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Explore the specifics of Punjab and Sind home loans, a prominent Indian financial institution known for its trustworthy services. Whether you're a salaried worker, self-employed, or an NRI, Punjab and Sind provides a variety of home loan options tailored to meet your requirements.
Within this section, you'll acquire a thorough comprehension of the specifics regarding Punjab and Sind's home loans, encompassing interest rates, eligibility criteria, the application procedure, and additional information. Attain the knowledge necessary to make an educated choice about your home loan endeavour.
Punjab and Sind Home Loan Details
Punjab and Sind provide home loans that come with appealing attributes and adaptable choices, ensuring a seamless and budget-friendly path to owning a home. Now, let's delve deeper into the crucial specifics of Punjab and Sind's home loan offerings:
- Interest rate Starts from 8.85% p.a. for loan amounts from Rs. 5 lakhs onwards and for tenures of up to 30 years.
- Loan amount Up to Rs. 30 crores.
- Processing fees 1% of the loan amount, subject to a minimum of Rs. 5,000 and a maximum of Rs. 25,000.
- Prepayment/Foreclosure charges Nil up to the 5th year of the loan. Thereafter, 1% of the outstanding principal amount if the loan is prepaid within 5 to 8 years. 2% of the outstanding principal amount if the loan is prepaid after 8 years.
- Maximum tenure 30 years.
- Rate packages available · Flexi Home Loan: This package offers a floating interest rate that is linked to the MCLR. The interest rate is reset every 6 months.
- · Fixed Home Loan This package offers a fixed interest rate for the entire tenure of the loan.
- · Combo Home Loan This package combines the features of the Flexi Home Loan and the Fixed Home Loan. The interest rate is fixed for the first 5 years and then resets every 6 months.
Punjab and Sind Bank Home Loan Interest Rates
| Scheme | Interest Rate Range |
| PSB Apna Ghar | 8.85% |
| PSB Housing Loan Top Up Scheme | 9.10% |
| PSB Kisan Home Loan Scheme | 8.65% |
| PSB Mortgage Loan Scheme | 8.95% |
| PSB Sukhmoney for Senior Citizens | 9.15% |
Punjab and Sind Bank Home Loan EMI Calculator
The EMI calculator operates by computing the monthly sum required for your Punjab and Sind Bank home loan, covering both the principal and interest components. This calculation incorporates the interest rate and repayment duration to determine your monthly instalment.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
• P = Loan amount
• R = Interest rate
• N = Repayment period in months
Punjab and Sind bank Home Loan Schemes
The bank provides attractive interest rates across its assortment of Punjab and Sind Bank home loan plans. These rates may differ depending on the particular loan scheme and the selected repayment period. Here is an overview of the various Punjab and Sind Bank Home Loan Schemes:
1. PSB Apna Ghar:
This is a general home loan scheme that is available to all borrowers.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 18 years - 65 years
- Monthly income: INR 15,000 - INR 25,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 2.0 Crores
Interest Rate:
- 8.85% Onwards
Processing Fees:
- 1.0% of the loan amount + GST
2. PSB Housing Loan Top-Up Scheme:
This scheme is for borrowers who already have a home loan from Punjab and Sind Bank and need additional funds for home improvement, renovation, or debt consolidation.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 18 years - 65 years
- Monthly income: INR 15,000 - INR 25,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 10 years
Maximum Loan Amount:
- Up to 50 Lakhs
Interest Rate:
- 9.10% Onwards
Processing Fees:
- 1.0% of the loan amount + GST
3. PSB Kisan Home Loan Scheme:
This scheme is for farmers who need funds to build a house or renovate their existing house.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 10,000
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 30 Lakhs
Interest Rate:
- 8.65% Onwards
Processing Fees:
- 1.0% of the loan amount + GST
4. PSB Mortgage Loan Scheme:
This scheme is for borrowers who want to use their existing property as collateral to get a loan for other purposes, such as education, business, or medical treatment.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 18 years - 65 years
- Monthly income: INR 15,000 - INR 20,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 15 years
Maximum Loan Amount:
- Up to 2.0 Crores
Interest Rate:
- 8.95% Onwards
Processing Fees:
- 1.0% of the loan amount + GST
5. PSB Sukhmoney for Senior Citizens:
This scheme is for senior citizens who want to purchase a residential property.
Applicant Type:
- Senior Citizen borrowers
Eligibility:
- Age: 60 years - 80 years
- Monthly income: No minimum monthly income required.
- Employment Type: Any employment type is eligible.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 10 Lakhs
Interest Rate:
- 9.15% Onwards
Processing Fees:
- 1.0% of the loan amount + GST
By understanding the interest rates associated with different Punjab and Sind Bank home loan plans and the availability of top-up loans, borrowers can make informed decisions. This enables them to choose the best-suited solution that aligns with their financial goals and repayment capacity.
Punjab and Sind Bank Home Loan Eligibility
In order to be eligible for a Punjab and Sind Bank Home Loan, specific conditions need to be met. The eligibility requirements may vary based on the loan scheme and applicant category. Below are key factors assessed by Punjab and Sind Bank to determine eligibility for a home loan:
- Age
- You must be at least 18 years old.
- Not more than 65 years old (60 years for PSB Sukhmoney for Senior Citizens) at the time of loan closure.
- Income
- Your monthly income should be at least Rs. 30,000 for a loan amount of Rs. 5 lakh and above.
- The income requirement may vary depending on the loan amount and other factors.
- Employment Type
- You must be a salaried employee or self-employed professional.
- If you are a salaried employee, you must have a minimum of 2 years of continuous service with the current employer.
- If you are self-employed, you must have a minimum of 3 years of business experience.
- Credit Score
- Your credit score should be at least 750.
- Property Documents
- Sale deed of the property
- Property tax receipt
- In the case of a plot, you will also need the layout plan and the encumbrance certificate.
Meeting these eligibility criteria increases the likelihood of getting your Punjab and Sind Bank Home Loan approved.
Documents Required for Punjab and Sind Bank Home Loan Application
When applying for a Punjab and Sind Bank Home Loan, it's crucial to provide certain documents. The document requirements may vary based on the applicant category and loan scheme. Below is a list of common documents required by Punjab and Sind Bank for the home loan application procedure:
Documents Based on Loan Purpose
1. Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
- Driving License
2. Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills
- Rental Agreement
3. Income Proof
- Salary slips
- Bank statements
- Income tax returns
- Audited financial statements for self-employed individuals
4. Property Documents
- Sale Agreement
- Property title deed
- Approved building plan
- Property tax receipts
5. Other Documents
- Passport-size photographs
- Bank statements
- Employment proof
How to Apply for Punjab and Sind Bank Home Loan
Applying for a Punjab and Sind Bank Home Loan is a simple process, especially with the availability of online application facilities. Given below is a comprehensive, step-by-step guide to assist you in applying for a Punjab and Sind Bank Home Loan:
1. Research:
Understand the various Punjab and Sind Bank Home Loan schemes and choose the one that suits your needs.
2. Check Eligibility:
Use Punjab and Sind Bank’s online eligibility calculator to determine your loan eligibility.
3. Gather Documents:
Collect all the necessary documents as per the loan scheme and applicant type.
4. Online Application:
Visit the Punjab and Sind Bank’s official websites or use reliable platforms like NoBroker to apply online. You can also check your Punjab and Sind Bank home loan status online via the official website.
5. Fill Application Form:
Provide accurate details and upload the required documents.
6. Application Review:
Punjab and Sind Bank will review your application and may request additional documents if necessary. Then you have to wait for the Punjab and Sind Bank home loan status.
7. Loan Approval and Disbursement:
Once the application is approved, the loan amount will be disbursed to your bank account. By following these steps, you can complete the Punjab and Sind Bank Home Loan application process conveniently and efficiently.
By following these steps, you can complete the Punjab and Sind Bank Home Loan application process conveniently and efficiently.
Punjab and Sind Bank Home Loan Customer Care
If you have any questions or need help regarding a Punjab and Sind Bank Home Loan, feel free to contact their customer support team. Below are the contact information details for Punjab and Sind Bank Home Loan Customer Care:
| Toll-Free Number (India) | 1800-419-8300 |
| Women Helpline | 7827170170 |
| Address | 21 Rajendra Place, Bank House,4th Floor, New Delhi-110008. Contact Nos. 011-25737321 & 011-25818411. |
Conclusion
Punjab and Sind Bank Home Loans provide a remarkable opportunity for individuals to realise their aspirations of home ownership. With competitive interest rates, flexible loan options, and a wide range of schemes, Punjab and Sind Bank effectively caters to diverse borrower needs. By reading this content, you've gained a comprehensive grasp of Punjab and Sind Bank home loan details, interest rates, eligibility criteria, the application process, and customer support options.
