against Property Availed in Aug 2019

The service was very satisfying, excellent response from both the side. Will refer to my friend.Read more...

Shashank aggarwal, Delhi
Reviewed on 08th Mar 2019
5 / 5 stars
PNB Housing Finance Loan Against Property Availed in Jan 2019

Very helpful employees and they give proper guidance and loan was also given at very good interest rRead more...

RESHMA K S, Bangalore
Reviewed on 20th Dec 2018
3 / 5 stars
PNB Housing Finance Loan Against Property Availed in Dec 2018

It was a good experience. Bank staff was cooperative.Read more...

katre ganesh, Surat
Reviewed on 11th Dec 2018
5 / 5 stars
PNB Housing Finance Loan Against Property Availed in Nov 2018

It is all excellent. The experience with the bank and banker was awesome. Excellent work MyLoanCare.Read more...

arun ajith, Trivandrum
Reviewed on 03rd Dec 2018
2.5 / 5 stars
PNB Housing Finance Loan Against Property Availed in Nov 2018

Service from PNB housing finance was ok. Beware of the insurance amount they will be charging you.Read more...

PNB Housing Finance Loan Against Property News - Sep 2020
  • 2019-08-01 : PNB Housing Finance to focus on retail loans in FY20
    One of the leading housing loan providers, PNB Housing Finance is planning to focus on retail loans, including home loans and loans against property in FY20. As per the sources, their retail disbursements have shown a positive trend in Q1 and is further expected to witness steady growth ahead.
  • 2019-07-24 : PNB Housing Finance is looking to raise tier-I capital by issue of equity shares
    In a bid to augment its capital base and support business growth, PNB Housing Finance is looking to raise tier-I capital by issue of equity shares. Also, the lender has plans to achieve significant growth across its retail loan segment including home loans, mortgage loans, and deposits this year.
  • 2019-05-08 : PNB Housing Finance Q4 net jumps 51% at Rs. 380 crores
    One of the leading home loan financiers, PNB Housing Finance has reported a net profit of 51% at Rs. 380 crores for the quarter ended March 31, boosted by strong growth across its retail loans segment including home loans and mortgage loans. In addition, the lender’s Net interest income (NII) for the quarter increased by 13% to Rs. 609 crore.
  • 2019-04-29 : PNB Housing Finance signs deal with CREDAI to upskill construction workers
    In a bid to upgrade the skills of construction workers so that they meet global benchmarks, PNB Housing Finance, leading home loan providers have signed a Letter of Intent (LoI) with the Confederation of Real Estate Developers Association (CREDAI). As a part of this initiative, PNB Housing Finance and CREDAI have collaborated with 8 skill institutes to roll out the programme in select cities across 15 states to train 13,000 construction workers on-site and off-site across India.
  • 2019-04-15 : PNB Housing Finance offers home loans for 30 years at lower EMIs
    One of the leading home loan financiers, PNB Housing Finance has started offering home loans with a longer tenure of up to 30 years as compared to the conventional duration of 20 years earlier. The main reason behind offering longer tenure home loan is to enable home buyers to pay back the borrowed loan in easy EMIs.
*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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