Punjab National Bank Loan Against Property - Frequently Asked Questions

What is the quantum of loan to be financed by the bank?

Ans. The quantum of the standard Punjab National Bank loan is in the range of Rs. 1 lakh to Rs. 5 lakh for personal needs and Rs. 10 lakh to Rs. 2 crore for business needs. The quantum of loan is also dependent on the repayment capacity of applicant and the value of the property.

Q. What are PNB loan against property charges?

Ans. The bank does not have any credit or non -credit service related charges. The bank charges nil for forex related services. However, the bank may charge extant penalty for delayed repayments of loans and the charge applicable would be 2% above the normal rate of interest. IMPS transaction charges @ Rs. 5 + service tax per transaction will be applicable.

Q. What kinds of properties are accepted for a loan against property?

Ans. A loan against property is given against immovable residential and commercial properties such as flats, plots, pieces of land, etc.

Common types of properties which qualify for a loan against property: 

  • Self-occupied residence
  • Self-occupied commercial property
  • Rented residential property
  • Rented commercial property

Q. What is the repayment period on a loan against property offered by the bank? What are the other conditions for repayment of such a loan from PNB?

Ans. Loan amount along with applicable interest should be repaid through a maximum of 120 Equated monthly installments (EMIs), or by the time the borrower reaches 65 years of age, whichever is earlier. If the loan is sanctioned through overdraft facility with Monthly Reducing Drawing Power method, the drawing power of the loan account is reduced each month on a pro-rata basis.

Q. Are there any specific income criteria for availing PNB property loan?

Ans. For salaried and other income tax assessee, the minimum net monthly salary is Rs. 10,000 for last three years. This is restricted to salaried class or minimum net annual income of Rs 1,20,000 (for other income tax assess). And for a business enterprise, the minimum net annual income or net profits will be Rs. 1,20,000 and above.

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