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.
Find below the interest rates charged by the bank for the various home loan schemes offered:
|PSB Home Loan||Interest Rate|
|PSB Apna Ghar||8.50% p.a.|
|PSB Apna Ghar Top Up||8.5% + 100 basis points|
|PSB Kisan Home Loan||8.50% p.a.|
|PSB Mortgage||11% p.a. – 11.25% p.a. + 50 bps|
|PSB Sukhmoney (Reverse Mortgage Loan Scheme)||10.50% p.a. to 11% p.a.|
Let’s Compare: Home Loan Interest Rate all Banks
Here are the different home loan schemes offered by PSB and their prominent features:
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.
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:
Get Prequalified: Check Home Loan Eligibility
The documents below are generally asked for all housing loan applicants:
Documents for term loans for construction/alterations:
Contact the bank if you wish to know the exact documents to be submitted for your home loan application.
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.