Punjab and Sind Bank (PSB) offers 5 different types of home loans for varied purposes. You can apply for a home loan from the bank to purchase, construct, or acquire a property or for renovation, repair, and extension. Interest rates on the loan start from 8.50% p.a. with processing fee waiver on most home loans.
Punjab and Sind Bank Home Loan Interest Rates 2021
Find below the interest rates charged by the bank for the various home loan schemes offered:
|PSB Home Loan
|PSB Apna Ghar
|PSB Apna Ghar Top Up
||8.5% + 100 basis points
|PSB Kisan Home Loan
||11% p.a. – 11.25% p.a. + 50 bps
|PSB Sukhmoney (Reverse Mortgage Loan Scheme)
||10.50% p.a. to 11% p.a.
Compare: Home Loan Interest Rate all Banks
PSB Home Loan Offers
Here are the different home loan schemes offered by PSB and their prominent features:
- PSB Apna Ghar
- This home loan can be used for to construct a house, purchase a built house, or purchase a plot.
- You could also use the loan amount for repairs, renovations and extensions, but the maximum loan amount allotted for these purposes will be Rs.20 lakh.
- The processing fees for this loan is currently waived by the bank under their festival campaign.
- Choose from flexible loan tenures up to 40 years (based on your present age and loan tenure).
- PSB Apna Ghar Top Up
- This home loan is especially meant for existing PSB home loan borrowers. You can apply for this additional loan to meet any personal requirements.
- Maximum loan amount offered is Rs.10 lakh. The loan amount will be offered against the residual value of the residential property you have mortgaged with PSB.
- This home loan is offered as a term loan and an overdraft.
- The loan tenure for a term loan will be the same as the remaining tenure on your existing home loan. For an overdraft, interest will be charged on a monthly basis with monthly rests. Processing fee applicable is 0.15% of the loan amount with a minimum charge of Rs.1,000 and maximum of Rs.3,750.
- Processing fee applicable is 0.15% of the loan amount with a minimum charge of Rs.1,000 and maximum of Rs.3,750.
- PSB Kisan Home Loan
- This home loan is meant for construction, purchase, renovation, repair, and/or upgradation of a house situated in a rural or semi-urban area only.
- The loan is offered at rural and semi-urban branches of PSB.
- The maximum loan amount offered is Rs.20 lakh with a maximum loan tenure of 20 years.
- The processing fee on this loan is waived by PSB under their festival campaign.
- PSB Mortgage
- This is a multi-purpose credit facility that you can avail for personal reasons such a marriage, education, medical expenses, repairs/renovations/extensions of a residential or commercial property, etc.
- The minimum and maximum loan amounts offered are Rs.5 lakh and Rs.5 crore, respectively. However, the bank could extend the maximum loan amount to Rs.10 crore.
- The processing fee charged is 1% of the loan amount with a minimum charge of Rs.2,000 for a term loan and 0.50% of the sanctioned limit for an overdraft.
- The maximum repayment period for a term loan is 10 years. The overdraft will be repayable on demand with a sanctioned limit for 3 years.
- PSB Sukhmoney for Senior Citizens
- This is a reverse mortgage scheme meant for senior citizens to sustain their lifestyles by providing them with a loan against the present market value or realisable value of their property.
- The loan amount can be used to supplement their income/pension, to meet medical expenses or emergencies, to upgrade/renovate/extend their house, and repayment of their existing loan, to name a few.
- The maximum loan amount is Rs.1 crore with a repayment tenure of up to 15 years.
- The processing fee charged is 0.50% of the loan amount with a maximum fee of Rs.15,000.
Punjab and Sind Home Loan EMI Calculator
If you wish to know what your monthly payments would look like once you apply for a home loan from Punjab & Sind Bank, you could make use of the Home Loan EMI Calculator.
By entering the loan amount, tenure, and interest rate, the calculator will compute and generate your equated monthly instalments (EMIs) on your home loan along with providing you a detailed amortisation table. The table offers a month-wise and year-wise breakup of how your EMIs are distributed between the principal and interest components of your loan. You can also see the total interest payable on the loan.
If you wish to make prepayments on your home loan, do not forget to click ‘Yes’ on the calculator to the question, “Would you like to make Pre-payments?” By entering your prepayment details, the calculator will tell you how much the loan costs without prepayment, how much you will save by making prepayments, and by how many months/years your tenure will reduce.
Punjab and Sind Home Loan Eligibility Criteria
Each home loan has a separate set of criteria that you will have to meet. However, here are a few criteria applicable on all home loans offered by Punjab & Sind Bank:
- Minimum age: 18 years; 60 years for PSB Sukhmoney for Senior Citizens.
- Maximum age: 65 years.
- Guarantor may or may not required based on the home loan scheme.
- All home loan schemes offered by the bank are secured loans; the property has to be pledged to the bank.
Get Prequalified: Check Home Loan Eligibility
Punjab and Sind Home Loan Documents Required
The documents below are generally asked for all housing loan applicants:
- Loan application.
- ID proof documents such as PAN card, Aadhaar card, Passport, Driving License.
- Address proof documents such as utility bill, Aadhaar card, Driving License.
- Income proof documents such as salary slips, Form 16, IT returns, P&L statement and balance sheet.
- Index Inspection/Legal Opinion from the legal counsel.
- Valuation certificate from an approved valuer.
- Visit report.
- Valuation report of the branch manager and the accountant.
Documents for term loans for construction/alterations:
- The approved plan.
- An estimate from the architect for the said construction/alteration of the property.
- A No Objection Certificate from the respective authority for mortgage/equitable mortgage of the building/land for lease hold property cases.
Contact the bank if you wish to know the exact documents to be submitted for your home loan application.
Punjab & Sind Bank Home Loan FAQs
- What is the maximum loan amount offered under the PSB Apna Ghar home loan scheme?
For construction or purchase of a house/flat/plot, the bank offers need-based financing with no upper limit on the loan amount. For renovations, additions, repairs, etc. the bank offers a maximum loan amount of Rs.20 lakh.
- Are there any additional criteria to apply for PSB Apna Ghar Top Up?
Yes. You need to have a repayment record of at least 24 months with PSB on your existing home loan. Also, the property you have taken the loan for should be completed and you have taken possession of it.
- Who can apply for the PSB Mortgage loan?
MSME, salaried employees, proprietary firms, partnership firms, public and private limited firms, trusts, HUFs, societies, trusts, and NRIs who are compliant of the bank’s guidelines are eligible to apply.
- Can I use the PSB Kisan Home Loan for renovation of my existing home?
Yes. However, note that in case of renovations and repairs, the maximum loan amount you will be eligible for is Rs.2 lakh.
- Does the minimum age of 60 years apply to both spouses applying jointly for the PSB Sukhmoney for Senior Citizens?
No. In case of married couples applying for this loan, either of the property owners can be 60 years old or above. But their legal spouse should be above 55 years of age.