Punjab And Sind Bank Loan Against Property
Last Updated : March 5, 2020, 3:06 p.m.
About Punjab & Sind Bank Loan Against Property
We all go through the phase when only money can settle things and take us out of the chaos. Be it your child’s marriage, education, home renovation, home construction, traveling, clearing of old debts or any personal need, loans have always been our backbone that balances our personal and social life. Out of all the loans, the loan against property is a good way to help us get out of any financial crisis.
Punjab & Sind Bank is one of the banks that provides loan against the property at low-interest rates and flexible tenure keeping in mind the comfort and affordability of the customers. The interest rate offered on the mortgage loan at 11% per annum with the loan repayment tenure up to 12 years.
Punjab and Sind Bank LAP Details
| Particulars | Details |
|---|---|
| Interest Rates | 9.35% - 9.70% |
| Loan Amount | Minimum – ₹ 1 lakh Maximum – ₹ 5 Crores For Salaried – Maximum 48 times the net monthly income (Net of all deductions including TDS) For Others – Maximum 4 times the net annual income (income as per latest IT return less taxes payable) |
| Tenure | Up to 12 years |
| Processing Fee | 1% of the loan amount with Minimum of ₹ 2000 and a maximum of ₹ 50, 000 |
| Pre-payment Charges | 1% of the balance loan amount |
How to Apply
The procedure to apply for a loan against property from Punjab & Sind Bank is quite easy with the door-step facility and easy loan approval. You can submit the documents as per the eligibility criteria and submit it to the nearest branch.
Punjab and Sind Bank Loan EMI Calculator
EMI calculator is the tool that has been made for calculation of monthly installments as per the chosen tenure period and applicable interest rates. Here is the table that will make it easy for you to understand the purpose of using EMI calculator. The table shows the EMI for the loan amount of ₹ 1,00,000 for a tenure period of 12 years at the rate of interest 11% per annum.
Table for EMI per month, Total Interest Outgo, and Total Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 4252 | ₹ 10,790 | ₹ 95,747 |
| 2 | ₹ 4744 | ₹ 10,298 | ₹ 91,002 |
| 3 | ₹ 5294 | ₹ 9749 | ₹ 85,708 |
| 4 | ₹ 5906 | ₹ 9136 | ₹ 79,801 |
| 5 | ₹ 6590 | ₹ 8452 | ₹ 73,211 |
| 6 | ₹ 7352 | ₹ 7690 | ₹ 65,858 |
| 7 | ₹ 8203 | ₹ 6839 | ₹ 57,654 |
| 8 | ₹ 9153 | ₹ 5890 | ₹ 48,501 |
| 9 | ₹ 10,212 | ₹ 4831 | ₹ 38,289 |
| 10 | ₹ 11,393 | ₹ 3649 | ₹ 26,895 |
| 11 | ₹ 12,712 | ₹ 2330 | ₹ 14,183 |
| 12 | ₹ 14,194 | ₹ 859 | ₹ 0 |
Eligibility Criteria
Punjab & Sind Bank has certain eligibility criteria on the basis of which it provides the loan to its customer. The individual/s eligible for the loan against the property at PSB are as follows:
- Individuals who are income tax assesses
- Individual with minimum age of 21 year and maximum age of 65 years at loan maturity
Documents Required
Here is the list of all the documents as per the eligibility and category that are required at the time of loan application:
| Category | Salaried | Self-employed/Professional/Partnership/Company |
|---|---|---|
| Application Form | Loan application form | Loan application form |
| Photos | 2 Passport size photographs | 2 Passport size photographs |
| Identity Proof | Passport Voter ID Driving License Job Card NREGA Adhaar Card PAN Card Registration Certificate | Passport Voter ID Driving License Job Card NREGA Adhaar Card PAN Card Registration Certificate |
| Address Proof | Passport Voter ID Driving License Job Card NREGA Adhaar Card Registration Certificate | Passport Voter ID Driving License Job Card NREGA Adhaar Card Registration Certificate |
| Income Proof | Last 3 months salary slip Form 16 | Last 2 years IT Returns or financial documents Last 2 years income proof certified by a CA |
| Bank Statement | Last 6 months | Last 6 months |
| Other Income Proof | Rental receipts or documents showing receipt of income | Rental receipts or documents showing receipt of income |
| Property Documents | Copy of Title documents showing receipt of income | Copy of Title documents showing receipt of income |
Punjab and Sind Bank Loan Application Form
While applying for a mortgage loan at PSB, you must fill up the following details in your loan application form:
- Applicant’s name
- Permanent Address
- Contact Number
- Income details
- Profession details
- Loan amount
- Type of loan
- Purpose of the loan
- Mode of repayment
- Processing fee
Punjab & Sind Bank Loan Against Property Interest Rates
The interest rates applicable on loan against property from PSB starting from 11% per annum. For loan against property, the bank has a processing fee of 1% of the loan amount.
Punjab & Sind Bank Customer Care Number
For the convenience of its customers, Punjab & Sind Bank has 24X7 customer helpline facility. You can contact the finance company at All India Toll-Free Number: 1800-419-8300
Features & Benefits
Here are some of the main features and advantages of taking a loan against property from Punjab & Sind Bank:
- Attractive interest rates starting from 11% p.a
- Loan tenure up to 12 years
- Quick loan processing
- Low processing fees of 1%
- Loan against residential or commercial property
- Easy repayment facility with simple EMIs
- Attractive balance transfers option
