PNB Housing Finance Plot Loan

PNB Housing Finance Plot Loan Interest Rate

Lowest PNB Housing Finance plot loan rate is 9.60%, as applicable based on the PLR. Any change in PLR will translate into a similar change in the bank’s land loan rate. PNB Housing Finance’s interest rates on loan for land purchase depend upon the loan amount, salary and occupation of the borrower and nature of the property.

Loan Amount	Rate	Rate for Female Borrower	Rate
Upto ₹ 20 Lakh	9.60%	N/A	N/A	9.60%
₹ 20 Lakh - ₹ 50 Lakh	9.60%	N/A	N/A	9.60%
₹ 50 Lakh - ₹ 75 Lakh	9.60%	N/A	N/A	9.60%
Above ₹ 75 Lakh	9.60%	N/A	N/A	9.60%

Loan for land purchase PNB Housing Finance

PNB Housing Finance loan for land purchase can be taken for different purposes by different borrowers. It can be taken either for the purchase of land for investment purposes, to construct a dream home, to construct one's desired personal space, or to conduct agricultural activities on that loan. PNB Housing Finance provides the following land loans to its customers.

PNB Housing Finance plot loans can be availed by both salaried and self-employed people who hold a good credit report. However, the borrower needs to meet the required eligibility factors. The loan can be availed for a maximum period of 30 years, which may differ based on the borrower's needs and repayment ability. Currently PNB Housing Finance plot loan interest rate ranges between 9.60% to 10.25%. However, PNB Housing Finance land loan interest rate may vary across borrowers based on occupation and income status.

Residential Plot Loans

• The loan is taken for the purchase of a plot for constructing a home.
• PNB housing finance provides loans for the purchase of land in an urban area through its Residential Plot loan product.

PNB Housing Finance Land Loan Features

Features of PNB Housing Finance loan for plot purchase are listed as follows:

• Loan to Value Ratio: The LTV ratio or Loan to Value ratio in case of a plot loan is comparatively lower. PNB Housing Finance offers plot loan upto 70% of the cost of the property. However, the risk score of the customer is also an important feature for the LTV ratio in the case of PNB Housing Finance plot loan.
• Property Type: PNB Housing Finance site loan is exclusive to some properties and not applicable to others. When the borrower plans to opt for a PNB Housing Finance land loan, he needs to ensure certain things, for instance, the land must be located within the municipal limits. Further, it should not be located in an area that is under conflicts regarding authorizations or previous ownerships.
• Loan Tenure: The time period for which you can avail a PNB Housing Finance land loan is comparatively lower than that of a home loan. It may be borrowed for a maximum amount of 30 years which may vary across the customer's repayment ability.

PNB Housing Finance Land Loan Benefits

Some of the benefits of availing PNB Housing Finance Land loan are:

• Tax Benefits: A plot loan may not provide any tax benefit when availed on its own. However, if you avail PNB Housing Finance plot and construction loan, the borrower may enjoy a tax benefit on the construction loan. This means a plot loan provides benefits if availed together with a construction loan.
• Specific to borrower's need: A plot loan is beneficial to the borrower as it is much specific to his or her needs in comparison to a home loan. Through PNB Housing Finance land purchase loan, a customer can design and create his own space as per his or her needs. Thus, a plot loan caters to the needs of the borrowers in comparison to an already constructed home.
• Affordable: Another key benefit of PNB Housing Finance plot loans is that it is very affordable in nature. Plot loan by PNB Housing Finance offers low processing fee at Upto 0.50%; and borrowers do not lose out from the loan amount in terms of processing fee. Further, the prepayment penalty is very low. It is even NIL in case of floating rate loan for individuals.

PNB Housing Finance loan for plot purchase Eligibility Criteria

• The age of the borrower should not exceed 70 years at the time of loan maturity.
• The loan can be taken by both salaried and self-employed people.

Documents Required for PNB Housing Finance Land loan

In order to avail of a plot loan, a borrower needs to meet the documentation process. The required document for a plot loan are:

• Identity proofs: This includes Aadhar Card, PAN card, passport, driving license
• Address proofs: This includes Voter ID card, ration card, rent agreement
• Utility bills: Telephone, electricity bill, water bill, etc.
• Bank documents: Copies of bank statement and passbook
• Salary documents: salary slips, ITR returns and qualification certificates in case of self-employed professionals
• Others: Sale Deed or Sale purchase agreements

Other Home Loan Products

• PNBHFL Home Loan Floating
• PNB Unnati Home Loan Floating
• Residential Plot Loans

FAQs on PNB Housing Finance Land Loan