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Punjab and Sind Loan Against Property Eligibility

Punjab and Sind Loan Against Property Calculator India Jun 2021

Last Updated 20th May 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 12 years 12 years
  • Punjab and Sind offers Loan Against Property Rates at 8.90% p.a.
  • Punjab and Sind Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Punjab and Sind mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan
Loan Against Property Eligibility Calculator

Punjab and Sind Bank Loan Against Property Eligibility Based on Age

  • Age: Punjab and Sind Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Punjab and Sind Bank, one has to be of atleast 21 years of age. The maximum age for loan from Punjab and Sind can be 60 years for salaried and 65 years for self employed. Punjab and Sind Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 12 Years 12 Years
30 Years 12 Years 12 Years
40 Years 12 Years 12 Years
50 Years 10 Years 12 Years
60 Years - 5 Years

Punjab and Sind Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Punjab and Sind Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your Punjab and Sind Bank loan against property eligibility.

  • Nature of Employment: Punjab and Sind Bank will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. Punjab and Sind Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

Punjab and Sind Bank Loan Against Property Eligibility Based on Value of Property

  • Value of Property: Punjab and Sind Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 10 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 50% ₹ 20 Lakh ₹ 10 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Punjab and Sind Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Punjab and Sind Bank.

Punjab and Sind Bank Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. Punjab and Sind Bank requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Punjab and Sind Bank.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Punjab and Sind Bank.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Punjab and Sind Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

Punjab and Sind Bank Mortgage Loan Eligibility Based on FOIR

Punjab and Sind Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Punjab and Sind Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Punjab and Sind Bank. Always calculate your eligibility with Punjab and Sind Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from Punjab and Sind?

The factors that determine the eligibility criteria of Punjab and Sind Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Punjab and Sind Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

What is the minimum and maximum age required for Punjab and Sind Bank loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from Punjab and Sind.

What is the tenure of Punjab and Sind property loan?

Punjab and Sind Bank offers property loan for a tenure upto 12 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Punjab and Sind Bank up to 50% of the market value of the property.

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Punjab and Sind Loan Against Property News - Jun 2021
  • 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.
  • 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.
  • 2019-04-18 : Punjab & Sind Bank revises MCLR by 5 basis points
    Punjab & Sind Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for overnight, the MCLR stands at 8.35% as compared to 8.30% earlier while for 1 month, the rate has been revised to 8.45% from 8.40% respectively and for 1 year the rate now stands at 8.85% from 8.80% earlier. The revised rates are effective from April 18, 2019. Further, the base rate at 9.70% and BPLR at 14.00% remains unchanged.
  • 2019-01-07 : Government merges three regional rural banks
    The government has announced the merger of three Regional Rural Banks namely Punjab Gramin Bank, Malwa Gramin Bank, and Sutlej Gramin Bank, into a single RRB with effect from January 1, 2019. The decision was taken by the central government after consultation with the National Bank for Agriculture and Rural Development (NABARD), the Government of Punjab, Punjab National Bank, State Bank of India, and Punjab & Sind Bank.
*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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