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PNB Loan Against Property

PNB Loan Against Property or commonly known as loan against mortgage of immovable property is a unique loan program which is offered against mortgage of properties located in urban, metro and semi urban centers. This home loan scheme is specially designed to provide instant financial solutions relating to personal as well as business needs. A borrower can use this loan amount to meet children's education expenses, daughter's marriage, travel expenses, medical emergencies and many others. It is important for the borrowers to note that the loan term is not available for any speculative purpose.

Loan Eligibility

There is certain eligibility conditions that the borrowers are required to fulfill in order to get loan against mortgage of immovable properties. To be eligible for the loan program, an applicant is required to be below 60 years of age and an employee of Central, State Govt, Public Sector Undertakings, Schools, Reputed Corporate, Colleges or other income tax assesses. On the other hand, business enterprises having track record of satisfactory cash profit for 3 years are eligible to obtain this loan term. An individual applying for PNB loan against property should earn a minimum net annual income of Rs. 1,20,000/- and there monthly salary should be Rs. 10,000/-.

On the other hand, business enterprises can avail this loan option if their minimum annual income is not less than 1,20,000/-. However the net income or the profit of the business should be 1.5 times of the overall EMIs for the year. It is advisable for the borrowers to get all the essential details on the eligibility criteria in order to make an informed approach.

Loan Amount

Eligible borrowers can get a minimum loan amount of Rs. 1 lac upto a maximum of Rs. 100 lacs depending on the price value of their house, their income status and credit record. Properties that could be used to avail loan against property include non - encumbered residential house, flat, commercial or industrial property, self occupied or vacant property. The interest rates of this loan program will depend on the amount of loan, market conditions and financial ability of the borrowers. The loan amount and the accrued rate of interest can be repaid in 84 monthly installments or till the age of 65 years.

Punjab National Bank charges an upfront fee of 0.90% of the total loan amount and service, education cess and loan processing fee. Moreover, there is some nominal documentation charges required to be paid by the applicants. Visit the bank site to get more comprehensive details.
PNB offers loan against mortgage of immovable property to eligible borrowers in the market. Find the eligibility conditions of the loan term..



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