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  • Punjab and Sind Bank Home Loan is Rated as "Excellent!" by 6 Users

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    Promised Interest Rate

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    Home Loan BYTES FROM OUR KITCHEN
    rated 4.5/5.0 by 6 users

    Punjab and Sind Bank Home Loan

    Punjab And Sind Bank (P&SB) is a major Public Sector bank in Northern India and working 100% on CBS platform. The banks government shareholding is 81.42%. Of its 1320 branches and 800 ATM spread throughout India, 530 Branches are in Punjab state. The bank's corporate headquarters is in New Delhi. P&SB provides home loan to Construction/ Acquisition/ Purchase/ Extension/ Repair / Renovation. Giving loan upto 20Lacs for Extension/ Repair / Renovation and for Construction/ Acquisition/ Purchase/ we provide no maximum limits. Read on to learn about the eligibility and documentation requirements for the loan you avail.


     

    You’re probably eligible for an Punjab And Sind Bank Home Loan if you are

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    Punjab And Sind Bank Home Loan Minimum Age

    At least 18 years old

    Punjab And Sind Bank Home Loan Maximum Age

    Less than 65 years old

    Punjab And Sind Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Punjab And Sind Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Punjab And Sind Bank Home Loan amount eligibility is based on these factors

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    Punjab And Sind Bank Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Punjab And Sind Bank Home Loan Maximum Loan to property value

    Loan capped @ 60% to 90% of property value

    Punjab And Sind Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Punjab And Sind Bank Home Loan amount by these steps

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    Punjab And Sind Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Punjab And Sind Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 15 years

    Punjab And Sind Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Punjab And Sind Bank Home Loan

    • 1. Signed application form with photograph
    • 2. Latest bank statements
    • 3. Processing fee Cheque
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Punjab And Sind Bank Home Loan Interest RatesUpdated on 25 Nov 2017

    Punjab And Sind Bank Home Loan Details
    Interest Rate 8.75% to 9%
    Loan Tenure 15 years
    Processing charges 0.15% of the LA, subject to minimum of Rs. 1000 and maximum of Rs. 3750
    Guarantor Requirement Required
    Pre-closure Charges Nil

     

    Overview of Punjab and Sind Bank:

    Punjab and Sind Bank was established in 1908 with the intention of uplifting the weaker sections of the society in Punjab. The bank works on the CBS platform and is a major public sector bank in the north of India. The bank’s mission has always been to offer the best and most innovative banking products and services to its customers through its unparalleled customer service. Punjab and Sind Bank has spread its network all over India with 800 ATMs and 1320 branches, of which 530 are located in Punjab.

    Punjab and Sind Bank Housing Loan Scheme:

    The Punjab and Sind Bank Housing Loan Scheme is granted for the purpose of house construction or purchase of a new house or flat or even for the purpose of repair, renovation or extension of an already existing house.

    Punjab and Sindh Bank Home Loan Eligibility:

    The following criteria need to be fulfilled in order to be eligible for a home loan from Punjab and Sind Bank (P&S Bank):

    • Individuals or a group of individuals or individuals belonging to housing societies are eligible to apply for a home loan at P&S Bank.
    • The minimum age for applying for the housing loan scheme at P&S Bank is 18 years, while the maximum age depends on the repayment period chosen.

    Documents Required for Punjab and Sindh Home Loan:

    Documents required while applying for the housing loan scheme are:

    • Duly filled application form for the home loan.
    • Age proof of the applicant/borrower.
    • Permanent address of the applicant for sending application related correspondence.
    • Documents required for helping the bank determine borrower’s repayment capacity.
    • Sale agreement of the property, towards which the loan is being taken or a detailed price estimate given by an architect or engineer, approved by the bank.
    • Approved drawings of house construction or extension or renovation.
    • Allotment letter granted by the association of owners or bye-laws.

    Salaried Applicants:

    • Most recent pay slip or salary certificate with all deductions.
    • Information on applicant’s retirement.
    • Other financial documents related to the repayment capacity of borrower to the bank.

    Self-employed Applicants:

    • A written profile of the applicant’s business.
    • Previous three year’s ITR filed and validated by a C.A.
    • Profit and Loss account and balance sheet of the applicant’s business.

    Punjab and Sind Bank Home Loan MCLR:

    The MCLR announced by PSB as on January 4, 2017 are given in the table below.

    TENOR MCLR (%)
    Overnight MCLR 8.6
    One Month MCLR (overnight to 1 month) 8.6
    Three Month MCLR (1 Month to 3 Months) 8.65
    Six Month MCLR (3 Months to 6 Months) 8.7
    One Year MCLR (6 Months to 1 Year) 8.75
    Three Year MCLR (1 Year to 3 Years) 8.95
    Five Year MCLR (3 Years and above) 9.1

    Features of Punjab and Sind Bank Housing Loan Scheme:

    • Interest Rate: P&S Bank charges the following interest rates based on loan amount slabs:

      Loan Amount Rate of Interest % (p.a.)
      Up to 75.00 lacs One Year MCLR
      More than Rs.75.00 lacs One Year MCLR + 0.25%
    • Quantum of Loan: There is no limit on the loan amount provided by P&S Bank for the purpose of buying a house/ flat or plot or construction of house. However, the bank provides a maximum loan amount of Rs.20 lakh for repair, addition, modification or renovation of an already existing house or flat.
    • Loan Tenure: For purposes such as repair, renovation or extension of house and for buying a plot, P&S Bank provides home loans with a tenure of 15 years. While for purchase of an already existing house or construction, the bank offers a maximum loan term of 40 years, provided the age and loan tenure do not cross the below criteria:
      • Salaried (Without pension) – Loan repayment to be made by 60 years.
      • Salaried (With pension) – Loan repayment to be made by 70 years.
      • Other than salaried – Loan repayment to be made by 70 years.
    • Processing Fees: P&S Bank charges a one-time processing fee based on the loan amount being availed, as following:
      • Up to Rs.25 lakh – 0.15% of loan amount (Maximum = Rs.1000 & Maximum – Rs.3000)
      • Rs.25 lakh to Rs.50 lakh – 0.25% of loan amount (Maximum = Rs.10,000)
      • Rs.50 lakh to Rs.75 lakh – 0.25% of loan amount (Maximum = Rs.15,000)
      • Above Rs.75 lakh - 0.25%

    FAQs:

    1. Does Punjab and Sind Bank levy any pre-payment penalty on its home loan?

      No, there are no pre-payment charges on home loans from P&S Bank.

    2. If I opt for a housing loan scheme from the P&S Bank, who can serve as a guarantor in that case?

      Your spouse or son can be considered as guarantee while applying for a home loan at the bank. In case, there is a co-borrower in your case, there need not be any third-party guarantee.

    3. What are the documentation charges that I will be required to pay while applying for a housing loan from P&S Bank?

      The only documentation charges you will have to pay the bank for a home loan are revenue or the actual stamp expenses.

    4. What is the processing fee that I will have to pay for a home loan of Rs.70 lakh from P&S Bank?

      The processing fee charged for Rs.70 lakh will be 0.25% of the home loan amount.

    5. If I take a housing loan from Punjab and Sind Bank, what can be provided as security towards the loan?

      The equitable or registered mortgage of the property in question is provided as security towards the loan.

    Punjab and Sind Bank Home Loan Reviews

    • Punjab and Sind Bank Home Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I took the home loan with the Punjab and Sind bank and I have completed it. The response was good and it took around a month of time to get the disbursement. I have got around 80% of cost of home as loan and there are no suggestion to them.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 16, 2017
    • Punjab and Sind Bank Home Loan
      "Awesome service thanks to the manager"
      0.5 5.0/5 "Blown Away!"
      I had taken the home loan with Punjab and Sind Bank as a co-applicant with my fiance This was an excellent experience and I was completely taken by surprise since it was a nationalised bank but the branch manager was too good.The rate of interest was 9.75% and the loan took just 2 weeks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 03, 2016
    • Punjab and Sind Bank Home Loan
      "Transparent process!"
      0.5 4.0/5 "Great!"
      Punjab and Sind bank executives are very much straight forward in processing the home loan. As I submitted the documents on time, the loan amount was disbursed within 15 days. Interest rate was pretty higher when compared to others. But their norms are transparent and they processed the loan with low processing fees.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 08, 2016
    • Punjab and Sind Bank Home Loan
      "Good rates "
      0.5 4.0/5 "Great!"
      The experience was very good with Punjab and sind Bank.They have checked the property and paper related to the home loan and they have approved.They have taken around a months time to process the loan. The interest rate applied for the loan was around 9-10%.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 13, 2015
    • Punjab and Sind Bank Home Loan
      "Very good "
      0.5 5.0/5 "Blown Away!"
      Punjab and Sind Bank housing loan process was really good. The amount was deducted from my salary every month. They used to provide us all the information about this loan. The loan was closed successfully. I have even received the deeds of the property and interest rate offered by them was very less. I have made over payment however they did not charge me for that.
      Was this review helpful? 2
      , new delhi
      Reviewed on Apr 18, 2015
    • Punjab and Sind Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had a great experience with the Punjab and Sind bank with the housing loan the processing and the documentation was quick but I was disappointed with the customer service i would say the best part was the whole process got completed in 25 days, overall service was good.
      Was this review helpful? 12
      , new delhi
      Reviewed on May 22, 2014
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