|
Punjab & Sind Home Loan Highlights |
|
| Interest Rates | 8.50% – 10.00% p.a. |
| Loan Amount | Rs 5 lakh onwards |
| Tenure | Up to 30 years |
| Processing Fee | Waived off |
Note: Rates as of 13th November 2024
Check Lenders Offering Home Loan at Attractive Interest Rates Click Here
Table of Contents
Punjab & Sind Bank Home Loan Interest Rates
PSB Apna Ghar & Kisan Home Loan
| Credit Score | Interest Rates (p.a.) |
| 791 and above | 8.55% |
| 768-790 | 8.70% |
| 753-767 | 8.85% |
| 732-752 | 9.05% |
| 690-731 | 9.40% |
| 641-689* | 10.00% |
PSB Apna Ghar Sahaj & Gaurav
| Credit Score | Interest Rates (p.a.) |
| 791 and above | 8.50% |
| 768-790 | 8.65% |
| 753-767 | 8.80% |
| 732-752 | 9.00% |
| 690-731 | 9.35% |
| 641-689* | 9.85% |
PSB Apna Ghar Top-up
0.50% over and above applicable rate of interest for Housing Loan to be added in BSP
Note:
*Loan can be sanctioned to existing borrowers only having a record of regular/ timely repayment for more than one year.
Compare Home Loan Interest Rates for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
Punjab & Sind Bank Home Loan Fees and Charges
PSB Apna Ghar
| Processing Fee | Waived off |
| Documentation Charges | As per actuals |
| Prepayment Charges | NIL |
PSB Apna Ghar Top-up
| Processing Fee | One time, 0.15% of loan amount (Rs 1,000-Rs 3,750) |
| Documentation Charges | As per actuals |
| Prepayment Charges | NIL |
Types of Punjab & Sind Bank Home Loan
PSB Apna Ghar-Sahaj
Purpose: For purchase of a built-up house or flat/construction or purchase of plot/construction, extension, repair, and renovation to permanent employees of State/Central Government, PSUs, and reputed education institutes approved by the bank
Loan Amount: Rs 5 lakh onwards
Tenure: Up to 30 years subject to a maximum age
Processing Fee: Waived off
Prepayment Charges: NIL
PSB Apna Ghar
Purpose: Purchase of dwelling unit/construction or purchase of plot/construction, extension, repair, and renovation to individuals, group of individuals, and individual members of housing societies
Loan Amount:
- For repair/alterations/additions/renovations: Up to Rs 20 lakh
- For purchase of house/plot/flat or construction of the house: Need-based finance with no maximum limit
Tenure:
- For Plot Purchase, Home Renovation/Extension/Repair: Up to 15 years
- For Purchase of built-up house/construction/purchase of plot and construction: Up to 30 years, not exceeding the retirement age (for salaried- up to 60 years, for salaried pensioners- up to 70 years, other than salaried- up to 70 years)
Processing Fee
- Up to Rs 25 lakh: 0.15% of loan amount (Rs 1,000-Rs 3,750)
- Rs 25 lakh-Rs 50 lakh: 0.25% of loan amount (Up to Rs 12,500)
- Rs 50 lakh-Rs 75 lakh: 0.25% of loan amount (up to Rs 15,000)
- Rs 75 lakh and above: Rs 0.25% of the loan amount
Prepayment Charges: NIL
PSB Apna Ghar Top up
Purpose: Additional loan amount on the existing home loan to meet various personal requirements
Loan Amount:
- Term Loan – Up to Rs 25 lakh
- Overdraft – Up to Rs 10 lakh
- Composite facility – Up to 25 lakh
Tenure: Term Loan- Up to 10 years
Processing Fee: For loan amount up to Rs 10 lakh- 0.15% of loan amount (Rs 1,000-Rs 3,750)
Prepayment Fee: NIL
PSB Kisan Home Loan
Purpose: For construction/purchase/repair/renovation/upgradation of the house in the rural and semi-urban areas
Loan Amount:
Up to Rs 20 lakh subject to the following;
- Plot purchase loan should not exceed 20% of loan sanctioned
- Home loan for repair/renovation should not exceed Rs 2 lakh
Tenure: Up to 20 years (before 70 years of age of the borrower)
Processing Fee: 15% of loan amount (Rs 1,000-Rs 2,000)
PSB Home Loans LTV Ratio
PSB Apna Ghar-Sahaj/PSB Apna Ghar
For only Plot Purchase (allocated by Government authorities or builders who are bank borrowers)-
- For loan amount up to Rs 100 lakh- 75% of Fair Market Value of Plot
- For loan amount above Rs 100 lakh- 60% of Fair Market Value of Plot
For the construction of plot already owned-
- For loan amount up to Rs 20 lakh- 90% of construction value
- For loan amount above Rs 20 lakh- 80% of construction value
For plot purchase and construction-
- For plot purchase: 70% of Fair Market Value of plot/land
- For Construction:
For loan amount up to Rs 20 lakh- 90% of construction value
For loan amount above Rs 20 lakh- 80% of construction value
For purchase of built-up dwelling unit/flat-
- For loan amount up to Rs 20 lakh- 90% of property value
- For loan amount above Rs 20 lakh- 80% of property value
For Extension/Repair/Renovation-
- 90% of the total estimated cost
PSB Kisan Home Loan
- For Plot Purchase- 60% of the cost
- For Construction of House- 80% of the cost of construction
- For Repair/Renovation/Upgradation- 80% of cost of repair
- For Purchase of House- 75% of the cost
Check Lenders Offering Home Loan at Attractive Interest Rates Click Here
Eligibility Criteria for Punjab & Sind Bank Home Loan
For PSB Apna Ghar- Sahaj
- The applicants should be permanent employees of State/Central Government/PSUs or reputed education institutes as approved by the bank
- Age:
For employees without pension: 21-60 years
For employees with pension or NPS: 21-70 years
For PSB Apna Ghar
- The applicants can be individuals, groups of individuals, and individual members of housing societies
- Age:
For salaried applicants without pension: 18-60 years
For salaried applicants with a pension: 18-70 years
Other than salaried: 18-70 years - Net Take Home Salary (after deductions including EMI of the home loan):
For Income up to Rs 10 lakh p.a.- at least 40%
For Income of Rs 10 lakh-Rs 25 lakh p.a.- at least 30%
For Income above Rs 25 lakh p.a.- at least 20%
For PSB Apna Ghar Top up
- The property financed should be complete and owned
- Minimum repayment record of the borrower:
For Government/PSU employees having salary account with Punjab & Sind Bank- 6 months
For Government/PSU employees not having salary account with Punjab & Sind Bank- 12 months
For all other cases- 24 months
PSB Kisan Home Loan
- Age: 21-60 years
- Net Income: Not less than 40% of gross income after deducting the EMI and other liabilities (the income of the son, spouse, the daughter-in-law is also considered)
Documents Required for Punjab & Sind Bank Home Loan
- Completely filled application form with 2 passport sized photographs
- Address and ID proof
- Age Proof
- 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
- For salaried:
- Statement of personal asset and liability
- In case of other bank, bank account statement for past 6/12 months
- Loan account statement for past 6 months (if taken from some other bank/FII)
- Bio-data with educational qualifications, job experience, age, type of profession/business, etc.
- Income proof of spouse, earning children, or parents to determine the loan amount and repaying capacity
- ITR of guarantor for last 2 years
- Guarantor’s form along with net worth proof or income proof
- An undertaking from the employer for remittance of EMI
- Proof of advance/margin payment done for purchase of dwelling unit
- Permission from competent authority for house/flat construction
- Approved map/plan copy of proposed construction/purchase
- Sale agreement, sale deed, detailed estimate of the property to be constructed
- Allotment letter from co-operative society, development authorities, association of apartment owners
- Other documents depending on;
- Property purchased directly from the borrower
- Purchase of resale property
- House construction on a separate plot
- Direct sale by Development Authority
- Property that belongs to a Co-operative Housing Society (Registered)
Note: Some lenders such as LIC Housing Finance, PNB Housing Finance, HDFC, Piramal Housing Finance and IDFC First Bank cater to the housing finance needs of those who get their salaries in cash or lack sufficient proof of income.
Punjab & Sind Bank EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs on Punjab & Sind Home Loan
1. What is the minimum credit score required to avail home loans from Punjab & Sind Bank?
Ans. Punjab & Sind Bank has not specified the cut-off credit score for home loan applicants. However, the bank offers lower interest rates to applicants with higher credit scores. For example, home loan applicants having credit scores of 768-900 are offered lowest interest rates followed by those having credit scores of 753-767, 732-752, etc.
2. Does Punjab & Sind Bank offer any concessions on home loan interest rates to women applicants?
Ans. Punjab & Sind Bank offers home loan interest rate concession of 10 bps to woman applicant provided she is the owner/co-owner of the property and contributes to the EMI.
3. Does Punjab & Sind Bank offer concessions on processing fees to home loan applicants?
Ans. Punjab & Sind Bank offers concession of 50% on processing fees to applicants having salary account with the bank and 25% to other applicants.
4. Can I choose between fixed and floating rate of interest?
Ans. Punjab & Sind Bank offers home loans at floating rates only.
5. Can I prepay my home loan availed from Punjab & Sind Bank?
Ans. Yes, you can prepay your home loan availed from Punjab & Sind Bank. The bank does not charge any prepayment fees for home loans at floating rates.
6. Can the income of the spouse be considered while applying for home loan?
Ans. Yes, the income of the spouse, son and daughter-in-law can also be considered while applying for home loan.
7. Does Punjab & Sind Bank offer concession on home loan interest rate to applicants having salary account with the bank?
Ans. Punjab & Sind Bank offers interest rate concession of 25 bps to applicants having salary account with the bank.