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.
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.
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
How long will it take for PNB Housing Finance land loan approval?
PNB Housing Finance land loan is approved after meeting the required eligibility conditions and fulfilling the documentation requirements. Borrowers can even get instant approvals on plot loans through the online application portal.
What is the interest rate of a plot loan in PNB Housing Finance?
The interest rate of PNB Housing Finance plot loan ranges between 9.60% to 10.25%.
What is the processing fee for PNB Housing Finance land loans?
The processing fee for PNB Housing Finance land loan is Upto 0.50%; .
Can I get a loan on land purchase from PNB Housing Finance?
Yes, you can get a loan for land purchase from PNB Housing Finance through the Residential Plot Loans
.
Can self-employed people avail PNB Housing Finance Plot loan?
PNB Housing Finance plot loan can be availed by salaried and self-employed people who have a decent credit track record.
2020-07-31 :PNB Housing Finance introduced online application and verification platform PNB Housing Finance launched Ace - an innovative digital customer onboarding platform. The move is aimed at facilitating easier, safer approval and disbursal of home loans with a minimal physical interface.
2020-06-08 :PNB Housing revised its home loan rates PNB Housing revised its home loan rates. The new home loan rates lie between 8.60% to 9.25%. The revised rates are in effect from 1 June 2020.
2020-01-24 :PNB Housing Finance Q3 net profit reduced by 22% PNB Housing Finance net profit amount reduced by 22% to 237.02 crores from ₹302.97 crores in the corresponding period of last year. Total income on the back of a decrease in home loans reduced by 0.18% to Rs 2,074.79 crores. Further, Net Interest income stood at Rs Rs 566.1 crores.
2020-01-23 :PNB Housing Finance revised Home loan interest rate PNB Housing Finance changed the Home Loan interest rate and the new rates will be effective from 24 January 2020. The home loan rate lies between 8.95% to 9.20% for Normal Home Loans and 10.75% to 12% for Unnanti Home Loans.
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.
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