PNB Housing Loan Against Property

PNB Housing Finance (PNBHF) provides loans against property starting from an interest rate of 9.25% per annum, with repayment periods of up to 20 years. You can use the loan money for various purposes like traveling abroad, growing your business, personal needs such as children's weddings, education expenses, home renovations, medical bills, buying expensive household items, and more. Additionally, PNBHF offers Lease Rental Discounting for properties leased to banks, multinational corporations (MNCs), highly-rated corporate entities, and government/semi-government organizations.

PNB Housing Finance Loan Against Property Interest Rates

PNB Housing Finance provides different interest rates for loans against property based on the credit score and the type of loan being applied for by the borrowers.

Also read: Best Loan Against Property Interest Rate

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Types of PNB Housing Finance Loan Against Property

Loan Against Property

• Purpose: Potential borrowers can utilize loan against property to fulfill both business and personal needs.
• Loan Amount: The maximum loan amount, determined by Loan to Value (LTV) ratio, is 60% of the property's market value as assessed by an approved valuer of PNB Housing or the borrower's repayment capacity, whichever is lower.
• Loan Repayment: Repayment period extends up to 20 years.
• Security: The loan is safeguarded by a primary charge in the form of equitable mortgage on the financed property, along with any other collateral securities deemed suitable by PNB Housing. Additional or interim security may also be required at the discretion of PNB Housing.

Lease Rental Discounting (LRD)

• Loan Amount: The maximum loan amount, determined by Loan to Value (LTV) ratio, is 80% of the future rent receivable within the remaining period of the lease agreement.
• Loan Repayment: Repayment tenure extends up to 10 years
• Security: The loan is backed by a primary charge in the form of equitable mortgage on the financed property, along with any additional collateral securities considered suitable by PNB Housing.

Also read: Best Loan Against Property EMI Calculator

PNB Housing Finance Loan Against Property Fees & Charges

In order for a payment to be considered and applied as part payment of the loan, it must be at least five times the prevailing Equated Monthly Installment (EMI).

Eligibility Criteria for PNB Housing Finance Loan Against Property

PNB Housing Finance extends loan against property to both salaried and self-employed individuals. Here are the eligibility criteria for obtaining a home loan:

• Maximum Age for Salaried Applicants: 60 years at the time of loan maturity.
• Maximum Age for Self-employed Professionals/Non-professionals: 65 years at the time of loan maturity.

Additionally, the bank considers various factors such as the nature of business for self-employed applicants, credit score, job profile for salaried applicants, monthly income, and more while assessing the eligibility of applicants for the home loan, similar to the practices of other lenders.

Also read: Best Loan Against Property Eligibility

Documents Required for PNB Housing Finance Loan Against Property

For Salaried Employees:

For Salaried Employees, the following documents are required to apply for a loan against property:

1. Completed Application Form with Photograph
2. Latest Salary-slips for the last 3 months
3. Form 16 for the last 2 years
4. Latest Educational Qualifications – Degree
5. Processing Fee Cheque made in favor of ‘PNB Housing Finance Ltd.’
6. Photocopy of Title Documents of the Property and Approved Plan.
7. Bank Account Statements of the last 6 months (salary account)
8. Age Proof (such as Passport, PAN Card, or any other Certificate from Statutory Authority)
9. Residence Proof (such as Passport, Telephone Bill, Ration Card, Driving License, Election Card, or any other Certificate from Statutory Authority)

For Self Employed/Professionals

For Self-Employed Professionals, the following documents are required to apply for a loan against property:

1. Completed Application Form with Photograph
2. Bank Statements of the last 12 months (both personal and business)
3. Processing Fee Cheque made in favor of ‘PNB Housing Finance Ltd.’
4. Photocopy of Title Documents of the Property and Approved Plan.
5. Latest Educational Qualifications – Degree (for professionals)
6. Certificate & Proof of business existence along with Business Profile
7. Last 3 years Income Tax returns (both personal and business) with Profit & Loss Account and Balance Sheets duly certified or audited by a Chartered Accountant
8. Age Proof (such as Passport, PAN Card, or any other Certificate from Statutory Authority)
9. Residence Proof (such as Passport, Telephone Bill, Driving License, Election Card, Ration Card, or any other Certificate from Statutory Authority)

For Lease Rental Discounting Loan

For applicants seeking a loan against property, the following documents are typically required:

1. Completed Application Form with Photograph
2. Registered Lease Deed copy (if applicable)
3. Income Tax returns for the last 3 years (both personal and business) with Balance Sheets and Profit & Loss Account duly certified or audited by a Chartered Accountant
4. Certificate & Proof of business existence along with Business Profile
5. Processing Fee Cheque made in favor of ‘PNB Housing Finance Ltd.’
6. Photocopy of Title Documents of the Property and Approved Plan
7. Bank Statements of the last 6-12 months reflecting Rental Credits in the account
8. Age Proof (such as Passport, PAN Card, or any other Certificate from Statutory Authority)
9. Residence Proof (such as Passport, Telephone Bill, Driving License, Election Card, Ration Card, or any other Certificate from Statutory Authority)

Additionally, the housing finance company may request further documents based on the credit profiles of the applicants.

Also Read : Best Loan Against Property Documents Required