PNB Loan Against Property
PNB loan against property is a new scheme introduced by the bank in the recent past. It finances the loans against any immovable property and sets its own repayment methods and tenure. Punjab National Bank has offered this scheme only for the people residing in metros, urban and semi urban areas of the country. There are a number of expenses that comes in to an individual's life. Such as, wedding expenses, finances for expanding a business, loans for refinancing an existing loan availed from a
PNB loan against property can be taken for personal as well as business needs. The minimum amount of funds given is Rs 1 lakh and the maximum is Rs 100 lakhs. The amount depends on the market value of your property. The bank in return keeps your house, flat or apartment owned by you and gives you the amount you wish to avail. The house that is kept for loan can either be self occupied, that is, occupied by the applicant or can be on rent
The rate of interst is charged for less than three years is 1.75% + BPLR and the interest rate charged for 3 years and above is 1.75% + 0.50% (term premia) + BPLR. In case you wish to avail only Rs 25,000 as loan against property then you need not pay any processing fee. For loans availed more than 25,000 up to Rs 2,00,00 a processing fee of Rs 270 and service taxes are charged. You also have to pay Rs 900 as part of documentation fees to the Punjab National Bank.
The PNB also sets certain criteria on which the loan against property is given. They are mentioned as follows:
For more details on Punjab National Bank and the PNB loan against property you can log on to the link given below:- Employees of State government, central government and Public Sector Undertakings are eligible to apply for a PNB loan against property (LAP)
- Self employed individuals with an impressive profit records can also apply
- The minimum net salary of salaried individuals should be Rs 1,20,000 pa
- The minimum net profit for self employed individuals should be Rs 1,20,000 p.a
http://pnbindia.com/c_loan.htm
Last Updated On: 2011/05/01
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