Punjab and Sind Bank Home Loan

Punjab & Sind Bank provides home loans starting at 8.50% interest per year for loan amounts from Rs 5 lakh onwards and for periods of up to 30 years. They also offer a 0.10% discount on interest rates to permanent female employees of government agencies, educational institutions, and certain other organizations approved by the bank. Additionally, they have a special home loan scheme called PSB Kisan Home Loan Scheme for people living in rural and semi-urban areas.

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Punjab & Sind Bank Home Loan Interest Rates 

Types of Punjab & Sind Bank Home Loan

PSB Apna Ghar

• You can use this loan to build a house, buy a built house, or purchase a plot.
• You can also utilize the loan for repairs, renovations, and extensions. However, the maximum loan amount for these purposes is limited to Rs. 20 lakh.
• The bank currently waives the processing fee for this loan as part of their festival campaign.
• Enjoy flexible loan tenures of up to 40 years, depending on your current age and chosen loan tenure.

PSB Apna Ghar Top Up

• This loan is specifically designed for current PSB home loan borrowers who need extra funds for personal reasons.
• You can apply for a maximum loan amount of Rs. 10 lakh.
• The loan amount is granted based on the remaining value of your residential property mortgaged with PSB.
• This loan is available as both a term loan and an overdraft.
• For a term loan, the tenure will match the remaining tenure of your existing home loan. For an overdraft, interest is charged monthly.
• The processing fee is 0.15% of the loan amount, with a minimum charge of Rs. 1,000 and a maximum of Rs. 3,750.

PSB Kisan Home Loan

• This home loan is specifically designed for activities like building, buying, renovating, repairing, or upgrading a house in rural or semi-urban areas.
• It's available at PSB branches located in rural and semi-urban areas.
• The maximum loan amount you can get is Rs. 20 lakh, and the longest period you can borrow for is 20 years.
• During certain festivals, PSB waives the processing fee for this loan.PSB Mortgage

PSB Mortgage

• This is a flexible credit facility that you can use for various personal purposes such as weddings, education, medical expenses, and property repairs or renovations.
• The loan amount can range from a minimum of Rs. 5 lakh to a maximum of Rs. 5 crore, with the possibility of extending up to Rs. 10 crore.
• The processing fee is 1% of the loan amount for a term loan, with a minimum of Rs. 2,000, and 0.50% of the sanctioned limit for an overdraft.
• For term loans, the maximum repayment period is 10 years, while overdrafts are repayable on demand within a sanctioned limit for up to 3 years.

PSB Sukhmoney for Senior Citizens

• This is a unique scheme designed for senior citizens, offering a reverse mortgage to support their lifestyles. They can obtain a loan based on the current market value of their property.
• The loan amount can be utilized for various purposes such as supplementing income/pension, covering medical expenses, renovating/extending their house, or repaying existing loans.
• The maximum loan amount available is Rs. 1 crore, with a repayment period of up to 15 years.
• A processing fee of 0.50% of the loan amount is charged, with a maximum fee capped at Rs. 15,000.

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Punjab & Sind Bank Home Loan Fees and Charges

PSB Apna Ghar

Also read: Best Home Loan Fees and Charges

Documents Required for Punjab & Sind Bank Home Loan

To apply for a loan with Punjab & Sind Bank, you'll typically need to provide the following documents:

• Age Proof
• Address and ID proof
• Completely filled application form with 2 passport sized photographs
• Statement of personal assets and liabilities.
• Proof of advance or margin payment made for the purchase of the dwelling unit.
• Permission from the competent authority for house/flat construction if applicable.
• Approved map/plan copy of the proposed construction or purchase.
• Sale agreement, sale deed, and detailed estimate of the property to be constructed or purchased.
• Bank account statements for the last 6 to 12 months if you have accounts with other banks.
• Loan account statements for the past 6 months if you have loans from other banks or financial institutions.
• Bio-data including educational qualifications, job experience, age, and details about your profession or business.
• Income proof of spouse, earning children, or parents to assess the loan amount and repayment capacity.
• Income proof of spouse, earning children, or parents to assess the loan amount and repayment capacity.
• Guarantor's form along with net worth or income proof.
• Undertaking from your employer for the remittance of Equated Monthly Installments (EMI).
• Allotment letter from co-operative societies, development authorities, or association of apartment owners.
• Income Proof:
  • For salaried:
    • Latest salary slip for last 3 months
    • ITR/Form No.16 for past 3 years
  • Business and Other Individuals:
    • Business and address proof
    • ITR and certified/audited balance sheets for past 3 years of business/activity
• Other documents depending on:
  • Purchase of resale property
  • House construction on a separate plot
  • Direct sale by Development Authority
  • Property purchased directly from the borrower
  • Property that belongs to a Co-operative Housing Society (Registered)

Also Read : Best Home Loan Documents Required