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Punjab & Sind Bank An Indian public sector bank headquartered in New Delhi, Punjab and Sind Bank is now a bank with a pan India presence, Punjab and Sindh Bank home Loan have affordable interest rates compared to many banks in the country, Punjab and Sindh Bank aims to fulfill customers’ dream of owning a home through some innovative home loan schemes designed to meet every need of their customers.
Punjab and Sind Bank Home Loan
Punjab and Sindh Bank home loan schemes have various benefits for customers, the bank also offers PSB Kisan Home Loan Scheme to home loan applicants living in rural areas and urban areas, PSB home loan types are in the form of term loan and offer overdraft facility only in case of top-up, PSB home loan solutions cater to all types of possibilities in very generous features including maximum limit of loan amount.
Even if an NRI is an Indian citizen and holds a valid Indian passport, but they live in a country other than India as part of their employment or business career, Punjab and Sindh Bank also has a significant NRI clientele, PSB offers a range of services in international banking, PSB offers home loan to NRI too, read the details given below to know more about Punjab & Sindh Bank Home Loan.
Punjab & Sind Bank Home Loan Schemes
PSB Apna Ghar Home Loan – You can utilize this home loan to either build a house, purchase a pre-built house, or buy a plot of land. Additionally, the loan amount can be used for any repairs, renovations, or extensions to the existing house structure. You have the flexibility to select a loan tenure of up to 40 years, with a maximum loan amount of Rs.20 lakhs for these purposes.
| Type | Term Loan |
| Target Audience | Resident IndiansSalaried IndividualsIndividual members of housing societiesGroup of individuals |
| Purpose | Construction/ Purchase/ Acquisition of new / old house flat/ plotHome ExtensionHome ImprovementsTop-upTake-over of home loan |
| Age | Not less than 21 years and maximum 60 years |
| Income criteria | The net take home pay / income should conform to: 40% – Up to Rs.10L 30% – From Rs.20L to Rs.25L 20% – Above Rs.25L |
| Quantum of Loan | For purposes of construction/ Acquisition and purchase it is need based with no upper limit.For renovations/ alterations and maintenance the maximum is Rs.20L |
| Margin | Purchase of Plot 25% – of the cost of plot for loan amount of Rs.100L 40% – of the cost of plot for loan amount above Rs.100L Construction or plot purchase and construction 40% of the cost of land for purchase of plot Construction 10% of value of construction up to Rs.20L 20% of value of construction up to Rs.20L to Rs.75L 25% of value of construction above Rs.75L For purchase of ready to occupy dwelling unit 10% of value of property up to Rs.20L 20% of value of property up to Rs.20L to Rs.75L 25% of value of property above Rs.75L For renovation / alteration/ repairs 10% of the estimated project cost up to Rs.20L |
| Tenure | 40 years for construction/ acquisition/ purchase 15 years for purchase of plot 15 years for renovation/ alteration / repairs By occupation – Salaried (Non Pensionable): Up to the age of 60 years Salaried (Pensionable) – Up to the age of 70 years Others – Up to the age of 70 years |
| Security | Equitable mortgage of the property charged to us |
| Guarantee | From the spouse or major son if available |
PSB Apna Ghar Top-up Loan – If you already have a home loan with PSB, you can apply for an additional loan to cover personal expenses, This loan is exclusively available to existing PSB home loan borrowers, and it offers a maximum amount of Rs.10 lakh, The loan amount is provided based on the residual value of your mortgaged residential property, This loan is available in two forms: as a term loan or an overdraft, The loan tenure for the term loan is the same as the remaining tenure on your existing home loan, The processing fee is 0.15% of the loan amount, with a minimum of Rs.1,000 and a maximum of Rs.3,750.
| Type | Term Loan or Overdraft facility |
| Purpose | For additional fund requirement to the existing home loan borrower |
| Eligibility | Minimum 24 months of repayment with us and the property is occupied by you |
| Quantum of loan | Maximum Rs.10L |
| Repayment | Aligned with the existing housing loan |
| Margin | 25% |
| Security | Value of the charged property for existing home loan |
| Guarantee | Same as the home loan |
PSB Kisan Home Loan – This loan is specifically designed for individuals who wish to construct, purchase, renovate or repair a house located in rural or semi-urban areas. The loan will be provided at rural and semi-urban branches of PSB. The maximum loan amount disbursed is Rs.20 lakhs and the loan can be availed for a maximum tenure of 20 years.
| Type | Term Loan |
| Purpose | Same as the Apna Ghar Home Loan but applicable in the Semi-Urban and Rural sector only |
| Eligibility | 40% of the gross income after factoring the proposed EMI |
| Quantum of loan | Maximum Rs.20L subject to the following20% of the sanctioned amount for purchase of plot.Rs.2L for Renovation / Alteration / Repair |
| Repayment | 20 years or the age of 70 years whichever is earlier |
| Margin | 40% for purchase of plot20% for construction of house20% for renovation / repair25% for purchase of house |
| Security | Value of the charged property for existing home loan |
| Guarantee | Same as the home loan |
PSB Mortgage – You can use this credit facility for various personal reasons, such as covering expenses for a wedding, education, medical bills, repairs, or expanding a residential or commercial property, The bank offers loans ranging from Rs.5 lakh to Rs.5 crore. It’s worth noting that the maximum loan amount can be extended up to Rs.10 crore by the bank.
The term loan has a maximum repayment period of 10 years, while the overdraft is required to be repaid upon demand. The overdraft has a sanctioned limit of 3 years, When you take out a term loan, you’ll be charged a processing fee of 1% of the loan amount, with a minimum charge of Rs. 2,000. If you’re approved for an overdraft, the processing fee will be 0.50% of the sanctioned limit.
PSB Sukhmani for Senior Citizens – The reverse mortgage program is designed to assist seniors in maintaining their lifestyle by offering a loan based on the current market or actual value of their property, You can use the loan amount to boost your income or pension, cover medical expenses or emergencies, renovate or expand your home, and repay it in up to 15 years. The maximum loan amount available is Rs.1 crore, and a processing fee of 0.50% of the loan amount is charged, with a maximum fee of Rs.15,000.
Punjab and Sind Bank Home Loan Eligibility Criteria
The interest rates for Punjab & Sind Bank Home Loan are based on the eligibility criteria of the applicant, With better eligibility criteria, better terms and conditions, there are more chances of getting home loans at lower interest rates, To obtain a PSB Home Loan form, the following eligibility criteria must be met:
To qualify, you need to have a steady source of income and be employed as a government or private worker, self-employed, or on a salary, In order to qualify for a home loan from Punjab & Sind Bank, you need to be at least 18 years old, You can apply for the loan individually or with the participation of your family members, To obtain better home loans, it is preferred that applicants have a positive track record of past loan repayments, indicating a good credit history.
| Basis | Salaried Customers | Non Salaried Customers |
|---|---|---|
| Age | Minimum 24 years Maximum 60 Years | Minimum 24 years Maximum 65 Years |
| Income | Regular source of income is needed | Regular source of income is needed |
| Job/ Business Experience | 1 Year | 3 Years |
| Age of Co-applicant | Minimum 18 years | Minimum 18 years |
Punjab And Sind Bank Home Loan EMI Calculator
When you take a regular home loan, each EMI you pay monthly includes repayment of principal and interest on the principal, the EMI of a home loan is structured differently based on the loan amount, loan tenure and interest rate. ,
This can be known with the help of EMI calculator , calculating your EMI will help you to budget better to make timely EMI payments, EMI calculator will generate the amount of EMI you have to pay, click here You can try different parameters to find the EMI option that best suits your financial plan.
CIBIL Score Eligibility for Punjab & Sind Bank Home Loan
CIBIL score is also a determining factor for home loan eligibility from Punjab and Sindh Bank, mainly based on your past credit behavior and repayment capacity, when you apply for home loan in PSB they usually check your credit score before approval or rejection of loan application.
The interest rate varies based on the CIBIL score of the home loan applicant, you must try to maintain a CIBIL score of 750 or above to get a hassle-free home loan from the bank at low interest rates.
Higher the applicant’s CIBIL score lower the interest rate charged on the housing loan, lower the applicant’s CIBIL score higher the interest rate on the home loan, CIBIL score is also a determining factor for eligibility for home loan from Punjab and Sindh Bank.
CIBIL Score for PSB Apna Ghar-sahaj
| CIBIL Score | Interest Rates |
| 641 – 689 | 8.75% |
| 690 – 731 | 8.35% |
| 732 – 752 | 8.20% |
| 753 – 767 | 8.05% |
| 768 – 900 | 8.00% |
CIBIL Score Eligibility for PSB Kisan Home Loan
| CIBIL Score | Interest Rates |
| 641 – 689 | 9.00% |
| 690 – 731 | 8.60% |
| 732 – 752 | 8.35% |
| 753 – 767 | 8.15% |
| 768 – 900 | 8.05% |
CIBIL Credit Score Eligibility for PSB Kisan Home Loan
| CIBIL Score | Interest Rates |
| 690 – 731 | 10.05% |
| 732 – 752 | 9.80% |
| 753 – 767 | 9.60% |
| 768 – 900 | 9.50% |
Documents Required for Punjab & Sind Bank Home Loan
To ensure that your loan application is processed smoothly, it’s crucial for you to be aware of the required documents and keep them ready in accordance with the norms of Punjab and Sindh Bank.
In order to apply for a home loan with Punjab and Sindh Bank, it is necessary to provide the required documents to the bank. These documents typically include a government-issued identification card that serves as proof of identity.
| Document for Salaried | Document for Self-employed |
|---|---|
| 3 Passport size photographs | 3 Passport size photographs |
| Processing Fee Challan | Processing Fee Challan |
| Proof of Residence – Ration Card, Telephone Bill, Electricity Bill, Voter ID Card. | Proof of Residence – Ration Card, Telephone Bill, Electricity Bill, Voters Card. |
| Proof of Identity – Voter’s Card, Driving License, PAN Card, Employer’s Card, etc. | Proof of Identity – Voter Card, Driving License, PAN Card, Employer’s Card. |
| Income Proof – The latest Bank Statement or Passbook showing salary or income being credited in the account for the last 6 months. | Income Proof – The latest Bank Statement or Passbook showing salary or income being credited in the account for the last 6 months. |
| Salary Slip of the last 6 months with deductions shown. | 2 year Latest audited ITR |
| Form 16 of the last 2 years. | Please provide certified financial statements for the past two years, including the balance sheet, profit and loss accounts, and computation of income with all schedules. |
| Agreement for sale of house/ flat. | To prove business continuity, documents that are at least 5 years old can be used, such as sales tax challans, shops and establishment certificates, certificate of incorporation, partnership deed, and similar records. |
| Estimates for construction/ valuation report | Obtaining a professional qualification certificate and degree certificate is crucial for professionals such as doctors, architects, and chartered accountants. |
| Agreement for sale of house/ flat. | |
| Estimates for construction/ valuation report | |
| The loan applicant must provide a letter on business letterhead that certifies how the loan will be used. |
Punjab and Sind Bank Home Loan Processing Fee
When you apply for a Punjab and Sind Bank home loan, the lending bank or institution charges a certain amount for the services they provide you, this amount is called Home Loan Processing Fee.
PSB home loan processing charges are one percent of the total home loan amount you are applying for, if applicable Even if the home loan application is rejected the amount will not be returned to you.
Applicants should remember that Punjab and Sind Bank Home Processing Fee is not the only amount you have to pay, there are other charges too, so it is better for everyone to know the details of PSB Home Loan Processing Fee in advance.
| Sr. No | Retail Loan Schemes | Processing Charges + GST (additional) |
| 1 | PSB Apna Ghar | Loans upto Rs.25 lakh – @ 0.15% of the loan amount, subject to minimum of Rs. 1000/- and maximum of Rs. 3750/-Loans above Rs. 25 Lac & upto Rs. 50 lakh -@ 0.25% of the loan amount and maximum of Rs. 12500/-Loans above Rs. 50 Lac & less than Rs. 75 lakh – @ 0.25% of the loan amount and maximum of Rs. 15000/-Loans of Rs. 75 lakh & above- @ 0.25% of the loan amount |
| 2 | PSB Apna Ghar Top Up One-Time: | Loans upto Rs. 10 Lac- @ 0.15% of the loan amount, subject to minimum of Rs. 1000/- and maximum of Rs. 3750/- |
| 3 | PSB Kisan Home Loan | The one time processing fee @ 0.15% of loan amount subject to minimum of Rs.1000/- and maximum of Rs.2,000/- |
| 4 | PSB Mortgage | For Term Loan: @1% of the loan amount with Minimum of Rs.2000/- For Overdraft Facility: @ 0.50% of limit sanctioned and to be collected on sanction and at the time of renewal every year. |
Punjab and Sind Bank Home Loan Interest Rates 2024
When you think of owning your own residential unit, it is important to know what the interest rate is when you apply for home loans, the PSB home loan interest rate affects the total EMI you have to pay, how much home loan you take,
The most important factor that you need to calculate is the interest rate and the pre-processing fee that you have to pay So whenever you apply for a home loan it is good to keep in mind the interest rate, Punjab And Sind Bank Home Loan Interest Rate you can get an attractive interest rate of 8.95% to 9.95%, here are more Information home loan interest rates
PSB Apna Ghar & Kisan Home Loan Interest Rate
| CIBIL Credit Vision Score | Spread (%) | Effective EBLR % |
| 768-900 | 0.41 | 8.95 |
| 753-767 | 0.51 | 9.05 |
| 732-752 | 0.71 | 9.25 |
| 690-731 or -1,3,4,5 | 1.06 | 9.60 |
| 641-689* | 1.41 | 9.95 |
PSB Apna Ghar Sahaj & Gaurav Home Loan Interest Rate
| CIBIL Credit Vision Score | Spread (%) | Effective EBLR % |
| 768-900 | 0.31 | 8.85 |
| 753-767 | 0.41 | 8.95 |
| 732-752 | 0.61 | 9.15 |
| 690-731 or -1,3,4,5 | 0.96 | 9.50 |
| 641-689* | 1.31 | 9.85 |
PSB Apna Ghar Top Up Home Loan Interest Rate
| CIBIL Credit Vision Score | Spread (%) | Effective EBLR % |
| 768-900 | 0.76 | 9.30 |
| 753-767 | 0.86 | 9.40 |
| 732-752 | 1.06 | 9.60 |
| 690-731 or -1,3,4,5 | 1.41 | 9.95 |
| 641-689* | 1.86 | 10.40 |
NOTE – Punjab and Sind Bank Home Loan rates vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to apply for a home loan in the bank, you should https://punjabandsindbank.co.in/content/prlr visit the bank’s official website and confirm.